Smart wearable devices could help to save as many as 1.3 million lives by the year 2020, according to a report from Soreon Research. The company currently estimates that the market for devices, software, and directly linked services is around $2 billion per year, but this is expected to increase to $41 billion by 2020. In particular, the use of wearables will help to shift healthcare towards a personalized and preventative model for chronic conditions such as diabetes, sleep disorders, obesity, and cardiovascular diseases. Wearables for in-hospital monitoring are predicted to save approximately 700,000 of the 1.3 million deaths estimated by Soreon, followed by 230,000 from cardiovascular diseases and 150,000 from obesity. A second report from TechNavio discusses the use of real-time performance monitoring by doctors, staff, and patients in healthcare to increase hospital efficiency; the report also predicts that use of wearables could help to slash hospital costs by a significant among over the next six years.
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