Recent advances in the Internet of Things (IoT) coupled with the rise of cloud and artificial intelligence technology are set to shake up the healthcare sector. Wearable technology shows exceptional promise for companies to collect and analyze massive amounts of biometric and other data.
The Capstone team examined market trends, regulatory framework and opportunities for cognitive technologies for three wearable markets: the United States, Japan and Germany. The following is a summary of the team’s findings.
In the United States,
- Businesses are moving away from wrist devices and integrating devices onto other parts of the body, apparel, and fabric itself.
- Many people are willing to use home monitoring devices but the market has not yet gained sufficient consumer trust.
- Smart patches, ingestible devices and other devices for the hospital setting are starting to be used.
- A high percentage of wearable device users show concerns about leakage or misuse of sensitive data collected.
- The market has low penetration of fitness wearables.
- Due to an aging population, a large market potential exists for home monitoring devices.
- Clinical-grade wearables are increasing in presence.
- Germany’s healthcare and medical technology market substantially consists of small and medium-sized enterprises.
- The mobile health segment is projected to reach EUR 3 billion in 2017 with fitness wearable devices driving revenue.
- Demand in mobile health solutions is driven by a large aging population and the growth of chronic diseases, which create an environment for the use of remote monitoring devices.