Wearable devices is a term used for electronic devices that can be worn on the body, either as an accessory like a watch or a pair of glasses or as part of the material used in clothing such as sportswear that measures biometrics. The recent integration of wearable technology with big data, artificial intelligence (AI), and cloud computing, combined with the falling price of sensors, has seen an explosion of products available in the market, such as smart watches, fitness trackers, eyewear, hearables, body devices and skin patches.
These products have helped the healthcare sector by providing valuable insights to monitor, prevent, diagnose, and treat their user. The market’s size is predicted to expand to GBP64 billion by 2024, more than doubling in just five years. As a result, there are many significant healthcare market players from traditional tech, medtech, pharma and biotech, medical and start-ups who are bringing new products to the market and taking a piece of the market share.
Our HealthTech practice, advises clients on navigating the legal issues of taking a new wearable device to the market. This lifecycle is designed to provide you with some of the high-level issues you should be aware of at each stage of a wearable product’s lifecycle.
This diagram is to be used as a guide only and not in place of legal advice. For further information, please get in touch.