There are many issues to consider when talking about wearables in the medical device sector – from technology advancements to the risks a company can face – so those entering the arena need to be prepared and protected on all fronts. Patty Nichols, second vice president of Medical Technology Underwriting at Travelers sat down with Today’s Medical Developments magazine to help explain the nuances in this fast-growing market.
Today’s Medical Developments (TMD): What is the growth potential of wearables?
Patty Nichols (PN): The growth potential of wearables in the medical and health care industry is extraordinary. Specifically, some of the biggest quality-of-life improvements from healthcare wearables include the promise of detection, prevention, and treatment of chronic disease, as well as the ability to reduce healthcare costs.
In fact, Swiss research firm Soreon expects the wearables market to top $40 billion by 2020 in the healthcare industry alone. The ability of wearables to improve quality of life and reduce the cost of care are key factors that will drive growth in the healthcare and medical sector. As a result, an increasing number of technology companies are aggressively pursuing the wearables opportunity in this sector, as are many emerging startups.