This post is also available in: English
This post is also available in: English
With the development of smart wearable devices, more and more patients can monitor and manage their health conditions and intervene in possible health problems at an early stage by wearing such products. A survey in China showed that more than 60% of people aged 55 and above wear wearable devices every day[1]. This means that smart wearable devices may play an important role in the elderly care industry.
Smart Wearable Devices 101
Smart wearable devices are products designed to measure a person’s biometric data (such as vital signs, physical activity or other physiological measurements), the device usually contains sensors, and is worn by the user[2]. In addition to monitoring basic data such as heart rate and step count, smart wearable devices have gradually developed to measure blood oxygen, blood pressure, blood sugar, etc., which can be used for patients.
The most common smart wearable device application is smart watches, however wearable devices are no longer limited to watches, glasses, etc., but have begun to develop into wearable professional medical testing equipment. Smart patches, for example, can be attached to a person’s skin to help monitor health data and deliver medication. Due to an ageing population and a shortage of medical staff worldwide, smart wearable devices have begun to be widely used in daily medical practice, and remote disease management to reduce the work pressure of medical staff. Especially during the COVID-19 period, a lot of people in China purchased watches with blood oxygen saturation detection functions, and smart devices such as watches are widely used among elderly people in China.
Why is this interesting for Denmark?
In the early stages of product development at a more general level, there are many challenges. For example, medical staff prefer to trust the data from professional medical testing equipment, and are still cautious about data from smart wearable devices, which means that these data do not help doctors make clinical diagnoses in a more sufficient matter. In addition, the data accuracy of some devices will be affected by factors such as the patient’s wearing style and living habits, which will give rise to a new wave of innovation in this area.
China’s wearable device market has huge differences in distribution demand. For example, the incidence of diabetes is significantly higher in the north than in the south (19.9% vs 6.2%). This could mean that wearable device companies can have many business opportunities by just focusing on niche areas and specific regions in China.
The Chinese market and number of consumers are astounding. As of 2023, there are 216 million people aged 65 and above, accounting for 15.4% of the whole population[3]. The challenge of an aging population brings opportunities for Danish innovative solutions. For example, Novo Nordisk has released China’s first smart insulin pen that can connect and transmit data in 2023. It can automatically record the patient’s insulin injection dose and injection time, and upload it to the mobile phone through NFC technology “Post-One-Tie”[4].
Secondly, Danish companies can find industry partners in China, including original equipment manufacturers or distributors. China’s low labor costs and mature manufacturing industry can effectively help Danish companies produce in China, and distribute to the global market.
Thirdly, Danish innovative products can be tailored and distributed in the Chinese market. Wearable devices related to medical and health care may require the participation of a large number of patients to obtain sufficient data to complete design and improvements.
How far are we?
Within smart wearable devices, we have seen considerable support from several angles, which collectively constitutes a solid basis for rapid technological development and innovation.
From a policy perspective, in January 2024, The General Office of the State Council issued the “Opinions on Developing the Silver Economy to Improve the Wellbeing of the Elderly”[5]. In this policy, it was clearly proposed to develop smart wearable products for health management, elderly care, and psychological comfort, and encourage the use of virtual reality and other innovative technologies to develop these products. At the same time, the Ministry of Industry and Information Technology of China has launched the “Special Action for Aging-Adaptive and Barrier-Free Transformation of Internet Applications” from January 2021 in order to ensure adaptation and readiness to use the device for the older generation.
From the perspective of investments, we see a growing increase in corporate investment, meaning larger medical corporates that invest in start-ups. For example, Johnson & Johnson have conducted a study on the impact of wearable devices on the early identification of atrial fibrillation to improve diagnosis and treatment[6]; Novartis has invested in a research project focused on the development of target Cala Health[7], a medical device company making neurostimulation wearable devices to treat essential tremor (ET) in adults
From the entrepreneurial perspective we are seeing a growing number of start-ups within the space, such as Rokoko and SENS Motion. However, those companies are still relatively new in Chinese market and their product manufacturing costs are very high, and cannot be afforded by patients within China’s public medical system. In addition, many products require patients to use them in a standardized way and maintain compliance. However, many elderly patients have problems using the products after leaving the hospital, which affects the accuracy of the data and has very limited value for doctors.
From the corporate perspective, as mentioned earlier, mobile phone and watch companies such as Apple, Samsung and Huawei are constantly adding monitoring functions. For example, Huawei has collaborated with hospitals in Beijing for five years on research, using Huawei watches to measure patient-related data and screen for atrial fibrillation, creating the possibility of moving forward with diagnosis and treatment of atrial fibrillation[8]. Another example is the company Yuwell that produces medical products focusing on user friendly design, voice assistance and other features to assist elder users.
From the academic perspective, we have long seen an interest from Chinese researchers. The focus on wearable devices in the academic field is gradually increasing. From the perspective of application scenarios, the research direction focus on diabetes and arrhythmia.
Let’s connect
At ICDK Shanghai, we offer our services to both corporates, SME’s and academic partners looking to dive further into the area of green mobility and health tech such as Smart Wearable Devices. Please reach out to Yubo Guo from ICDK Shanghai on yubguo@um.dk for any inquiries.
Sources
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