Medical Wearables: A Critical Evaluation of Innovations and Strategic Positioning in Modern Healthcare

The utilization of wearable devices in healthcare has seen a surge amidst the COVID-19 pandemic due to the advantages they offer to both consumers/patients and healthcare providers. Among these advantages are real-time monitoring of vital health signs and/or an initial risk assessment of significant health events.

The ongoing shift in emphasis on preventive care will precipitate the evolution of wearables into biowearables for monitoring body parameters that are precursors to disease conditions. Interestingly, the entry of both pure-play medical devices companies and consumer electronics companies into the medical wearables market has reshaped the landscape of healthcare technology. The convergence of technologies, expertise, and changing needs of consumers and healthcare practitioners has led to the development of advanced medical wearables with cutting-edge features.

In our latest point of view (PoV), ‘Medical Wearables: A Critical Evaluation of Innovations and Strategic Positioning in Modern Healthcare’, we aim to answer key questions regarding the strategic positioning of medical wearables in the market, comprehending their significance and constraints, and distinguishing their utility from consumer wearables. Effective positioning of medical wearables in the market is crucial for meeting regulatory standards and user needs, thereby ensuring safety, efficacy, and widespread adoption.

A critical evaluation of medical wearables is important for ensuring safety, informing clinical decision-making, and guiding user adoption. The PoV helps in understanding the key criteria – from clinical, regulatory, technological to real-world user experience – that serve as a sounding board for medical wearables for establishing their effectiveness, reliability, and usability in modern healthcare settings. These criteria act as fundamental benchmarks against which medical wearables can be evaluated and compared.

The future of medical devices companies is tied to their ability to develop and successfully launch wearable devices. Medical device manufacturing is significantly integrating with technology, advanced analytics, and artificial intelligence.  With consumers willing to trust wearables and to upgrade their medical wearables, the manufactures face both an opportunity and a challenge to continuously improve and refine their offerings. We found merit in examining their innovation journey to provide a historical context into the evolution of medical wearables in managing diabetes and cardiological conditions.

Pure-play medical devices companies like Abbott and Medtronic, and consumer electronics companies like Apple and Fitbit, among others, have collectively focused on incremental and path-breaking innovation to remain competitive in the market. The innovation journey of medical wearables directly impacts patient care and outcomes in diabetes and cardiology. This PoV analyses the combined needs of regulators, manufacturers, and users while also focusing on compliance and practical usability. Insights from the innovation journey inform strategic decision making for manufacturers, investors, and consumers.

By understanding past trends and future considerations, stakeholders can make informed decisions regarding investment opportunities, product development, user experience and go-to-market strategies.

We conclude the PoV by offering a few key takeaways on the journey of medical wearables, with a critical perspective on the achievements and shortcomings. Download our full PoV to read about ‘Medical Wearables: A Critical Evaluation of Innovations and Strategic Positioning in Modern Healthcare’.