The World Health Organization estimates that between 2015-2050, the population of people 60 or older will double, from 12-22%. This population group is particularly susceptible to health related issues, falls, such as diabetes, blood pressure fluctuations, heart problems, and others. These factors are causing an increase in the demand for wearable medical devices.
The wearable medical devices include:
- Cardiac Monitors
- Emergency Alert Monitors
- Fitness Monitors
- Blood Pressure Monitors,
- Glucose Monitors
The increased demand for wearable medical technology is detailed in the Wearable Medical Devices - Market Insights, Competitive Landscape, and Market Forecast-2027 Report by Delveinsight. With increased demand from the aging population, chronic disease on the rise, and increased awareness of physical fitness and health, the global wearable medical device market is estimated to grow at a CAGR of 13.7 from 2022-2027.
Prominent companies mentioned in the report include Rockley Photonics (NYSE:RKLY), which teamed up with global healthcare technology leader Medtronic (NYSE:MDT) to deliver the biomarker sensing platform Bioptx. This partnership is a result of the general population shifting from a reactive to a proactive approach to healthcare.
Another major recent developmental activity in the wearable medical space was the acquisition of Preventice Solutions, a producer of several wearable cardiac sensors, by Boston Scientific (NYSE:BSX).
WEARABLE HEALTH SOLUTIONS INC. (OTC:WHSI)
The projected growth for the wearable medical device industry opens the door for exciting new companies to make their way to market. Wearable Health Solutions Inc (OTC: WHSI). looks to be a key player in the industry with its iHelp Max 4G device and platform.
The iHelp Max 4G is not only an emergency alarm for the user, but it is also able to communicate vital signs, including, but not limited to, blood pressure, oxygen levels, and temperature, in real time, via Bluetooth technology, to medical personnel. The iHelp Max 4G operates on a nationwide wireless network, making it one of the most reliable and advanced medical devices on the market today.
Though the pandemic and nationwide lockdowns in almost every country slowed the production of medical devices, the increase in vaccination rates, relaxing restrictions, and the resumption of the supply chain, the industry is poised to make a surge. Investors should look for the wearable medical device market to grow in the coming years.
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