Partnership Is Key To New Growth Opportunities Of Consumer Wearables In Healthcare Industry

The "Global Consumer Wearables Market 2020-2026 - Competitive Intensity Driving Healthcare Focus...

Photo credit: HealthcareRadius

The "Global Consumer Wearables Market 2020-2026 - Competitive Intensity Driving Healthcare Focus in the Market" report has been published by ResearchAndMarkets.com.

This study covers the aspects mentioned below and serves as a starting point for companies to design the strategy and framework for their next steps in the healthcare domain.

Read more: Wearable Medical Devices Market Expected to Experience Huge Growth by 2030, Says Market Industry Reports

With several consumer wearable devices now having regulatory clearances for detecting conditions like atrial fibrillation and other cardiac conditions, their role in the healthcare landscape is becoming prominent.

COVID-19 induced lockdowns, quarantines, and the need to avoid healthcare facilities for fear of contracting the virus has brought wearable devices to the forefront for monitoring patients' vital signs remotely. These have also proved key in facilitating 'back to school' and 'return to work' programs.

Effectively, consumer wearables are carving a niche in the healthcare domain by enabling disease prevention and early detection, post-acute care monitoring, as well as chronic disease monitoring and management. The sector is therefore likely to blur out the distinction between consumer-grade and medical-grade wearables, since both may have regulatory clearances for various applications. This also means that the consumer wearable device makers must adapt to the nuances of the healthcare industry and design business models that fit the needs of the industry, says a press release.

As is already clear, the data emanating from these devices is of significant value. However, monetizing this data is no easy feat. Several models have already emerged that support healthcare industry stakeholders in their quest to help populations stay healthier, live longer, and recover quickly from their ailments.

Read more: Fitness App Market Poised To Grow at a CAGR of 12%, Reaching 1.68 Billion During 2020-2024 Period

Partnerships are key, but consumer device companies continue to hesitate to fully commit to this space. Regardless of whether these companies take the plunge, there are ample opportunities for wearable device makers in the healthcare space, given the need for these tools to help manage the burgeoning population of people who need care and support, remotely.

Sam Draper
March 9, 2021

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