Medtech must consider medical wearables

medical-wearables-main-image-1024x367With 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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About Peter Coffaro 1136 Articles

A growth-driven and strategic executive, Peter Coffaro commands more than 20 years of progressive management success within the medical device industry. As a District Sales Manager for Stryker Orthopaedics, Peter was responsible for managing and directing a regional sales force to achieve sales and profit goals within the Rocky Mountain region. Previously, he was the Director of Sales & Marketing for Amp Orthopedics. In this role, Peter was responsible for planning, developing, and leading all sales and marketing initiatives. Peter is a former orthopedic distributor in the Pacific Northwest. He has also worked with DePuy Orthopaedics as well as Zimmer, and held positions in sales, sales training, and sales management. Peter has an extensive background in organizational development, business development, sales management, negotiating and P&L management. Peter holds a B.S. degree in Biology from Northern Illinois University.

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