Wearable Technology in Healthcare
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Wearable Technology in Healthcare Healthcare Report Code: GDHCHT026 Published: August 2019 Wearable Technology in Healthcare Reference Code: GDHCHT026 Published: August 2019 Healthcare Wearable Technology in Healthcare In 2018, the wearable tech market was worth nearly $23B and is likely to grow to $54B by 2023, according to GlobalData forecasts, growing at a Compound Annual Growth Rate (CAGR) of 19% by 2023. Wearables have been adopted in a wide range of fields; however, they have their greatest potential in healthcare to address spiraling healthcare costs, aging Inside populations, and the burden of chronic disease. Players In healthcare, wearable technologies are defined as noninvasive and autonomous devices that capture, analyze, and aggregate physiological data to improve personal health and Trends well-being. Wearable technology has been used almost exclusively for fitness purposes to date, steered by the increasing demand of consumers to monitor their own health. The Industry Analysis integration of wearable tech with augmented reality (AR), Big Data, artificial intelligence Value Chain (AI), and cloud computing solutions, as well as the falling prices of sensors, open-source application programming interfaces (APIs), frameworks, and libraries, is enabling faster and Companies Section more cost-effective solutions within the Internet of Things (IoT) ecosystem. Recent advances are providing value add for healthcare with a focus on diagnosis, treatment, Sector scorecards monitoring and prevention. These advantages are felt through the entire healthcare value chain with benefits including personalization, early diagnosis, remote patient monitoring Technology Briefing (RPM), adherence to medication, information libraries, and better decision making, while Glossary reducing healthcare costs. Additionally, growing demand and functionality has gathered the attention of insurers and companies in the supply of wearable health technology to consumers and employees for their wide-ranging benefits. The challenges that wearable technology is facing are broad, from data security, trust issues, and incentivization to regulatory and ethical hurdles. Within the next five to ten years, as connectivity improves and miniaturization enables wearables to become more ‘seamless’ and integrate more readily into the lives of consumers, their health-related value will be realized. The leaders This report divides the wearables technology value chain into a variety of application segments. The leaders in each segment are shown below, both for traditional technology and healthcare-specific uses. Tech Apple, Huawei, Google, Sony, Samsung, Bose Hearables Healthcare Jabra, Nuheara, LifeBeam, Vinci Tech Apple, FitBit, Garmin, Samsung, Sony, Xiaomi Smartwatches AliveCor, Empatica, KinesiaU, Nemaura, Omron, Healthcare OnePulse, PKvitality, Verily Tech Fitbit, Garmin, Nike, Samsung, Xiaomi Fitness Trackers Healthcare AliveCor, Brain Sentinel, MisFit, iHealth, Spire Health Tech Google, Microsoft, Samsung Eye Wear Epson, eSight, Immersive Solutions, Vusix, VirZOOM, Healthcare Medical Realities, Virtamed, OssoVR Tech Athos, Google, OM Signal, Sensoria Body Devices Bonbouton, Hexoskin, Infineon, Neofect, Report type Healthcare NeuroMetric, Owlet, Sensoria, Siren Single theme Tech N/A Multi-theme Skin Patches BioTelemtry, Eccrine Systems, Epicore, Biolinq, Healthcare Gentag, Medtronic, Nemaura, PKvitality, Theranica, Sector Scorecard iRhythm Client Services: [email protected] +44 207 406 6764 www.globaldata.com 2 © GlobalData 2019. This product is licensed and is not to be photocopied. Wearable Technology in Healthcare Reference Code: GDHCHT026 Published: August 2019 Healthcare 1 Table of Contents 1 Table of Contents ............................................................................................................................................................ 3 1.1 List of Tables .....................................................................................................................................................................6 1.2 List of Figures ...................................................................................................................................................................6 2 Industry Players .............................................................................................................................................................. 7 3 Industry Trends ............................................................................................................................................................... 8 3.1 Wearable Technology in Healthcare Use Case Trends .....................................................................................................8 3.1 Technology Themes........................................................................................................................................................13 3.2 Macroeconomic Themes ................................................................................................................................................17 3.3 Regulatory Themes.........................................................................................................................................................19 4 Value chain ................................................................................................................................................................... 21 4.1 IoT Value Chain ...............................................................................................................................................................23 4.1.1 App Layer, Apps, and Conversational Platforms .....................................................................................................23 4.1.2 Connectivity Layer ...................................................................................................................................................24 4.1.3 Data Layer ...............................................................................................................................................................25 4.2 Device Layer ...................................................................................................................................................................25 4.2.1 Hearables ................................................................................................................................................................26 4.2.2 Smartwatches ..........................................................................................................................................................27 4.2.3 VR & AR Smart Glasses ............................................................................................................................................30 4.2.4 Fitness Trackers .......................................................................................................................................................32 4.2.5 Smart Wear/ Clothing .............................................................................................................................................33 4.2.6 Skin Patches ............................................................................................................................................................35 4.2.7 Diagnostic and Therapeutic Wearable Devices .......................................................................................................37 5 Industry Analysis ........................................................................................................................................................... 38 5.1 Traditional Definition of a Wearable Technology Device ...............................................................................................38 5.2 Key Opinion Leader Definition of Wearable Tech ..........................................................................................................38 5.3 Market Size and Growth Forecasts ................................................................................................................................40 5.4 Smartwatches are the Leaders of Wearable Technologies, Followed by Fitness Trackers ............................................41 5.5 Hearables Represent a Larger Market Size, While Smart Clothes Witness Faster Adoption .........................................43 5.6 Outside Smartwatches and Fitness Trackers: Other Wearables as Medical Devices .....................................................43 5.6.1 Cardiology Wearables .............................................................................................................................................44 5.6.2 Diabetes Wearables ................................................................................................................................................44 5.6.3 Neurology Wearables ..............................................................................................................................................44 5.6.4 Unmet Needs ..........................................................................................................................................................46 5.7 Market Drivers ...............................................................................................................................................................48 5.7.1 The Aging Population ..............................................................................................................................................48