IDTechEx: The Future of Wearables is Medical (Part 1)
September 20, 2019 | IDTechExEstimated reading time: 3 minutes
IDTechEx's most recent report on the industry includes historic data and 10-year market forecasts for 48 different wearable technology product types, of which 20 are types of wearable medical device. These include more traditional medical products such as hearing aids, cardiac devices (e.g. Holter monitors or event monitors) and insulin pumps, but also newer devices such as continuous glucose monitors (CGM) for diabetics, other new electronic skin patches, and other emerging wearable medical device prospects. These products increased their combined annual revenue by $10bn a year in the period from 2010 to 2019, and make up around a third of all of the wearable device revenue in 2019.
Wearable technology and medical devices have many prominent synergies. Electronic devices on the body are perfectly placed for sensors to collect data relevant to healthcare, with communication options allowing them to be the gateway to digital health data. Common sensor options within wearable devices include options for motion (e.g. for fall detection or activity characterisation), heart rate monitoring (for various cardiac metrics), through to other less common options such as determining body temperature, detecting specific chemical analytes or assessing physiological responses to specific stimuli. Wearables can also play their part in the other half of a feedback loop; whether this be in delivering insulin to a type 1 diabetic, alerting the user at appropriate times to take medication, or directly applying treatment such as electrical stimulation.
However, it is not just the dedicated wearable medical device types that are interesting in this context. Companies are increasingly looking to leverage the data from other wearable devices for use in healthcare scenarios, from incentivizing healthy living from health insurers, to supporting early diagnosis of certain conditions, to collecting data for clinical trials. This has been most widely publicised in the context of the smartwatch, where certain products have already achieved limited status as medical devices. For example, the launch of the Apple Watch 4 came with FDA clearance for various cardiac monitoring capabilities. Some products with nearly identical functionality have been directly developed in the medical context, complying with regulatory guidelines from the beginning to produce fully medically relevant versions of smartwatches for similar data collection. These trends are discussed at length in Wearable Technology Forecasts 2019-2029.
It is not only smartwatches that have been touted as potential contributors to the medical device ecosystem. IDTechEx has been following the emerging area of smart clothing for over a decade, and whilst this industry remains in relative infancy, many of the key players in this space are increasingly turning to medical and healthcare applications for their e-textile products. For example, Canadian pioneer Myant have entered strategic collaborations with various players (e.g. Mayo Clinic, ZOLL and others), aiming to have their smart clothing products FDA approved. They have included features such as vital sign monitoring (heart rate, respiration rate, even, potentially, blood pressure), electrical muscle stimulation (EMS) and heating for injury recovery, chemical sensor integration and more. See IDTechEx's report on e-textiles for more information about technology in smart clothing. Similar stories can be seen in AR, VR, in "hearables" (already including hearing aids as a key medical device) and in just about every major sector under the wider group of wearables.
So, if the future of wearable is medical, then how much of the future of medical is wearable? Wearable devices may provide a convenient, ambulatory option for monitoring particular conditions over a period of time, and have found a particular home where the sensor device requires contact with the body. However, many medical futurists will point to potential in remote monitoring of several medical conditions. Whilst the origins of this may be rooted in science fiction, there have been many examples of companies pushing towards remote monitoring of different health conditions, and dedicated funding for such projects from some technology companies.
Suggested Items
Koh Young Showcases Award-winning Inspection Solutions at SMTconnect with SmartRep in Hall 4A.225
04/25/2024 | Koh Young TechnologyKoh Young Technology, the industry leader in True 3D measurement-based inspection solutions, will showcase an array of award-winning inspection and measurement solutions at SMTconnect alongside its sales partner, SmartRep, in booth 4A.225 at NürnbergMesse from June 11-13, 2023. The following offers a glimpse into what Koh Young will present at the tradeshow:
Real Time with… IPC APEX EXPO 2024: Plasmatreat: Innovative Surface Preparation Solutions
04/25/2024 | Real Time with...IPC APEX EXPOIn this interview, Editor Nolan Johnson speaks with Hardev Grewal, CEO and president of Plasmatreat, a developer of atmospheric plasma solutions. Plasmatreat uses clean compressed air and electricity to create plasma, offering environmentally friendly methods for surface preparation. Their technology measures plasma density for process optimization and can remove organic micro-contamination. Nolan and Hardev also discuss REDOX-Tool, a new technology for removing metal oxides.
Nanotechnology Market to Surpass $53.51 Billion by 2031
04/25/2024 | PRNewswireSkyQuest projects that the nanotechnology market will attain a value of USD 53.51 billion by 2031, with a CAGR of 36.4% over the forecast period (2024-2031).
Cadence, TSMC Collaborate on Wide-Ranging Innovations to Transform System and Semiconductor Design
04/25/2024 | Cadence Design SystemsCadence Design Systems, Inc. and TSMC have extended their longstanding collaboration by announcing a broad range of innovative technology advancements to accelerate design, including developments ranging from 3D-IC and advanced process nodes to design IP and photonics.
SMC Korea 2024 to Highlight Semiconductor Materials Trends and Innovations on Industry’s Path to $1 Trillion
04/24/2024 | SEMIWith Korea a major consumer of semiconductor materials and advanced materials a key driver of innovation on the industry’s path to $1 trillion, industry leaders and experts will gather at SMC (Strategic Materials Conference) Korea 2024 on May 29 at the Suwon Convention Center in Gyeonggi-do, South Korea to provide insights into the latest materials developments and trends. Registration is open.