Due to the global Covid-19 pandemic, the medical device industry is rapidly adopting and integrating telehealth technologies. In order to monitor the spread of the disease and to better understand the virus, numerous medical companies are developing and integrating artificial intelligence (AI), machine learning (ML) and wearable technology into traditional healthcare. But while AI and ML seem to be finding suitable niches within the medical industry, according to the latest survey, wearable devices might not be suitable for usage.
In 2019, the wearable tech market was worth nearly $27bn. According to GlobalData forecasts, this is likely to grow to $64bn by 2024, growing at a compound annual growth rate (CAGR) of 19%. Although the wearable device market is increasing every year, medical professionals question its functionality and usefulness in the medical industry.
Wearable devices are designed to better suit consumers, and while they do gather consumer data, physicians are sceptical of such information. In order to better suit the needs of medical professionals and stay relevant in the medical industry market, companies producing wearable devices need to design and publish studies that document the accuracy of data from such devices across various populations.
Despite the scrutiny over the usage of wearable devices in the medical industry, some applications currently in development are promising, such as one that evaluates patients’ mental health by tracking their keystrokes. While there are opportunities for these devices in the medical industry, it is clear that their functionality has to be re-evaluated in order to make them more accessible to patients and reliably useful for doctors.