Wearables that are dedicated to disease monitoring as well as other clinical applications are expected to change the entire healthcare provision model, this is due to the high demand as well as newly created commercialized solutions.
A new report from Frost and Sullivan indicated that the healthcare wearables market earned revenues of $5.1bn in 2015 and it is expected to grow to $18.9bn in 2020.
According to Frost and Sullivan’s Transformational Health Research Director, Venkat Rajan, “Breakthrough technological innovations in wearable electronics, sensors, alternate power sources and wireless platforms are enabling novel applications that would not have been feasible even five years ago. Moving beyond basic consumer centric applications, newer wearable devices with more robust and reliable feature sets open a wide spectrum of clinical use cases.”
Seeing that the consumer fitness technology market is one where one device is easily replaced by the next ‘big thing’, developers are now focusing on delivering devices which are of medical grade and provide greater relevancy and reliability in health management.
Clinical grade wearables need to follow a model of anywhere-anytime care and support. Interoperability, affordability and data-accuracy are of utmost importance for these devices.
Rajan noted the following, ” Clinical wearables must concurrently justify their value to payers, patients and clinicians to gain market foothold. Confidence in the accuracy of collected data is paramount to the utility of information in any medical decision support.”
Even though there is significant scope in this market, most devices have struggled or even failed to launch due to being overly complicated and non-user friendly.