Skip to main content

Healthcare Wearable Device Apps Gain Momentum

In 2015, the wearable technology market will reach $24.2 billion. However, 74 percent of that growth will be with mature wearable product categories -- such as smart watches, wireless earphones and blood glucose test strips, according to the latest market study by IDTechEx Research.

The last five years has seen significant interest in new wearable devices and associated software applications -- particularly fitness trackers -- as demonstrated by the following Google Trends report.


Many of the companies looking to commercialize a new wearable technology are searching for business partners within the healthcare and medical apparatus industry. The motivation is somewhat obvious.

The upside opportunity for wearable devices is in the medical and healthcare apps environment. Moreover, including blood glucose monitoring use cases, healthcare is already the largest single sector -- measured by sales revenue -- in the established wearable technology marketplace.

Some of the key advantages offered by emerging new components are highly applicable to healthcare -- offering new, comfortable, portable and practical ways to measure the human body, utilizing stretchable sensor electronics and thin film flexible batteries.

However, more than any other sector, healthcare applications require data reliability and accuracy. These key requirements can create significant barriers to market entry.

While many of the medical tests that are currently conducted under supervised hospital conditions can be produced with user-installed wearable devices, the challenge is to achieve equivalent or superior reliability and accuracy at lower price points.

That said, according to the IDTechEx assessment, wearable technology solutions offer more practical, comfortable and convenient in numerous healthcare-related situations.

Medical device manufacturers, such as Johnson & Johnson and Medtronic, already invest in significant research and development of new technologies, and these types of companies are usually the primary targets for vendors looking to commercialize digital components.

However, progress can also take a huge investment in time. Where the sensor has important health consequences, it will need to be approved by the local government regulator. That typically means long clinical trials and potentially many years of market development activities.

Then it has to be approved for reimbursement by Governments versus the incumbent technology -- if there is one to use, for comparison. This approach is similar to the pharmaceutical industry model -- where long-term research and development investment is the norm, but the potential for blockbuster sales revenue is the outcome.

In contrast, unregulated health-related devices -- such as general fitness trackers -- can get to market much faster but are much more prone to open competition. As an example, some of the current fitness bands are now made in China for less than $5, according to the IDTechEx study.

As a result, savvy hardware and software vendors will continue to adapt to the rapidly evolving field of emerging opportunities within the wearables market and the broader Internet of Things (IoT) economy.

Popular posts from this blog

Industrial and Manufacturing Technology Growth

In an evolving era of rapid advancement, market demand for innovative technology in the industrial and manufacturing sectors is skyrocketing. Leaders are recognizing the immense potential of digital transformation and are driving initiatives to integrate technologies into their business operations.  These initiatives aim to enhance efficiency, reduce costs, and ultimately drive growth and competitiveness in an increasingly digital business upward trajectory. The industrial and manufacturing sectors have been the backbone of the Global Networked Economy, contributing $16 trillion in value in 2021. Industrial and Manufacturing Tech Market Development   This growth represents a 20 percent increase from 2020, highlighting the resilience and adaptability of these sectors in the face of unprecedented challenges, according to the latest worldwide market study by ABI Research . The five largest manufacturing verticals -- automotive, computer and electronic, primary metal, food, and machinery -

Rise of AI-Enabled Smart Traffic Management

The demand for smart traffic management systems has grown due to rising urban populations and increasing vehicle ownership. With more people and cars concentrated in cities, problems like traffic congestion, air pollution, and greenhouse gas emissions are pressing issues. Since the early 2000s, government leaders have been exploring ways to leverage advances in IoT connectivity, sensors, artificial intelligence (AI), and data analytics to address these transportation challenges. The concept of a Smart City emerged in the 2010s, with smart mobility and intelligent traffic management as key components.  Smart Traffic Management Market Development Concerns about continued climate change, as well as cost savings from improved traffic flow, have further motivated local government investment in these advanced systems. According to the latest worldwide market study by Juniper Research, they found that by 2028, smart traffic management investment will be up by 75 percent from a 2023 figure of

AI Software Market will Reach $251 Billion

The growth in Artificial Intelligence (AI) software could lead to many benefits. As more organizations adopt AI, they may become more efficient, productive, and able to offer improved products and services. The global job market could also expand, with demand growing for roles like AI engineers and technicians. Plus, AI apps could enable breakthroughs in fields like healthcare, transportation, and energy. The worldwide AI software market will grow from $64 billion in 2022 to nearly $251 billion in 2027 at a compound annual growth rate (CAGR) of 31.4 percent, according to the latest market study by International Data Corporation (IDC). AI Software Market Development The forecast for AI-centric software includes Artificial Intelligence Platforms, AI Applications, AI System Infrastructure Software (SIS), and AI Application Development and Deployment (AD&D) software (excluding AI platforms). However, it does not include Generative AI (GenAI) platforms and applications, which IDC recent