The global market for wearable health and fitness devices reached more than $36 billion in 2020 and is projected to reach over $100 billion by 2028.
The global market for wearable health and fitness devices — including sensor-laden watches, wrist bands, rings, skin patches, eyeglasses and clothing — reached more than $36 billion in 2020, according to Fortune Business Insights, and is projected to top $114 billion by 2028 at a CAGR of 15.4%. Deloitte Global predicts that the market segment just for smartwatches and smart patches will ship 320 million units worldwide in 2022, a figure likely to reach 440 million by 2024.
Several medtech companies have introduced smart patches, penny-sized swaths that adhere to the skin and use microscopic needles that act as biosensors and deliver medications. BioIntelliSense, based in Redwood City, Calif., created the BioSticker, worn on the upper left chest for continuous monitoring and data capture of respiratory rate, heart rate at rest and skin temperature. Publicly owned, based in Acton, Massachusetts, has developed OmniPod, a patch that serves as an insulin pump.
Joshua Hagen, a research associate professor at The Ohio State University's Department of Integrated Systems Engineering, was studying biosensors more than a decade ago at the Air Force Research Labs "before wearables really exploded on the scene," he said. Hagen then started testing devices on elite athletes, monitoring their performance data.
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