The past few years have seen a steady continuous increase in the consumer demand and amount of wearable devices on the market. Most wearable devices are very convenient for consumers because of their ability to offer real time data on and individuals health, as well as make it easier to follow specific regimens – such as a number of daily steps or daily calories burned. Hence, the global market for wearable devices is expected to increase to around $12 billion dollars by the year 2021, according to Markets and Markets.
With the demand for these devices already being high, there is still a ton of room for potential in terms of technological development. Various consumer surveys conducted have shown that nearly half of consumers lose interest in their wearables after a few months. This is in large part due to the fact that the majority of data available on these devices is relatively limited, not specific, and available for free on devices such as the iPhone. As a result, many more devices are being released that are tailored to specific conditions – such as asthma, pain management, heart arrhythmia, etc. The market for devices designed for specific conditions and demographics is the one we will continue to see progress moving forward.
NWP Solution is tapping into this market by developing the NiteWell smart bracelet, designed to save the lives and preserve the health of infants from the age of 0 to 12 months old. The device will monitor various infant health levels in an effort to fight against SIDS – or Sudden Infant Death Syndrome – which affects thousands of infants annually. The NWP Solution platform also integrates current wearable devices to provide individuals with recommendations and easier access to needed health services.
It will be interesting to see exactly what transpires in the next few years in regards to wearable medical devices, but one thing is for certain: the market is still booming and will not be going away anytime soon.