The development trend of wearable medical equipment

Industries related to medical and health care will all benefit from the further popularization or development of the new crown epidemic. Among them, the hardware that has greatly increased interest in the consumer market is wearable medical products. Including consumer-grade smart bracelets and smart watches that can provide real-time feedback on physical conditions and even detect infected persons. Professional-grade blood pressure monitors and blood glucose meters can be linked to the hospital system to assist doctors in remote consultations and so on. These dazzling arrays of hardware make the entire wearable medical device market present a certain prosperity, but so far no hardware product has become a "explosive".

Market conditions: 2023 is about to usher in an outbreak

There are currently two types of wearable medical products on the market. One is consumer-grade health hardware, such as mobile otoscopes, health bracelets, smart sleep systems, skin sensors, etc.; the other is professional-grade medical hardware, such as Talk about smart detectors, non-invasive blood glucose monitoring, blood pressure monitors, blood glucose meters, blood lipid detectors, etc.

According to third-party consulting data, the total sales of the global wearable medical device market in 2016 was 2 billion U.S. dollars, and it is expected to exceed 4.5 billion U.S. dollars in 2020. The compound annual growth rate (CAGR) between 2020 and 2027 is 25.78%. Industry development is full of vitality.

The upstream and downstream of its industrial chain will benefit from this dividend and have considerable market prospects. For example, the market size of sensors used in wearable medical devices will reach US$2.8 billion in 2024, with a CAGR of 21.6% from 2018 to 2024.

At the corporate level, wearable medical companies are mainly fighting for the competitiveness of the entire industry chain, so overseas manufacturers have relatively strong overall competitiveness. For example, overseas companies such as Fitbit, Jawbone, Apple, Samsung, etc., have established successful models in the wearable medical field by virtue of their huge sales network and technical support.

As for the Chinese market, the wearable medical industry emerged in the late 1990s, almost synchronized with international wearable medical equipment research. In May 2015, the State Council proposed "Made in China 2025", which listed the development of medical-grade wearable medical equipment as a strategic height, and required to improve its innovation capability and industrialization level.

According to third-party data, China's wearable medical equipment market has grown from 1.2 billion yuan in 2015 to 7.1 billion yuan in 2018. It is expected to exceed 12.2 billion yuan in 2020, and the value will exceed 20 billion yuan by 2023.

The development trend of wearable medical equipment

Trend 1. Under the epidemic situation, wearable medical devices enter more families

The epidemic will promote new uses of wearable medical devices, such as detecting infections in advance through effective algorithms that detect blood oxygen binding. According to IDC forecasts, by the end of 2021, approximately 70% of wristband wearable device companies will release products with algorithms and functions for early detection of signs of potential infectious diseases, including detection of COVID-19 and influenza.

At the same time, health care products and equipment are evolving into wearable medical devices. For example, companies such as Apple and Fitbit are seeking FDA approval to sell them as medical device wearable devices. According to the industry outlook, wearable medical equipment is like a "family doctor", and then binds back-end medical services to truly open up the medical channels for residents from the community to the specialist hospital.

Trend 2. Continuously evolving and perfect supervision

FDA is abbreviated from FoodandDrugAdministraTIon, the Food and Drug Administration. The FDA and CFDA continue to improve the wearable medical device regulations, which can set a benchmark for the wearable industry, and the development and production of products can be "aligned" with the standards, and standardize the industry to form a healthy development. At the same time, it can promote the realization of interconnection and help expand other business services.

According to the data, the wearable certification standards need to involve several major evaluation directions: chemical testing, battery life, battery and complete machine safety, applicability, software and information security evaluation, sensor accuracy evaluation, and wireless technology certification testing evaluation.

Trend 3. Combination of health big data and artificial intelligence

At present, more and more wearable manufacturers are integrating big data and artificial intelligence technology into medical applications, and they are cooperating with hospitals, healthcare organizations, research institutes and even traditional medical device companies to realize medical data data platforms. . For example, AppleWatchSeries6 can evaluate human health by monitoring blood oxygen level data. Another example is FitBit, an AI algorithm that detects in advance, which can detect nearly 50% of COVID-19 cases.

In this regard, IDC predicts that due to the threat of the new crown virus epidemic, life sciences and medical institutions will increase investment in artificial intelligence and advanced analytics by 30% by 2022 to avoid the danger of future supply chain disruption.

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