Your average smartphone now has more processing power than the supercomputers used by NASA circa 1969 when it sent three astronauts to the moon. It is no surprise therefore that in recent years there has been surge of startups specifically developing peripheral devices to monitor details of one's physical condition.
The rise of wearable devices can be attributed to a much larger societal disposition towards the Internet of Things (IoT). Although the IoT, as a concept, has been around for many years, it's only recently started to gain traction. A maturing ecosystem of mobile operating systems such as Android and iOS, as well as an improving cloud computing infrastructure and the widespread availability of cheap wireless sensors means that OEMs in the consumer electronics sector have glimpsed the profitability of the medical technology sector and they want a piece of the pie.
The benefits of wearable and portable medical devices are clear. Wearable equipment makes patient data readily accessible and may reduce the number of times we need to visit a doctor and, in doing so alleviate the burden on our healthcare system. As well as this, it is becoming cheaper to produce wearable medical devices that fulfill the function traditionally limited to large and expensive medical devices in hospitals.
However, while wearable devices may have revolutionized the consumer electronics market, it doesn’t fit too well on the wrist of healthcare. Many industry experts are raising eyebrows at what they believe to be an incompatibility between the two sectors.
It’s hard to argue the difference between the two sectors. In the age of globalization, consumer technology companies often go head-to-head in a price-based race to the bottom. While they may make higher returns financially, the product itself suffers from a greatly reduced product development life cycle (PDLC).
A typical consumer PDLC is 12 months. It can stretch to 24 months, or be as short as six. Compare this