Situation and Future Trends of China’s Wearable Device Market
In the late 1990s, China started the research on wearable health technology, which is almost in sync with international research on wearable medical devices. The wearable medical device industry is growing rapidly. Although Epocrates, CardioNet, WellDoc, ZocDoc, Vocera and other companies have made successful examples in this industry, the varieties and functions of current wearable medical devices cannot meet market demand. Therefore, the industry has a promising future.
The gap between the supply of and demand for medical services presents new opportunities to China’s wearable device market. On one hand, medical needs are rising sharply as a result of population aging. On the other hand, medical resources are in short supply in China, especially in remote areas. In the future, patients with chronic diseases such as coronary heart disease, hypertension and diabetes will receive not only medical treatment but also overall disease management solution that includes remote monitoring, remote adjustments to treatment regimen, lifestyle management and wearable drug delivery.
Future Trends of Wearable Medical Devices
1. Product Pertinency
Wearable medical devices will become more targeted at certain diseases and patients, which will facilitate the collection and processing of data, promote the data-based doctor-patient communication, help patients to alleviate their pains and improve the work efficiency of doctors.
2. Cloud Data
With the fast development of mobile health platforms, wearable medical devices will be connected to cloud servers so that doctors can prescribe medication and offer medical device according to the cloud data shared by patients.
3. Interactive Experience
Interactive experience such as sports data collection, sports rankings and friends making greatly increases customer loyalty. The same is true for wearable medical devices. Wearable medical devices will focus more on patient-doctor communication and enhance interactive experience to give better play to their medical value.
4. Remote Diagnosis
As an important part of mobile health, wearable medical devices will quantify the value of medical diagnosis to bring data into full play and enable doctors to provide patients with preliminary treatment opinions through remote diagnosis. Overall, only by combining with remote diagnosis can wearable medical devices see faster development.
5. New Profit Model
With the rapid development of wearable medical devices, the manufacturers of wearable medical devices will gradually shift from making profits by selling products to making profits by providing diagnostic value, data value, medical value and service value, which will further drive the development of wearable medical devices.
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