Briefing NotesCES 2022
#1: Market Trends for Digital Healthcare and Wearables
Over 100 health companies are attending CES this year, reflecting the burgeoning demand for monitoring solutions for healthcare and well-being.
This CES healthcare briefing note, the first of three brought to you by Rockley Photonics, identifies the key market trends in healthcare and well-being. Tomorrow’s briefing note will provide insights into the breakthrough technology powering the revolution in healthcare wearables.
Blurred lines between consumer and medical devices can cut time-to-market for wearables manufacturers
- Demand for easy-to-use health monitoring is increasing, from all sides.
- Gartner forecasts an 81% increase in worldwide end-user spending on wearable devices, reaching $81.5 billion in 2021. The rise in remote work and an amplified interest in health monitoring during the COVID pandemic are significant factors driving market growth.
- Healthcare delivery is moving away from hospitals to people’s homes wherever possible. This is driving demand for remote patient monitoring, remote management, and preventive healthcare – including early diagnosis of disease.
- Patients are also consumers, ultimately, and the health monitoring needs of both groups are becoming increasingly similar, leading to a blurring of the lines between consumer and medical devices.
- Manufacturers targeting consumer markets are:
- accelerating efforts to add new sensing capabilities to wearable products
- focused on delivering excellent user experience
- developing insights from perfunctory and habitual datapoints to provide a more complete picture of an individual
- Medical equipment manufacturers are focused on expanding their product portfolios to offer “outside-the-lab” solutions.
- This blurring of boundaries, or convergence, is creating new opportunities for manufacturers, allowing them to bring products to market faster while simultaneously exploring future FDA approval for specific therapeutic applications and intended use claims.
- Recent governmental legislation (e.g., Cures Act, 2019) has removed regulatory barriers for products intended for consumer general health and wellness.
- By focusing on general wellness (rather than diagnosis or treatment), manufacturers can legitimately forego FDA approval at the time of product launch and bring products to market faster.
“Thanks to innovation in wearable sensing technologies, AI, and cloud analytics, Rockley can bring laboratory diagnostics to the wrist, transforming patient monitoring, healthcare delivery, and overall consumer health and well-being. Capabilities that would once have been limited to expensive, benchtop medical devices will now be available to consumers remotely and more cost effectively; revolutionizing their ability to track, monitor and better understand their day-to-day health and wellness.”
Dr. Andrew Rickman
CEO and chairman, Rockley Photonics
About Rockley Photonics and Healthcare
Rockley Photonics is a pioneer in silicon photonics and has developed the underlying photonics technology that is driving new sensing capabilities in the health and wellness monitoring space.
Rockley has contracted with 12 global consumer electronics companies, including six of the top-ten players in the wearables market, representing more than 60% market share. Additionally, Rockley is working with five medical device companies, including two of the top-ten players operating in the medical equipment market.
For more information, download our white paper Real-Time, Non-Invasive Biomarker Sensing on the Wrist.