Organic light-emitting diodes (OLEDs) are established as a mainstream light source for display applications and can now be found in a plethora of consumer electronic devices used daily. This success can be attributed to the rich luminescent properties of organic materials, but efficiency enhancement made over the last few decades has also played a significant role in making OLEDs a practically viable technology. This report summarizes the efforts made so far to improve the external quantum efficiency (EQE) of OLEDs and discusses what should further be done to push toward the ultimate efficiency that can be offered by OLEDs. The study indicates that EQE close to 58% and 80% can be within reach without and with additional light extraction structures, respectively, with an optimal combination of cavity engineering, low-index transport layers, and horizontal dipole orientation. In addition, recent endeavors to identify possible applications of OLEDs beyond displays are presented with emphasis on their potential in wearable healthcare, such as OLED-based pulse oximetry as well as phototherapeutic applications based on body-attachable flexible OLED patches. OLEDs with fabric-like form factors and washable encapsulation strategies are also introduced as technologies essential to the success of OLED-based wearable electronics.