Wearable Trend Impact in the Medical Device Industry- Part 1

In a five-part series, let’s take a deep dive into how wearable technology has transformed the medical device industry. We’ll first address how wearable devices have contributed to remote patient monitoring and at-home use. Then we’ll discuss the confusion surrounding home-use equipment recalls. The third part will explore the boundary between consumer electronics and regulated wearable medical devices. Next, we’ll cover the cybersecurity of wearable technologies. In the last part, we’ll discuss how regulations, particularly from the FDA, keep up with this new wearable trend.

Provides an overview of Wearable Technology: https://www.magazine.medicaltourism.com/article/wearable-medical-devices-transforming-healthcare

The rapid increase in popularity of home healthcare and remote patient monitoring can be attributed to a growing senior population, the need for better access to healthcare, and most recently, the COVID-19 pandemic. Partnered with the continual evolution and emergence of new technologies, wearable devices have paved the way in helping healthcare providers address their patients’ needs. These wearables employ a more straightforward biometric monitoring method for the physician better to adjust the treatment without delays from in-patient office visits. Wearable devices for remote patient monitoring may include EKG sensors for heart monitoring, respiratory monitoring, and diabetes self-management. The Grand View Research, Inc reports the wearable device market to be valued at $27.2 Billion in 2022 and forecasts the revenue to be around $196.6 Billion by 2030, thus expecting a growth rate of 28.1%. Remote patient monitoring will experience the fastest compound annual growth rate throughout the forecasted period. The explosive growth of wearable technology will continue to shape how healthcare is provided for years.

Main Article addressing remote patient monitoring for Part 1: https://mhealthintelligence.com/features/rpm-101-what-is-remote-patient-monitoring-its-benefits-and-uses

Statistics: https://www.grandviewresearch.com/industry-analysis/wearable-medical-devices-market