A device known as a connected wearable patch is seeing its day right now as the popularity continues to increase. Around 35.1 million of these units will be shipped by 2022, leading to the question; how will they be used? The report done on the industry shows that their will be around $7.9 billion in revenue for the wearable path market by the year 2022, which is a substantial increase from the current amount of units shipped at 966,000.
The authors of the report also stated that there is an increasing number of participants entering the market and “a lot of movement in the regulatory and reimbursement areas for certain categories.” The uses for these devices is extremely wide across various industries. One of the main industries that they have the potential to change is that of the healthcare industry.
These wearable patches can help to keep track of continuous data collection, disease detection, diagnosis and medication adherence. These are things that otherwise would have to be done in the office, but now because of these devices could be tracked remotely. One example of this device is known as the iRhythm’s Zio patch. This device is a wearable patch that is wireless and is mailed back by the users after they use it.
This system helps to transmit a wide variety of information which can then be sent back a doctor. Sherill Hanson, a research analyst at Tractica stated that “The market for connected wearable patches is still in the initial stages of development and commercial availability, but holds great promise, with the potential to improve the health of patients and contribute to lower healthcare costs.” The hopes are high that these types of devices can help to shape the medical world as we know it.