The wearable technology market reached $23 billion in 2018 and is projected to more than double to $54 billion by 2023, according to a new report from GlobalData.

Wearables, which are smart electronic devices that can be worn or incorporated into clothing to track various health and wellness measures, are already ramping up in the healthcare space and taking on some serious clinical work. Recent studies have found wearables helpful in predicting the onset of acute exacerbation in OCPD patients, improving adherence among ischemic heart disease patients, and more thanks to data collection.

The $54 billion estimate is close to another projection from Juniper Research that sees the wearable market hitting $60 billion in 2023. GlobalData’s report, ‘Wearable Technology in Healthcare––Thematic Research,’ forecasts a 19% compound annual growth rate in the market.

“A prominent shift is expected for wearable technology devices from the health and fitness segment, such as data storage and tracking devices, to using the technology for remote patient monitoring and big data applications,” Roxanne Balfe, MSc, digital healthcare analyst at GlobalData, said in a statement. “Within five to ten years, it is expected that these devices in healthcare will become more disease-specific with therapeutic and diagnostic capabilities that will ultimately lower costs and increase efficiencies, moving towards a preventative model of healthcare.”