The global healthcare system is facing a severe crisis with the demands of a growing and aging population burdened by chronic diseases. The life sciences industry in turn faces high market pressure to improve R&D productivity and demonstrate real value for patients.
Going hand-in-hand are rapid technology advancements specifically in the area of biosensors, Internet of Things and mHealth that promise to help address some of these challenges.
The growing acceptance of medical-grade wearables such as Embrace and SensoSCAN illustrates the potential that smart health wearables have to offer. Applications range from understanding patient behavior, treatment decision aid, remote monitoring and early warning signals detection, real-world data capture and digital biomarker identification.
However, current growth estimates for the smart wearable healthcare market swing from modest $7.9 billion to highly optimistic $41 billion in 2020. Existing barriers to digital health adoption such data quality, long term financial incentives and compliance with regulatory guidelines most likely impact sales forecasts.
To ensure a seamless transition from mainstream consumer to medical-grade wearables, several challenges still need to be addressed – be it attitudinal, legal, regulatory, technical or financial.
In order to better understand the current health wearables market and future direction, SAP commissioned a Pharmaphorum-led stakeholder survey of life sciences, healthcare and technology professionals.
For further details and expert views on key questions such as: What is the value proposition for healthcare stakeholders? Who will drive adoption and who should pay for it? How is the life sciences industry taking wearables to the next level? Please download the two-part white paper series – The hype and the hope: The journey from consumer to medical-grade wearables and Health wearables: Turning hype into value-added services.
You can also on-demand view the health wearables webinar with Biopharma industry experts – Roberto Slepetys (Boehringer Ingelheim) and Dr. Martin Pöhlchen (BIO Deutschland).