Wearables Are Driving the Growth of the Health Big Data Industry
Date: May 6, 2015, 10:34 AM
With the rising popularity of smart wearable devices for fitness and health tracking, Eye for Pharma recently organized a major industry conference, bringing together global experts to explore the latest trends and innovations in the field. Health big data has emerged as one of the central topics at this year’s event, signaling a growing interest in leveraging data to improve healthcare outcomes.
Under the guidance of the Obama administration's Medicare Cost Control Policy, the U.S. FDA and insurance agencies are carefully balancing safety, effectiveness, and affordability of medicines. They aim to manage risks while ensuring that treatments deliver real therapeutic value and enhance patient care. In this context, health big data has become increasingly vital. Governments, medical associations, insurers, pharmaceutical companies, hospitals, and pharmacies are all showing strong interest in harnessing health data for better decision-making. According to Wikibon, the health data industry is expected to grow by 30% annually through 2017, with early-stage development marked by rapid growth despite a relatively small scale.
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 standardize and integrate U.S. medical data. The most advanced model currently in use involves collecting physiological data from wearable devices, uploading it to the cloud, analyzing it, and then providing doctors with insights to guide diagnosis or rehabilitation plans. This year, tech giants like Microsoft and Intel have also announced their entry into the wearable device market, further accelerating innovation.
Notably, during the 2015 Global Mobile Internet+ Conference held at the Beijing National Convention Center from April 28 to 29, industry experts highlighted that the wearable device market is heating up. It is predicted that by 2015, individuals will own between 1 to 5 wearable devices, driving massive demand. Domestic players in the wearable space are also showing great creativity, using their hardware platforms to enter the health big data sector.
Jiu An Medical, a global leader in smart home healthcare devices, is also making waves. As the first medical device company to partner with Apple, Jiu An has over 10,000 stores across North America. Its chairman, Liu Yi, revealed in an interview with the Securities Post that the company is in talks with hospitals and insurance providers worldwide, aiming to develop future collaborations in health big data. Jiu An is focusing on heart rate and respiratory monitoring, launching new products such as portable, 24-hour ambulatory blood pressure monitors, ECG devices, and nighttime oximeters.
The booming wearable market has attracted many electronics companies to pivot toward this promising sector. Fanda Technology, originally known for its small appliances and audio business, has steadily executed its hardware-channel-service strategy. It has successfully integrated with leading brands like Huawei, Lenovo, and Xiaomi, becoming a new player in the medical wearable space. After launching smartwatches and smart bracelets, the company has been actively acquiring and investing in smart hardware startups, expanding its presence in the industry.
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