As per recent Forbes report, 71% of 16-24-year-olds want wearable technology. Predictions for 2020 include a market value of $40 billion; a shipment of 400 million wearables. As per many reports last year alone, health monitoring and diagnostic wearables nabbed the majority share (78%) of the global wearable medical device market followed by the sports and fitness smart wearables.
In India, growing educated middle class are ready to drive much of the demand for smart wearable devices by being more health conscious and there is a growing adaptation among elderly educated personnel as well currently in maintaining independence of their own health monitoring.
In line with growing smartphone sales and internet penetration, recent studies have shown an increase in adoption of both free and paid health & fitness apps and devices in emerging countries like India.
The leading wearable medical device companies currently are Omron Healthcare, Basis Science, Sotera Wireless, Polar Electro, Zephyr Technology, Philips Healthcare, ResMed and Fitbit. And big electronic giants like Apple, Samsung, LG, Xiaomi, Micromax are yet to strike the chord in this health market vertical.
Many new startup companies are exploring various ways to embed various health IT features into wearable devices, so that patients may soon provide comprehensive information to doctors through devices such as sensor wrist bands, neck bands, smart watches that can measure and transmit biometric data.
Key drivers of Sales growth
Unlike in the past, the newer generation of these device manufacturers is paying special attention on data accuracy and the metrics they measured complying with multiple global health standard certifications, which is primarily contributing to the recent sales growth by patients and health care providers.
Health and fitness euphoria among young generations also playing a big contribution for over-tracking their health as we got a chance for that for the first time in history. Eventually, by the time the technology behind them gets better, we should get to the stage of meaningful use as well.
Mass production of these wearable’s is kicking off in meeting strong demand especially from new sales territories in emerging countries, this market is expected to continue growing, devices will get intuitive, thinner and lighter, get cheaper and more comfortable.