Electronics.ca Publications, the electronics industry market research and knowledge network, announces the availability of a new report entitled “Wearable Electronics Systems Global Market Demand Analysis: Health Care Solutions.” Wearable solutions being developed today to support monitoring of biophysical conditions can address many of these emerging issues across a broad cross-section of user groups. In addition to elderly care, disease management and general health and wellness represent significant segments that can benefit from more continuous, remote and personal monitoring solutions.
The development of wearable monitoring solutions, such as those from companies like Body Media, Sensatex, Textronics and Vivometrics, will go a long way in addressing the need for more consistent and remote monitoring of individuals in a number of populations, including elderly care, chronic disease management, and others. These solutions are just beginning to transition from the development phase into commercialization in a number of populations, including elderly care, chronic disease management and others (however, regulatory approval remains a critical barrier for many).
It is estimated in the report that the market for wearable monitoring solutions for health care and fitness/well-being applications at $460 million in 2006, the majority of which is comprised of strap-based solutions for fitness applications. This market is expected to grow by over 16% annually to reach almost $1 billion by 2011. In comparison, the overall health care monitoring market is estimated at $9-10 billion and is forecast to grow by approximately 5-7% annually.
Regarding the competitive environment in the health care segment, the report reveals that critical to any successful venture will be the balancing of both consumer health and wellness applications as well longer-term clinical health care solutions. Also, the report provides a detailed analysis on why many wearable solution providers are marketing and selling directly to the consumer and avoiding – or at least postponing – clinical applications.
Here is a must-know fact: most wearable solution providers are small companies with limited resources and as a result are pressured to respond to near-term revenue opportunities.
The research report available at Electronics.ca Publications illustrates all these opportunities for successful business.