Wearables are Set to Revolutionize the Health Big Data Industry
Date: May 6, 2015, 10:34 AM
With the rising popularity of smart wearable devices in sports and health monitoring, Eye for Pharma recently organized a major industry conference, bringing together global experts to explore the latest trends and future directions of the sector. Health big data has become one of the central topics of this year’s event.
Under the guidance of the Obama administration’s Medicare Control Policy, the U.S. FDA and insurance agencies are carefully working to ensure that medications are both safe and effective while keeping costs affordable. They aim to manage risks associated with adverse reactions, deliver therapeutic value, enhance medical outcomes, and even pay based on results. In this context, health big data has emerged as a critical solution, gaining increasing attention from governments, associations, insurers, pharmaceutical companies, hospitals, and pharmacies. According to research firm Wikibon, the health data industry is expected to grow at a 30% annual rate by 2017. The sector is still in its early development stage, characterized by small scale but rapid expansion.
Health big data has now become a national priority in the United States. It was reported that President Obama allocated $7 billion over four years to unify medical data across the country. The most advanced model currently is the collection of human physiological data through wearable hardware, which is automatically uploaded to the cloud, analyzed, and then sent to doctors for diagnosis or rehabilitation recommendations. This year, tech giants like Microsoft and Intel have also announced their entry into the wearable device market.
Notably, from April 28 to 29, the 2015 Global Mobile Internet+ Conference took place at the Beijing National Convention Center. Experts at the event noted that the wearable device market is becoming increasingly hot, with predictions that everyone will own 1 to 5 wearable devices in the near future. Market demand has surged. Domestic wearable device companies are showing more proactive strategies, using their hardware platforms to enter the health big data industry.
As a global leader in smart home healthcare devices, Jiu An Medical has also formed a strategic alliance with Apple, making it the first medical device company to partner with the tech giant. With over 10,000 stores in North America, Jiu An’s chairman Liu Yi revealed to the Securities Post that the company is in discussions with hospitals and insurance providers worldwide, aiming to develop future collaborations in health big data. The company is focusing on heart rate and respiratory monitoring, launching new products such as portable, 2-hour ambulatory blood pressure monitors, ECG devices, and nighttime oximeters.
The booming wearable market has attracted many electronics companies to shift their focus toward this promising sector. Fanda Technology, originally known for small appliances and audio products, has steadily implemented its hardware-channel-service strategy. It has successfully embedded itself into the supply chains of major consumer electronics brands like Huawei, Lenovo, and Xiaomi, becoming a new player in the medical wearable field. After launching smartwatches and smart bracelets, the company has been actively acquiring and investing in three smart hardware startups.
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