Proving the Business Case for the Internet of Things

Explosive growth expected in market for health and wellness wearables: Frost & Sullivan

Iain Morris
September 3, 2014
 
Wearable technology has already gained considerable traction in the health and wellness industry, according to new research from Frost & Sullivan, and growing momentum in the use of sensor-enabled wearable devices promises more design opportunities in the future.

Although the market for “quantified-self technologies” is currently in the embryonic stage, explosive growth is expected in coming years as companies complete crowd-sourcing activities for funding, says the market-research company.

“The miniaturization trend has quickened development of improved and innovative wearable devices such as smart watches and smart glasses that monitor athletic performance and health,” said Sumit Kumar Pal, a senior research analyst with Frost & Sullivan. “Quantified-self facilitates the tracking of diet, sleep, heart rate, activity, exercise and moods and allows individuals to gain better insights on physiological parameters that were never examined earlier.”

Nevertheless, key challenges in this area include acquiring accurate data and ensuring seamless interoperability, says Frost & Sullivan, while data sharing among health services and pharmaceuticals companies continues to raise privacy concerns.

Healthcare companies will have to ensure that data collected from clients is not shared with direct consent, it argues.

Critical factors in the success of these products will include “user-perceived benefits” and affordability.

Wearable device developers will also have to make sure their products can support data exchange through collaboration with technology companies.

“Stakeholders are exploring other ecosystems with which quantified-self can be integrated,” said Pal. “Technological advancements in energy harvesting for mobile and wearable devices as well as in social networking dynamics will push the quantified-self industry into the next stage.”
 
 
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