Medical Devices Wearable Tech Report
Discover the latest trends and developments in the world of wearable medical devices
A Look Inside: Medical Devices Wearable Tech Report
Since 2016, patent applications related to wearable devices have steadily increased. However, the industry is still in its infancy, which means investors and innovators need to stay on top of jurisdictional laws related to patentability
In our wearable medical devices tech report, we explore:
- The industry’s historical framework and current business challenges.
- Trends shaping the future of wearable medical devices.
- How mergers and acquisitions can decrease costs and maximize impact and efficiency.
The report contains sections that can act as standalone mini-reports or be consumed in its entirety for a holistic, full-view look at the industry.
Key insights
In 2019, there were more than 722 million wearable devices. By the end of 2022, that number is expected to meet or exceed 1 billion.
In the U.S., 30% of adults use wearable devices to track their health and well-being. This industry was recently valuated at approximately $115.8 billion USD in 2021 and is expected to soar to a valuation of $380.5 billion USD by 2028.
Patent applications relating to wearable devices have been on the rise since 2016.
The industry is still a growing one with kinks to work out, but the upside of this is canny innovators can use existing loopholes to their advantage and gain an edge over competitors. Companies can overcome hurdles by reformulating their patent specifications and connecting them to specific medical uses, as opposed to targeting treatment methods.