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Wearable devices have often been dismissed by healthcare professionals as a consumer tool with 'fancy' features. With several consumer wearable devices now having regulatory clearances for detecting conditions like atrial fibrillation and other cardiac conditions, their role in the healthcare landscape is becoming prominent. COVID-19 induced lockdowns, quarantines, and the need to avoid healthcare facilities for fear of contracting the virus has brought wearable devices to the forefront for monitoring patients’ vital signs remotely.

Effectively, consumer wearables are carving a niche in the healthcare domain by enabling disease prevention and early detection, post-acute care monitoring, as well as chronic disease monitoring and management. The sector is therefore likely to blur out the distinction between consumer-grade and medical-grade wearables, since both may have regulatory clearances for various applications. This also means that the consumer wearable device makers must adapt to the nuances of the healthcare industry and design business models that fit the needs of the industry. As is already clear, the data emanating from these devices is of significant value. However, monetizing this data is no easy feat. Several models have already emerged that support healthcare industry stakeholders in their quest to help populations stay healthier, live longer, and recover quickly from their ailments.