Wearables, Diagnostics, and Machine Learning
Imagine knowing you’ll have Alzheimer’s disease, heart disease, or Type II Diabetes before experiencing symptoms that would even give you an inkling to see a doctor. In an age of wearable devices collecting data, along with advancements in diagnostic sensors paired with machine learning capabilities to correlate data, these industries are increasing the speed of putting early disease detection into people’s own hands…or on wrists, in shoes, in jewelry, etc.
Symbient and the In Vitro Diagnostics Market
The in vitro diagnostics market has been the largest and fastest growing within Symbient’s focus. Symbient is a product development firm specializing in disposable medical products. This diagnostics market makes up 70% of our revenue and “the global in-vitro diagnostics market [that] was valued at USD 61.22 Billion in 2018 is predicted to reach USD 87.11 Billion by 2026, exhibiting a CAGR of 4.5%.”1 In the not-so-distant past having the DNA genome sequenced as well as a trend toward more personalized healthcare and an increasing prevalence of infectious diseases have led this market to be booming in 2019. We’re in an era of time in healthcare where people want more answers, more information and with the trend of machine learning, it’s only going to keep soaring while more and more correlations prove to be causations.
The Future: Diagnostic Wearables
This is an exciting time to watch healthcare shift to a deeper understanding of root causes as well as continue to be placed into people’s own hands. And by that, I’d say the trend I’d like to see continue to align into 2020 and beyond is the integration of more sophisticated diagnostics into wearables product development. The wearable market is projected to continue an accelerated growth. “The global market for wearable medical devices should grow from $8.9 billion in 2018 to $29.9 billion by 2023 at a compound annual growth rate (CAGR) of 27.5% for the period of 2018-2023.”2 However, the majority of that market to date has been made up of me-too wrist-worn devices that track basic vitals and performance information. I’m looking forward with the hope that more devices such as Eccrine Systems’ Sweatronics that “will enable prescribers to optimize pharmacotherapy — helping to solve a $500B/year problem for U.S. healthcare” continue to hit the market.3 Further integrating hot trends in the diagnostic and wearables markets along with gaining insights through machine learning will revolutionize healthcare.