Global date expects revenues in the smart watch market to drop by 10% this year due to delayed delivery and reduced consumer spending caused by the covid-19 pandemic. However, Thursday’s report also pointed out that the market will begin to recover in 2021 and is expected to grow from nearly $27 billion in 2019 to $64 billion in 2024. The reason is that people have enhanced their awareness of health management during the epidemic period, especially in the aspects of close contact tracking, symptom prediction, and patient monitoring.
GlobalData points out: compared with wearable devices for specific medical purposes, smart watches seem to be essential for consumers who are paying attention to their expenses, especially when many manufacturers have already got through to watches and mobile phones.
Tina Deng, senior medical device analyst, said in a statement: “with the growth of cases, the epidemic has greatly increased people’s awareness of wearable devices. In addition, more and more enterprises are competing to develop innovative use cases to help limit the spread of the virus.
judging from the market in recent years, the technology giants represented by Apple Samsung are adding more health tracking functions to wearable devices, including sleep tracking and ECG (EKG) applications.
Tina Deng added: the latest progress has provided the healthcare industry with key values in diagnosis, treatment, monitoring and prevention, which are well reflected in the value chain.
These include personalized early diagnosis, remote monitoring of patients, continuous medication supervision, improving the information base, making better decisions, and saving the cost of treatment and health care.