Today, more than 1 in 5 Americans own a wearable fitness tracking device, and at least 1 in 10 wears the device every day. As the wearable device industry continues to grow at a rapid pace, the healthcare industry is expected to see large benefits from the use of wearables and wearable data. The wearable medical device market is projected to reach $4.6 billion by 2020. These devices assist users in tracking exercise, calories, sleep patterns, and other vitals on a daily basis. An infographic compiled by Northwestern University displayed the following benefits of wearable devices:
A three-year study of employees using wearables showed a 44% decrease in sick days.
Over the course of 25 years, wearables could cut hospital costs by more than $200 billion.
More than half of consumers believe wearables will increase the average life expectancy by 10 years.
What many physicians appreciate about the idea of wearables is the fact that the sensors collect data over time, giving a broader picture of the patient’s overall health than a single test might. By monitoring blood sugar levels over the course of the day, for example, physicians can help patients identify patterns and make changes for better health.
Market trends of the wearable medical device market include:
Increasing demand for Smartwatches
Strong growth in the demand for wearable EEG Monitors
Demand for pain management wearable devices
Rising interest in Continuous Glucose Monitoring Systems
Use of wearables for Cardiovascular Disease Management
Complete wearable systems and subsystems that incorporate sensors, data collection, flexible displays, wireless transmission, memory, solar cells and thin batteries have the ability to monitor vital health signs and give immediate feedback into performance and physiological well-being. As technologies emerge that are able to utilize data from wearables to enhance consumers’ quality of life, wearable use will continue to increase.
At Advanced MP Technology, we keep a close look at the ever-growing electronic industry and trends within the market. By doing so, we are able to evolve with the electronic industry and provide the best services to our customers.