WEARABLE MEDICAL DEVICES MARKET ANALYSIS

Global wearable medical devices market growth can be hampered due to high device costs. These devices use advanced technologies such as miniaturized sensors, processors and wireless connectivity, which makes the manufacturing costs quite high. Moreover, R&D investment required to develop these devices also increases the devices pricing. This high pricing puts wearable medical devices out of reach for common consumers and limits their mass adoption. Many insurance providers also do not cover the costs of such devices, which are considered as not medically necessary by some. The high costs act as a barrier for wider acceptance and uptake of wearable technologies for both healthcare providers and patients. For the market to grow sustainably, bringing down the device prices will be crucial through technologies improvements, economies of scale and new business models.

Market Opportunities: Integration of wearable with IoT for market

The integration of wearable medical devices with Internet of Things (IoT) can offer opportunity for market expansion. Connecting these devices to each other as well as to other digital health platforms via IoT maximizes their functionality. It allows continuous monitoring of vital signs and real-time transmission of clinical grade data to caregivers. The data collected can further be analyzed for predictive diagnosis, monitoring of chronic conditions and development of personalized treatment plans. Integration with IoT also facilitates access of medical records to remote healthcare providers. This saves costs and time while improving access and outcomes. With growing IoT adoption, there is potential to develop smart interconnected healthcare ecosystems coordinated by wearable devices. This can revolutionize patient care management as well as create new revenue streams for market players.