2015 was a golden year for Wearable tech but nothing compared to the present. We are gearing for a record-breaking explosion. According to the latest research by IDTechEx, the regulatory bodies like FDA are fast-tracking pandemic-fighting tech and it will facilitate a surge of powerful, health focused devices. According to the report, wearables grew 19% year on year in 2019 and totalled 5,00,000 crore INR in sales, owing to the rise of wireless headphones and hearables.
“The other strongest growth came from device categories such as smartwatches and continuous glucose monitoring (CGM) devices, which grew by just under 29,000 crore INR and 9,400 crore INR respectively relative to 2018 values. “This represents the largest one-year growth rate since peak wearables hype in 2015 (a year which saw the commercial launches of leading devices such as the Apple Watch), which emphasises the growing strength in the sector and the continuing opportunity for new development and growth,” read the report. IDTechEx report believes that the pandemic will affect 2020’s growth, especially the growth of the “potentially” medical device. FDA does not easily certify medical devices, so brands like Samsung and Fitbit launch fitness features with disclaimers to not to rely on the results themselves but use the results to alert your doctor and thereby go by his diagnosis alone.
“Potentially medical” products are categories where sensing capabilities more traditionally associated with medical devices have been introduced in consumer products, which could potentially see some reclassification within the boundaries of medical products further into the future. “This is not likely to happen quickly, but this is a significant trend which should not be ignored.”