The wearable medical device industry is revolutionizing healthcare by combining technology, innovation, and accessibility. These devices have the potential to enhance patient monitoring, improve treatment outcomes, and empower individuals to take control of their health. In this blog post, we will explore the Environmental, Social, and Governance (ESG) aspects of the wearable medical device industry and how it is advancing healthcare while upholding sustainable and responsible practices.
Environmental Impact:
The industry is increasingly focused on using sustainable and eco-friendly materials in the production of wearable medical devices. Companies are exploring options like biodegradable plastics, recycled materials, and low-impact manufacturing processes to minimize their environmental footprint. Wearable devices are designed to be energy-efficient, prolonging battery life and reducing the need for frequent replacements. By optimizing power consumption and utilizing rechargeable batteries, the industry promotes energy conservation and reduces electronic waste.
Social Responsibility:
Wearable medical device companies prioritize patient well-being by developing devices that are comfortable, non-invasive, and user-friendly. These devices empower individuals to actively participate in their healthcare, promoting patient engagement and improved health outcomes. The industry is working towards ensuring that wearable medical devices are accessible and affordable to a wide range of users. This inclusivity allows individuals from different socioeconomic backgrounds to benefit from these technologies, reducing healthcare disparities.
Governance and Ethical Practices:
Wearable medical device companies place a strong emphasis on protecting patient data. They implement robust privacy measures, secure data storage, and adhere to relevant regulations to safeguard sensitive information. ESG-conscious companies in the industry adhere to strict regulatory standards and demonstrate compliance with applicable laws and regulations. They prioritize patient safety, transparency, and ethical practices in their manufacturing, marketing, and distribution processes.
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ESG Trends
- Wearable medical devices are appealing to investors due to their social and environmental benefits
- Companies in the industry promote digital well-being, promoting diversity, inclusion, and good health to every demographic group
- Top companies and start-ups in the space are improving home healthcare by engaging people in online mentoring and training programs
- Wristbands help in assessing body mass index through real-time tracking of activities and promoting continuous monitoring of chronic diseases and fertility cycles
- The sector delivers far-reaching advantages in achieving UN SDGs such as Good Health and Well-being and Gender Equality.
ESG Challenges
- High cost of maintenance for wearable medical devices is a major challenge for companies in the industry
- Expansion of distribution channels is critical for industry growth due to demand for self-monitoring and assessing devices
- Investors are focusing on investment opportunities to create digital frameworks to promote good health and well-being
- Major wearable medical device companies have strategies to advance access to digital ownership and economical access to internet support.
Growth of Wearable Medical Device Market
In 2021, the global wearable medical device market size was valued at USD 21.3 billion and is expected to expand at a compound annual growth rate (CAGR) of 28.1% from 2022 to 2030. In 2020, North America recorded a major revenue share of 38.1% within this region, corresponding to the expansion in the popularity of cardiovascular disorders, cancer, and diabetes.
For the Asia Pacific region, the market is looking forward to observing the exponential increase over the speculated period with the major factors in this region being the affirmative government strategies for the utilization of wearable medical devices, rise in the geriatric population group, and enhanced healthcare expenses.
Key Companies in this theme
- Philips Electronics
- Fitbit
- Basis Science
- Garmin
- Covidie
The wearable medical device industry is at the forefront of healthcare innovation, leveraging technology to improve patient monitoring and empower individuals to actively manage their health. By embracing ESG principles, this industry demonstrates a commitment to sustainability, social responsibility, and ethical governance. As consumers, healthcare providers, and investors, we can support this journey by advocating for sustainable and accessible healthcare solutions, demanding data privacy and security, and choosing wearable medical devices that align with our ESG values. Together, we can drive positive change and shape a healthier and more sustainable future for healthcare.
Browse more ESG Thematic Reports from the Healthcare Sector, published by Astra - ESG Solutions
About Astra – ESG Solutions By Grand View Research
Astra is the Environmental, Social, and Governance (ESG) arm of Grand View Research Inc. - a global market research publishing & management consulting firm.
Astra offers comprehensive ESG thematic assessment & scores across diverse impact & socially responsible investment topics, including both public and private companies along with intuitive dashboards. Our ESG solutions are powered by robust fundamental & alternative information. Astra specializes in consulting services that equip corporates and the investment community with the in-depth ESG research and actionable insight they need to support their bottom lines and their values. We have supported our clients across diverse ESG consulting projects & advisory services, including climate strategies & assessment, ESG benchmarking, stakeholder engagement programs, active ownership, developing ESG investment strategies, ESG data services, build corporate sustainability reports. Astra team includes a pool of industry experts and ESG enthusiasts who possess extensive end-end ESG research and consulting experience at a global level.
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