Wearables

Wearable computers, also known as body-borne computers or wearables are miniature electronic devices that are worn by the bearer under, with or on top of clothing.

As attention shines down on fitness trackers and smartwatches, one of the biggest opportunities for wearable devices remains shadowed in the corner – medical wearables.

Medical wearables present colossal opportunities, but they tend to frighten entrepreneurs and elicit polarising sentiments from investors.

When considering a medical wearable startup for investment, we must focus on what type of data the product collects and if it is an endpoint.

For these reasons a wearable company that accurately tracks primary endpoints commands power in the medical market.

Pharmaceutical, medical device companies and hospitals will pay wearable startups for that type of value.

Preventice provides an always-on, remote-monitoring wearable that measures arrhythmias outside of the hospital, as well as a dashboard that lets physicians and caregivers know when to reach out to help an individual with cardiovascular risks.

Wearable startups will need to integrate design and quality controls, hire a regulatory affairs employee or consultant and spend money on legal fees.

So how do you keep users engaged with their medical wearable? By creating a feedback loop that extends beyond medical benefits.

Passive data tracking, just-in-time nudges, and clean design are must-haves for medical wearables.

Chrono Therapeutics’ SmartStop is a wearable nicotine replacement patch to help smokers quit.

The time is now for wearable companies to build corporate partnerships into their business model.

Wearables enable them to collect “Real world evidence” as people go about their daily lives.

Research from Endeavor Partners found that one-third of consumers abandons their wearables after just a few months.

Focusing wearable device development on the consumer market means that wearables are totally failing the people who need them most – the old, the chronically ill and the poor.

Medical wearables are one of the rare and exciting areas where technology can have a marked, positive impact on people’s lives while also making big money at the same time.

(Credits to Eamon Kunze)

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