Further, there is a growth in connected wearable devices, from 326 million devices in 2016 to 595 million devices in 2018, according to the Cisco Systems, which holds a great deal of promise, specifically in healthcare applications.
Today many types of wearable biosensors have been developed which have been proving worth in the field of medical science, military, etc.
The transition from basic to smart wearables opens up a slew of opportunities for vendors, app developers, and accessory makers, for instance, Android Wear, Tizen, and WatchOS are moving ahead with a more advanced and improved version of user interfaces, user experiences, and applications, which in return will raise the expectations of what a smart wearable can do, and each platform is vying for best-in-class status.
The current market is dominated by large consumer health wearable companies, such as Fitbit, Apple Watch, Samsung Galaxy Gear S, Misfit, Xiaomi, and several others. There is substantial competition in the market, among the major players. One example is the case of Microsoft, a pioneer in wearable space that has recently reported that it will discontinue its Band fitness tracker.
The emergence of nanotechnology-based biosensors, widespread adoption of home blood glucose monitoring solutions, development in miniaturization & microfabrication technologies, increasing use of biosensors to observe aldohexose levels in people with the polygenic disease, increased demand for home-based PoC devices are the major growth drivers of wearable biosensors market.
How Could Europe Wearable Biosensors Market address COVID-19 concern?
As the world navigates the coronavirus outbreak, a few key technologically advanced tools are front and center in the fight to contain COVID-19. Digital tools like telehealth, consumer-facing AI-based chatbots, and remote patient monitoring could play a key role in assisting with containing the virus and helping people who think they might have been exposed. Some experts warn that these tools are not a total solution, but they could be helpful as one part of a large, comprehensive, and integrated plan.
AI-based algorithms could be extremely helpful in providing information about patients who have already been diagnosed with COVID-19 or who are suspected of being infected. Monitoring these patients remotely with clinical-grade sensors and collecting data on numerous physiological markers could improve clinical decision-making for healthcare providers. And the process can also help them learn more about the disease so they can better treat it moving forward.
Impact of Wearable Biosensors in Europe on COVID-19 Outbreak
Medical sensors boost response to Italy’s COVID-19 crisis. An ERDF-funded project is helping to tackle the COVID-19 crisis in Italy. New sensors created by the project allow healthcare staff to monitor patients suffering from the disease at a distance.
The biosensors, created by the MEDIWARN project, can monitor a patient’s vital signs such as heartbeat, respiratory rate, blood pressure, and body temperature. It is difficult and dangerous for medical and nursing staff to monitor COVID-19 patients in person. Patients infected and symptomatic need to be isolated in rooms with negative pressure. The new sensors allow staff to more easily monitor such patients from another room.
Ten sensors are being used within the Infectious Diseases Operating Unit of the San Marco hospital in Catania, Sicily. Two more sensors are used in other operating units to monitor hospitalized patients suffering from other conditions.
Ten more of these sensors have already been purchased for the Mater Dei hospital in Malta and one for the University of Catania in order to carry out laboratory tests.
MEDIWARN is financed by the cross-border cooperation program INTERREG V–A Italy Malta 2014-2020.
Europe Wearable Biosensors Market Landscape
The Europe wearable biosensors market is expected to exceed more than USD 9.56 billion by 2025 at a CAGR of 8.25% in the given forecast period. Health & wellness monitoring dominated the market and accounted for the market share of 21.2% in 2017. Monitoring and timely intervention are extremely important in the continuous management of health and wellness among all segments of the population. Home diagnostics is the major end-user segment and accounted for the highest market share of 30.2% in 2017 in the Europe wearable biosensors market. In Europe, Apple took a larger share than any other manufacturer, reaching 36 percent of all wearable devices in the second quarter of 2019. Germany accounted for over 20% of European biosensor's revenue size in 2018 owing to high adoption rate of advanced technology across the nation.
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