Competitive Intensity Driving Healthcare Focus in the Global Consumer Wearables Market

Competitive Intensity Driving Healthcare Focus in the Global Consumer Wearables Market

Strategic Partnering to Drive New Healthcare Growth Opportunities for Consumer Wearables

RELEASE DATE
08-Dec-2020
REGION
Global
Research Code: MFE5-01-00-00-00
SKU: HC03362-GL-MT_25019

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Description

Wearable devices have often been dismissed by healthcare professionals as a consumer tool with 'fancy' features. 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. 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. 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. This study covers the aspects mentioned above and serves as a starting point for companies to design the strategy and framework for their next steps in the healthcare domain.

Key Issues Addressed

  • How is healthcare delivery changing until 2025, and how does that impact the wearables space?
  • How will the ecosystem of healthcare delivery evolve by 2025, and who are the players racing to own the healthcare consumer of 2025?
  • Why is patient data becoming a critical piece of care delivery? How does that data promote precision health?
  • What health-tracking features of wearables are gaining importance (after cardiac parameters) and why?
  • What business models are current wearable device makers adopting to enter healthcare, and which ones are more aligned towards the future?

Author: Siddharth Shah

Table of Contents

Why Is It Increasingly Difficult to Grow?

The Strategic Imperative 8™

The Impact of the Top Three Strategic Imperatives on 2026 Healthcare Industry

Growth Opportunities Fuel the Growth Pipeline Engine™

Healthcare Consumer Wearables Market Scope of Analysis

Redefining Patient Focus for 2026

Serving the Healthcare Consumer in 2026

Data Expected to Move to Precision Health

IoT Devices Enable Precision Health

Care Delivery in 2026—Anytime, Anywhere, and Precise

Convergence of Technology and Healthcare to Achieve Quadruple Aim

Pre-COVID19 View—Consumer vs Medical-Grade Wearables

Clear Divide in the Wearables Space in Healthcare

Redefining Consumer Wearables for 2020 & Beyond

Medical Grade and Consumer Health Wearables Following the Opportunities in Adjacent Markets

Differentiating and Avoiding Commoditization, Serving New Needs

Growth Drivers for Consumer Wearables in the Healthcare Industry

Growth Restraints for Consumer Wearables in the Healthcare Industry

Global IoT Devices and Health Wearables Growth is Staggering

Current Users of Wearables and Impact on Future Healthcare Role—Social Determinants of Health

Emerging Opportunities in the New Normal of Care Delivery

Expanding Opportunities—Expanding Ecosystem for Health, Fitness, and Wellness Monitoring Solutions

Expanding Health Applications for Wearables

Large Addressable Market for Chronic Conditions

Wearables Provide Crucial Data for Disease Management and Precision Health

Wearable Device Users and Data Monetization Prospects

Wearable Data Monetization—Motivations and Future Industry Direction

Use Cases for Wearables by Stakeholder

Wearable Data Monetization—Challenges

Value-add Features Case Study—Fitbit

Public Health Case Study—Singapore

Electronic Health Records Integration—Amazon: Cerner Case Study

Growth Opportunity 1—Partner with Health Systems’ Wellness Initiatives

Growth Opportunity 1—Partner with Health Systems’ Wellness Initiatives (continued)

Growth Opportunity 2—Femtech & Longevity as Next Growth Areas

Growth Opportunity 2—Femtech & Longevity as Next Growth Areas (continued)

Growth Opportunity 3—Data for Enabling Healthcare Transformation

Growth Opportunity 3—Data for Enabling Healthcare Transformation (continued)

List of Exhibits

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Related Research
Wearable devices have often been dismissed by healthcare professionals as a consumer tool with 'fancy' features. 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. 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. 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. This study covers the aspects mentioned above and serves as a starting point for companies to design the strategy and framework for their next steps in the healthcare domain.--BEGIN PROMO--

Key Issues Addressed

  • How is healthcare delivery changing until 2025, and how does that impact the wearables space?
  • How will the ecosystem of healthcare delivery evolve by 2025, and who are the players racing to own the healthcare consumer of 2025?
  • Why is patient data becoming a critical piece of care delivery? How does that data promote precision health?
  • What health-tracking features of wearables are gaining importance (after cardiac parameters) and why?
  • What business models are current wearable device makers adopting to enter healthcare, and which ones are more aligned towards the future?

Author: Siddharth Shah

More Information
No Index No
Podcast No
Author Siddharth Shah
Industries Healthcare
WIP Number MFE5-01-00-00-00
Is Prebook No
GPS Codes 9600-B1,9612-B1,9A4B-B1