A market research report for November showed that the market value of health care wearables in 2022 will rise from $3.5 billion in 2014 to $16.8 billion.
According to the report, the Diagnostics & Monitoring category was the largest source of market revenue in 2014, accounting for more than 70% of the market share of the wearables market.
The monitoring wearable device is Medtronic's Seeq. Seeq can monitor the heart for 30 consecutive days. Another example is the Zio-XT patch from iRhythm Technologies. Zio-XT can continuously collect two weeks of data to help doctors determine whether a patient has atrial fibrillation. The Zio-XT patch was designed to replace the bulky Holter monitor, and patients usually need to wear the Holter monitor for two days.
Although the Diagnostics and Surveillance category has the largest revenue, the report believes that the therapeutic wearable market will be the fastest growing, with a CAGR of 23% from 2014 to 2022.
An example of a therapeutic wearable device is Chrono Therapeutics' smoking add-on product, which gives nicotine to users who are quitting.
Medical wearable devices also include analgesic treatment devices such as Omron Healthcare's Transcutaneous Electrical Stimulation Therapy (TENS) products. Wearable patches can be applied to various body parts: knees, buttocks, back, etc. After that, the patch stimulates the area with electrical impulses, blocking the pain signal.
Other wearable devices include Basin Smart Watch from Basis Science. Peak tracks heart rate, skin temperature, sleep and activity.
Some companies have added medical wearables to their overall solution. For example, Proteus Digital Health has developed a pill that can be taken with built-in sensors that communicate with wearable patches to collect and send information, including when pills are taken.
The wearable device market is growing and more people are using Fitbit bracelets or smart watches. However, in the medical field, more and more people realize that the more invisible a product, the more seamlessly it can be integrated into the patient's life, and the more likely the patient wants to continue using it.
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