Innovative Wearable Tech Allows Clinicians to Provide Better Diagnoses

NEW YORK: The wearable technology ecosystem continues to rapidly evolve around the world, as several technological developments help stir up demand.

Wearable technology presents the potential for significant transformation in many industries, like consumer electronics, communications and even healthcare.

In terms of wearable technology evolution, we see body area networks becoming a larger factor along with Internet of Things (IoT) integration involving sensors and user-friendly interfaces to provide a feedback loop of various data.

Furthermore, and particularly in the medical field, the accuracy of the data provided back to the consumer is of critical importance. Therefore, medical device manufactures have to focus on continuously improving sensor technology as well as the accuracy of data.

The anticipated 5G network development will likely help in that regard and may also change how miniaturization of electronics enables the design of more reliable and adaptable wearables. Overall, the global wearable medical device market size is expected to reach USD 29.6 Billion by 2026 and at a Compound Annual Growth Rate (CAGR) of 17.7%, according to Transparency Market Research. Nemaura Medical, Inc. (NASDAQ NMRD), Livongo Health, Inc. (NASDAQ LVGO), DexCom, Inc. (NASDAQ DXCM), Koninklijke Philips N.V. (NASDAQ PHG), Garmin Ltd. (NASDAQ GRMN)

Within the healthcare industry, several major factors influence the innovations behind the medical wearable device market.

For example, the increasing prevalence of obesity, as well as the subsequent rising awareness about physical fitness is encouraging people to adopt fitness-related devices like smart bands and smartwatches, which help monitor fitness parameters including calories burned, footstep count, and distance covered while walking or running.

Another major component of this market is the demand for blood glucose monitoring devices, which are used for effective diabetes diagnosis and treatment. Obesity is also considered as one of the major factors contributing to the disease, primarily Type 2 diabetes.

Among the advancements made in blood glucose level monitoring is the development of continuous glucose monitoring (CGM) devices, which were designed to help in tracking glucose levels in the interstitial fluid as a basis for improving metabolic control and contribute to better diabetes management.

Additionally, the CGM devices give beneficial insights into the impacts of meals, exercises, and illnesses that have on an individual's glucose level and reduce the risk of hyperglycemia & hypoglycemia.

According to a report by Reports and Data, the Continuous Glucose Monitoring devices market was valued at USD 437.0 Million in 2018 and is estimated to reach USD 1.25 Billion by 2026 while growing at a CAGR of 13.9%.

Like This Article?
Innovative Wearable Tech Allows Clinicians to Provide Better Diagnoses