With more than 75% of healthcare costs linked to chronic conditions, it’s easy to apprehend the upside potential of the medtech market. Wearables have typically been associated with consumer-focused fitness-promoting technologies (such as Fitbit or Jawbone), but there is substantial promise in the development and use of FDA-cleared, medical-grade wearables for use in clinical settings. These types of medical wearables allow for the better treatment of a patient and promote greater insights for the attending physician; moving away from consumer wearables to embrace clinical FDA wearables is a particularly profitable (and less capricious) shift in the medtech approach. Analysts forecast that the medical technology market will balloon to more than $50 billion over the next 3-5 years. This is largely due to the demand for technology that allows for continuous monitoring, preventative health insights and personalized treatment based on the individual’s physiology, medical history and lifestyle. For medtech companies capitalizing on the trends in medical technology, innovation is the key to success and marketplace viability. Developing a meaningful medtech wearable solution will not only allow patients to enjoy a better quality of life, but also ensure the competitiveness of your business.
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