The advances in medical technology have been so impressive that it is no longer required to visit healthcare facilities to keep track of general health indicators. Small werable devices can today measure health metrics like heart rate, fitness level, sleep time, sleep quality, blood pressure, blood sugar, and fertility with relative ease. It has not only improved the quality of life but also the quality of care prompting people to take better care of themselves. Medical wearable devices can be broadly categorized into two types namely diagnostic devices and therapeutic devices. Therapeutic devices can aid patients to monitor and manage their blood sugar levels, provide therapeutic relief from pain, and help individuals to replace their physiologically lost functions. The procurement market intelligence report from SpendEdge for the global wearable medical devices market forecasts an impressive growth rate of 24.7% annually. The growth is also partially helped by the fact that such devices are getting more economical and portable.
Philips is one of the largest electronics companies in the world with primary focus on electronics, healthcare, and lighting. Philips explored into the world of healthcare with a vision that technology has the capability to make life better. Their key products include personal health products, diagnosis and treatment equipment’s, connected care and health informatics, and health technology products. In late 2016, they launched a $250 medical wearable device called Philips Health Watch that is capable of monitoring host of biometric data. With an aim to prevent lifestyle induced chronic conditions, the device tracks and alerts users of their steps, sleep patterns, active and sedentary time, running, and calories burnt.
Nokia was one of the leading smartphone manufacturers in the world. Today, they have diversified their business operations into healthcare, VR, networks, and analytics solutions. In 2016, they acquired Withings to form its health division dealing with medical wearable devices. Withings was known for its innovative designs and technologies such as the first Wi-Fi scale, and the US FDA approved blood pressure monitor. Their product portfolio includes pulse monitor, blood pressure monitor, smart hairbrush, digital thermometers, and smartwatches. Their Health Mate application collects data from scales, trackers and other connected devices in one place and provides a 360-degree view of health.
Medtronic is one of the world’s largest companies that deals in medical technology, services, and solutions serving more than 65 million patients across the globe till 2017. They have a host of products which provides solutions to people with diabetes and heart conditions. In 2014, they launched SEEQ MCT System which remotely monitors heart activity up to 30 days. The device is worn by patients who experience symptoms such as irregular heartbeat, lightheadedness, vertigo, palpitations or shortness of breath.
Alphabet is the parent company of Google with substantial investments in machine learning and AI to drive company’s innovation initiatives. The company has some of the most innovative products in the medical devices market including contact lenses that can monitor wearers glucose level. Alphabet’s Verily Life Sciences company have developed wearable devices that can perform an electrocardiogram (ECG), monitor heart rate, electrodermal activity and inertial movements.
Fitbit was founded as Health Metrics Research in March 2007 and later changed its name to Fitbit. Today, it is the most popular brand name in the wearable technology market. Their fitness trackers capture various data including recent activities, sleep, body vitals, GPS, and calorie. The company is currently looking to manufacture products to address four major health conditions namely, sleep disorders, diabetes, cardiovascular health and mental health. Fitbit released its Ionic model in December 2017, which has the ability to track an individual’s activity and location in real time.
Read more about the medical wearable devices market along with category management, pricing insights, procurement challenges, and key suppliers in SpendEdge’s upcoming report on the global wearable medical devices market.