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Increasing demand for remote patient monitoring technologies is driving the adoption of wearables. Moreover, the COVID-19 pandemic and severe shortages of health resources have fueled the demand for home-based care solutions and remote monitoring solutions. Medical grade wearable devices have found an important application for continuous remote monitoring of patients, thereby increasing its adoption. Moreover, many wearable devices are introduced for hospital usage which provide advantages such as patient mobility, continuous monitoring, and early detection of patient deterioration. To cater the growing demand for medical grade wearables, many consumer grade wearable device vendors such as Apple, Fitbit and Samsung have entered the medical wearables market by gaining regulatory clearances for various features such as ECG. Thus, the wearables market is witnessing a convergence between the medical and consumer grade wearable device providers. This in turn is creating rapid technological advancements and new opportunities in this market.