Wearable healthcare devices are transforming healthcare for patients and providers. According to Kings Research, the global wearable healthcare devices market is projected to hit a valuation of $146.89 billion by 2030. This billion-dollar industry can collect relevant patient real-time data in digital format eliminating the need for appointments. A pacemaker invented in 1958 was the first wearable device in healthcare. Fast forward to the 21st century, and we have an endless option of innovative devices to monitor each part of the body.
This article sheds light on the billion-dollar business, offering insights into its workings, top companies in the sphere, and more.
What are Wearable Healthcare Devices?
Wearable healthcare technology encompasses health monitoring devices worn on the body, like wristbands, to track the wearer's health data. These devices utilize biosensors to gather various information, such as heart rate, blood pressure, sleep patterns, and activity levels.
In recent years, wearable medical devices have gained popularity due to advancements in sensor technology, allowing for smaller sensors and batteries. These comprise of a range of devices such as smartwatches, activity trackers, smart glasses, and wearable virtual assistants. With smartwatches leading the industry, demand for these products in the Indian market rise 50% in the first half of 2023.
These devices serve various purposes, including accurately monitoring fitness levels, heart rate, and overall wellness, and aiding in disease management. Additionally, they offer features such as medication reminders and the storage of patient health information.
Which Sensors are Commonly Utilized in Wearable Healthcare Technology?
Wearable healthcare technology often incorporates various sensors to monitor different aspects of health. Common sensors include:
- Accelerometers: Track movement and activity levels.
- Heart rate sensors: Monitor heart rate and detect irregularities.
- Gyroscopes: Measure orientation and rotation.
- Temperature sensors: Record body temperature changes.
- Electrocardiogram (ECG) sensors: Assess heart activity and detect abnormalities.
- Blood oxygen sensors: Measure oxygen levels in the blood.
- GPS: Track location and movement for fitness and safety purposes.
These sensors work together to provide comprehensive health data and insights for users.
Advantages of Wearable Medical Devices
Wearable medical devices offer a host of benefits for both patients and healthcare providers. Here's why they're making a difference:
- Convenience and Remote Monitoring: These devices allow patients to be monitored remotely, reducing the need for frequent hospital visits, especially for those with chronic conditions.
- Efficiency and Reduced Burden: By identifying patients needing urgent care, healthcare providers can streamline resources, enhancing efficiency and focusing on critical cases.
- Improved Communication and Diagnosis: Personalized data collected over time enables accurate diagnosis and fosters better communication between patients and healthcare professionals.
- Cost Reduction: Wearable technology has the potential to slash hospital costs by up to 16% within five years, thanks to remote monitoring, shorter hospital stays, and fewer unnecessary procedures.
- Integration with Electronic Health Records (EHR): seamless integration into electronic health record systems ensures healthcare providers have a comprehensive overview of patient health, aiding in decision-making.
- Promotion of Health Equity: Wearable devices bridge gaps in healthcare access, promoting health equity and improving outcomes for underserved communities.
While wearable technology holds great promise in healthcare, concerns remain around safety, ethics, and efficacy, requiring continued attention and refinement.
Top 3 Wearable Healthcare Device Technology
1. Garmin
Location -Olathe, Kansas
Known for its diverse array of devices, Garmin specializes in fitness and health-tracking wearables tailored for adults and children. Their offerings include an all-day activity tracker designed to monitor steps, distance, intensity, and calories, assisting users in achieving their health and fitness objectives. Additionally, Garmin's wearable products, such as the Venu series, provide insights into body patterns, sleep quality, and heart rate. These devices seamlessly integrate with both Apple and Android smartphones, offering users added convenience in their daily lives.
2. Rods & Cones
Location- Amsterdam, Noord-Holland
Rods & Cones introduces innovative smart glasses revolutionizing healthcare. While eyeglasses trace back to their inception in Italy in 1284, today, an estimated 4 billion people rely on them daily for various activities like reading, driving, and texting. However, glasses have evolved beyond mere vision correction; they now encompass augmented reality (AR) glasses for enhanced shopping experiences and virtual reality (VR) specs for immersive gaming. In the medical realm, Rods & Cones smart glasses are poised to transform live surgeries, offering a groundbreaking solution for medical professionals. These smart glasses provide a unique perspective, particularly beneficial for medical staff in rural areas. During complex operations, a doctor in a remote location can receive guidance from an expert elsewhere who can see and guide them through the procedure in real time, thus enhancing patient care and outcomes.
3. Apple Watch
Location- Cupertino, California, USA
Apple made its foray into wearable healthcare technology with the launch of the iPhone 6 and the Apple Watch. This groundbreaking device provides fitness tracking and features like file sharing and storage of emergency contact information.
CEO Tim Cook has expressed his satisfaction with the success of the Apple Watch and AirPods wireless headphones, surpassing the revenue generated by the iPod, reflecting Apple's continued innovation and adaptation to changing consumer needs.
Motiv
Location- San Francisco, California
Motiv offers a unique take on fitness and health wearables with its Motiv Ring. Unlike traditional watches, the Motiv Ring is worn on the finger, continuously monitoring activity, sleep, and heart rate. Users can easily track and customize their fitness goals through its accompanying app while seamlessly syncing data with Google Fit or Apple Health, making health management convenient and accessible.
Future of Wearable Medical Devices
Wearable medical devices have the potential to revolutionize healthcare by enabling remote patient monitoring, integrating with telemedicine platforms, and advancing sensor technology. With the integration of artificial intelligence and machine learning, these devices can provide personalized health recommendations and predict health issues before they occur. The future of wearable medical devices also holds promise in areas such as wearable drug delivery systems, improved user experience, data security, and collaboration with healthcare professionals.
However, addressing challenges such as regulatory compliance and data interoperability is crucial for the widespread adoption and integration of these devices into healthcare systems. As technology continues to evolve, wearable medical devices will play an increasingly significant role in transforming healthcare delivery and improving patient outcomes.
