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Wearables in healthcare: Is this an opportunity for pharma companies?

Wearables in healthcare: Is this an opportunity for pharma companies?

Wearables as technology are at a fast expansion. To a point that can bring a variety of benefits for pharma companies. These gadgets are gaining advanced features and they are turning into a useful tracker of a patient’s health. Continue reading and discover the benefits that pharma companies will have through these tech advances.

Wearables in Healthcare

What’s so attractive about wearable tech?

These technologies extend to more than smartwatches. Did you know that there are virtual reality glasses that can help identify concussions in athletes? It’s true: wearables are in expansion in the global market. And pharma companies are aware of this.

Becoming a mainstream purchase for many, wearable devices allow the user to track their conditions. Whether we’re talking of devices or apps, they are valuable allies to track data on health. No doubt that users are in growing control over their wellness.

It’s expected that from five to ten years, wearables in healthcare will be more disease-specific. It will be thanks to their growing therapeutic and diagnostic capabilities. The growing hypothesis of a preventive model of healthcare seems more palpable than ever thanks to these evolving technological elements. 

Don’t see the growth in this possibility? In 2019, the wearable technology market size had an estimated USD 32.63 billion. Now it’s expected to increase by 15.9% from 2020 to 2027, according to Grand View Research.

Wearable tech: what can a user track with them?

There are a variety of uses for wearable technology today. The rising concerns about problems such as obesity and chronic diseases just influenced, even more, the use of these accessories

Wearables in healthcare help to track a variety of elements of a patient’s health. Some examples include:

  • Blood pressure;
  • Heartbeat monitoring;
  • Oxygen levels;
  • Quantity and quality of sleep;
  • Calorie intake;
  • Cholesterol levels;
  • Weight register;
  • Stress and mood; 
  • Gait/Stability.

It’s no surprise that wearable technology is now more sought after than ever. There’s an increasing number of users who want to have control over their health stats. For a time, many believed that COVID-19 would leave a bad mark on this market. Yet the last two years have proven that belief to be wrong.

Can there be some requirements for tracking health?

Of course, the growing popularity of wearables is also constrained by what these tech items do and how they do it. Some of the most important features that determine some of the most important features of wearables are:

  • Their restrictions. We meant the presence of hands-free technology that can allow users to perform a variety of activities at the same time. The fewer restrictions they present from a user experience point of view, the better.
  • Level of control. This feature has to do with the capacity for control from the user. If the user can control the gadget at all times, it becomes a pleasing experience. After all, modern users/patients are willing to feel a sense of control over their own health. 
  • Interaction with the user. These technological elements become more effective with the element of interaction present. Allowing the user to receive alerts, reminders, or messages to keep on track with important details.
  • Communication possibilities. Referring to the ability to exchange information through a variety of options such as wireless networks or Bluetooth. This provides the user with a greater feeling of flexibility that ensures the aforementioned sense of control.
  • Multitasking. The more actions a user can do at the same time, the better. Especially if there is minimal attention necessary for these activities.
From fitness to health trackers

There is a lot of potentials to explore regarding wearable technology. The “first generation” of these gadgets were mainly used for sport, heart rate, and pedometers. Professional athletes and fitness enthusiasts were the target audience for these products. However, the focus of these gadgets now goes beyond exercise habits.

Nowadays wearable devices have evolved into something far more sophisticated. Many people are looking at these elements as lifestyle aids.

Due to an increased concern for health, users will be more willing to share their health data with these wearables. Though the matter of privacy might come into play even in this field. The truth is that if users willingly share their data on their stats, this can be helpful for a variety of organizations in healthcare.

What will this mean for pharma?

Eventually, wearable technologies will become more disease-specific. With technological capabilities for therapeutics and diagnostics, lowering costs and increasing efficiency. The growing worth of this tech market year after year also presents some enthusiastic perspectives for this sector.

Today pharma makes up a small proportion of this evolving technology. However, the growing digitalization of the sector may have positive outcomes. In turn, this will lead to a fully integrated system in this sector. 

So what’s the catch with wearables for pharma?

Pharma companies are at a stage in which they are exploring digital solutions in more than one sense. One of their main goals is to reduce costs and improve trial design and efficiency. 

One of the main advantages that pharma companies can have with the increasing usage of wearable technology is for clinical research. The remote monitoring of patients in trials is increasing, in part thanks to the pandemic’s impact on healthcare. Hence why these gadgets will come in handy, especially to collect real-time and real-world data from the participants.

Aside from this detail, there’s also the fact that this can be an ally in another sense for pharma. Especially regarding the promotion of the consumer’s health and preventative medicine. In other words, pharmaceutical companies will be able to identify trends in health, as well as register some reactions to patients regarding a certain drug or treatment.

By being aware of the public’s reaction to its products, many pharma companies will have help in research. Not to mention the potential fact that they can use the medical data to also provide them with the potential to speed up their drug development processes.

Without a doubt, technology will bring in a variety of new opportunities for pharma to grab and explore. Wearable technology is a part of the digital transformation felt in healthcare in our present era.

Did you like our article about wearables in healthcare? Want to further help patients to a healthier lifestyle? RedNovius has a 90-second solution that can help users improve their lives: PatientVisual

Through a short video, you can not only engage with caregivers and patients but also educate them regarding certain medical topics of interest to them.

Book your call today and discover how we can help you.