Wearables, which are smart devices like fitness trackers and smartwatches, have seen great demand recently with more affordable prices and more advanced features, besides greater looks that make more people want them as a replacement for traditional watches.
These devices, and especially fitness trackers that focus on health features have great potential for impacting the pharmaceutical industry.
The devices that monitor people’s health-related conditions in real-time can provide great applications for both patients and healthcare companies.
With them already tracking your exercises and giving you estimated information like calories you have burned, we are already beginning to see what wearable technology can bring to healthcare.
This is just a bit of what can be done with such devices. There are many other applications that are being used or tested and we don’t hear about.
High demand and a huge market
There is also undeniable demand from customers to buy wearable devices as research from Business Insider estimates that 80 percent of consumers would love to get a wearable device for fitness tracking. This demand can be utilized to spread the technology and try to get the most of it.
People want to use technology to take care of their health, and it is the turn of all healthcare and technology companies to offer more benefits.
Between 2018 and 2023, the wearable technology market is expected to grow from nearly 23 billion dollars to 54 billion dollars with a huge annual growth rate of 19 percent.
The pharma industry stepping in
Despite the fact that the pharma industry still represents a very small proportion of the wearable technology market, that is expected to change when integrated systems are developed.
Pharmaceutical companies have already proven they are into any digital solutions that could reduce costs and improve efficiency. Utilizing wearable technology can help achieve this with big amounts of data being used to optimize clinical trials and even bring more power to healthcare mobile applications.
This data can also help pharmaceutical companies in their research, with data being extracted directly from their patients and with their consent.
Personalized healthcare will also be at another level with the real-time data gathered from each patient, bringing many new ideas that can include warnings or useful information being sent at the right time, which would save many lives for critical conditions.