Wearable Tech in Medical Devices – Thematic Intelligence

Wearable Tech in Medical Devices Report Overview

The wearable tech in medical devices industry is anticipated to witness remarkable growth over the next three years. Healthcare, particularly patient monitoring, remote training and support, and telehealth services, holds significant promise. Creating devices that can be used for longer, are lightweight, and have practical use cases will help companies generate demand and revenue. Additionally, the integration of artificial intelligence (AI) could usher in a new era of interactive and intelligent wearable devices, offering improved user experiences.

This wearable tech in medical devices report is a thematic brief, which identifies those companies most likely to succeed in a world filled with disruptive threats. Inside, we predict how each theme will evolve and identify the leading and disrupting companies. The report covers the wearable tech theme.

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Wearable Tech in Medical Devices – Key Trends

The main trends shaping the wearables theme over the next 12 to 24 months are classified into three categories including technology trends, macroeconomic trends, and regulatory trends.

Technology Trends: Rising popularity of smartwatches, AR smart glasses, hearables, and smart clothing has been influencing the wearable tech theme. Deployment of custom chips, 5G, AI, cloud services, and embedded SIM cards are further expected to boost the market growth.
Macroeconomic Trends: Supply chain disruption, product differentiation among companies, and the impact of COVID-19 are the leading macroeconomic trends influencing wearables theme. For instance, for companies entering the wearables market, differentiating their products from those already available is difficult and expensive. Therefore, vendors are increasingly developing products that cater to specific customer segments.
Regulatory Trends: Regulations surrounding wearables are in flux. While some regulatory agencies view wearables as low-risk devices and avoid regulatory tagging, some are ignorant of the potential security issues associated with wearable devices. Thus, wearable original equipment manufacturers (OEMs) are increasingly becoming liable for the protection of public data. Data security and regulations in the EU, the US, and South Korea are likely to impact the theme.

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Wearable Tech in Medical Devices – Industry Analysis

The wearable technology market was $99.5 billion in 2022. The market is expected to expand at a CAGR of more than 14% between 2022 and 2030 primarily driven by the growing sales of hearables and smartwatches. The hearables segment is the largest segment of the wearable tech market, accounting for an estimated share of over 51% in 2022. Smartwatches emerged as the second largest segment as users continue to transition from fitness bands and basic watches to smartwatches.

Wearable Tech in Medical Devices Industry Analysis

The wearable tech in medical devices industry analysis also covers –

• Use cases in healthcare
• Timeline
• Signals
  • M&A Trends
  • Patent Trends
  • Hiring Trends
  • Social Media Trends

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IoT – Value Chain Analysis

Wearable tech is one of five IoT markets and has five value chain layers: physical, connectivity, data, apps, and services. These layers are logically discrete, although large-scale IoT use cases will likely blur these logical boundaries. For example, while there will continue to be an identifiable data layer towards the top of the stack, a growing proportion of the data processing occurs within and at the edge of the network.

Physical Layer: The physical layer can be subdivided into four categories including connected things, cameras and lenses, sensors and microcontrollers, and microprocessors. Within connected things, we smartwatches, fitness trackers, hearables, smart glasses, VR headsets, AR headsets, and smart clothing are discussed.

IoT Value Chain Analysis

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Wearable Tech in Medical Devices – Competitive Landscape

The companies making their mark within the wearable tech theme in medical devices are Alphabet, Apple, Garmin, Huawei, Imagine Marketing (BoAt), Meta, Microsoft, Qualcomm, Samsung Electronics, Sony, and Xiaomi.
Apple: Apple has established itself as a leader in wearable tech. Apple’s latest smartwatch, 2022’s Watch Ultra, targets athletes and adventurers. Its strong position is primarily due to the unmatched range of health and fitness services available on Apple Watches. Apple aims to take a position in the healthcare sector and offers a range of features (developed in association with academics and healthcare providers) on the Apple Watch, including ECG and blood pressure monitoring.

Wearable Tech in Medical Devices Companies

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Medical Devices Scorecard

The scorecard approach predicts tomorrow’s leading companies within each sector through three screens including a thematic screen, a valuation screen, and a risk screen.

Medical Devices Scorecard Analysis

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Scope

This report is a thematic brief, which identifies those companies most likely to succeed in a world filled with disruptive threats. Inside, we predict how each theme will evolve and identify the leading and disrupting companies.

The report covers the wearable tech theme.

Reasons to Buy

• GlobalData’s thematic research ecosystem is a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors. It has a proven track record of identifying important themes early, enabling companies to make the right investments ahead of the competition and secure that all-important competitive advantage.
• Develop and design your corporate strategies through an in-house expert analysis of wearable tech by understanding the primary ways in which this theme is impacting the healthcare industry.
• Stay up to date on the industry’s major players and where they sit in the value chain.
• Identify emerging industry trends to gain a competitive advantage.