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Rising adoption of AI-enabled wearables for healthcare applications driving wearable AI devices market

02-21-2020 09:25 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: P&S Intelligence

Rising adoption of AI-enabled wearables for healthcare

Around the world, the sale of smartwatches is rising, on account of the increasing disposable income and awareness about the latest gadgets available. Such consumer products function similar to smartphones, with features such as FM radio, Bluetooth or Wi-Fi connectivity, mobile apps, digital display, and an operating system. Some even have thermometers, digital cameras, pedometers, accelerometers, altimeters, heart rate monitors, compasses, barometers, speakers, GPS receivers, and microSD cards. With time, the demand for advanced smartwatches, integrated with artificial intelligence (AI), has risen.

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Mirroring the increasing demand for next-generation smartwatches is the growing wearable AI devices market, which is projected to reach $49,240.6 million in 2024, from $11,182.8 million in 2018, at a CAGR of 29.0% during the forecast period (2019-2024). Apart from advanced smartwatches, several types of wearable cameras, fitness bands, connected shoes, body sensors, and heart rate monitors are included in the category of wearable AI devices. These inform users of their health and fitness status, with real-time insights generated by analyzing a range of audio-visual inputs.

Such devices find several uses, including healthcare, consumer electronics, and gaming, among which they were purchased the most to serve as consumer electronics during 2014-2018. This was because of the launch of smart glasses, smart clothing, and smart sensors, expansion of the overall electronics sector, and focus of consumers on staying fit, by keeping track of various health parameters, which is made possible by smartwatches and fitness bands. In the coming years, wearable AI technology would see the fastest increase in adoption for healthcare purposes.

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Such products track various activities and advise users on the ideal food intake, sleep hours, and lifestyle changes, which can potentially lead to a sounder health and fitter body. Therefore, manufacturers of such electronic devices are pursuing research and development (R&D) to launch improved variants with artificial intelligence. For instance, a wearable blood pressure monitor, named HeartGuide, was unveiled by Omron Healthcare Co. Ltd. in January 2019. The product, initially launched in the U.S., was planned to be introduced in Asia and Europe, by year-end.

Another type of AI-enabled wearable device, which is witnessing a rapidly increasing popularity, is fitness bands. Their rising sales are credited to their innovative features, such as body temperature, heart rate, brain activity, and musculoskeletal motion monitoring. Additionally, such devices encourage people to opt for physical activities, including swimming and running, by offering social support, motivational messages, and progress tracking. To meet the rising requirement for fitness bands, many companies are launching improved versions, such as the Vivosmart 4 activity tracker by Garmin Ltd., which consists of a SpO2 sensor and sleep monitoring feature.

About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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