The Booming Market of Wearable Healthcare Technology

The Booming Market of Wearable Healthcare Technology

Wearable devices health tracking

Wearable technology in healthcare has become increasingly popular among consumers in recent years. Devices like Fitbits and smartwatches have paved the way for a new era of personal health monitoring. With the growing demand for wearables, insurers and companies have recognized the benefits of providing wearable health technology to their customers and employees.

The use of wearable fitness technology has skyrocketed, with consumers showing a keen interest in monitoring their own health and vital signs. This surge in demand is expected to continue in the coming years as more people seek to share their health data with providers and insurers. According to an October 2021 forecast by Insider Intelligence, the US smart wearable user market is projected to grow 25.5% year over year in 2023.

What is Wearable Healthcare Technology?

Wearable technology refers to any electronic device designed to be worn on the body. In the healthcare industry, wearable devices are specifically designed to collect personal health and exercise data. They can even send this information in real-time to doctors and other healthcare professionals.

Examples of Wearable Devices in Healthcare

The advancement of wearable technology has led to the development of various devices in the medical industry. Some popular examples include:

Wearable Fitness Trackers

Wearable fitness trackers, such as wristbands equipped with sensors, are designed to monitor physical activity and heart rate. These devices have become essential tools for individuals looking to track their health and fitness progress. Fitbit, one of the pioneers in the wearable technology market, offers a range of options, including the Fitbit Sense 2, which features advanced health tracking features and a long-lasting battery life.

Smart Health Watches

Smartwatches have evolved from simple time-telling devices to clinically viable healthcare tools. For instance, Apple’s Series 8 smartwatch comes with innovative health features like temperature sensors and crash detection. The Apple Watch SE, on the other hand, offers a more budget-friendly option with enhanced performance and battery life.

Wearable ECG Monitors

Wearable ECG monitors have the ability to measure electrocardiograms and detect conditions like atrial fibrillation. Withings’ Move ECG product, for example, can measure an ECG and send the reading to the user’s doctor. It also tracks various activities like walking, running, swimming, and biking.

Wearable Blood Pressure Monitors

Omron Healthcare’s HeartGuide is the first wearable blood pressure monitor. Resembling a smartwatch, it can measure blood pressure and daily activity while storing up to 100 readings. Users can review, compare, and optimize their treatment through the corresponding mobile app, HeartAdvisor.

Biosensors

Biosensors are a new generation of wearable medical devices that collect data on movement, heart rate, respiratory rate, and temperature. Philips’ wearable biosensor, for instance, allows patients to move freely while providing valuable insights to improve patient outcomes.

The Future of Wearable Healthcare Technology

The wearable healthcare technology market is experiencing rapid growth, and this trend is expected to continue. The number of health and fitness app users is projected to reach 91.3 million by 2023, according to Insider Intelligence research.

Insurers, health providers, and companies have recognized the benefits of incorporating wearable health monitoring devices into their operations. Wearables incentivize behavior that reduces hospital visits and readmissions due to poorly managed personal health. Furthermore, offering wearable healthcare technology to employees can contribute to a healthier corporate culture and reduce turnover.

As wearable technology becomes more widely available, the use of wearables is predicted to increase even further. The development of more accurate sensors and increased device connectivity will allow insurers and employers to influence healthy lifestyles and enhance profitability.

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