Sponsored Content by PatSnapJan 10 2023Reviewed by Emily Magee More than 722 million wearable devices in 2019 were in use globally, and it is anticipated that this figure will reach one billion by the end of the year. Wearable electronics are altering everyday life, from smart jewelry and apparel to fitness monitors and body sensors that monitor health and well-being.
The charts and graphs used throughout this article were sourced from PatSnap’s Al-powered innovation intelligence platforms, which include Discovery, Analytics and Insights. Approximately 30% of adults in the United States use wearable electronics to track their health and well-being. Wearable devices have an impact on the healthcare sector in numerous ways, including heart rate and blood pressure monitoring, daily step tracking, fitness reminders, and sleep pattern analysis.
Difficulties associated with patenting wearable medical technology Patent trends in the healthcare industry are depicted in the graph below as they relate to wearable technologies. Granted patents are represented by green lines, patent applications are represented by dark blue lines, and projected future application trends are identified via the light blue lines. The number of wearable device patent applications has been consistently on the rise since 2016.
Companies can bypass these restrictions by changing their patent requirements and connecting them to particular medical uses rather than therapeutic techniques. Under the Hatch-Waxman Agreement, organizations can request a patent term extension to mitigate infringement issues during this time. When the patent holder cannot use their patent rights due to FDA restrictions, the patent term is extended by up to five years.
Additionally, the availability of manufacturers facilitates the transition of an idea from concept to commercialization. To impact the healthcare sector, particularly early disease detection, governments, insurance companies, and private firms must collaborate to make these devices just as accessible as medications to those who need them the most.Key wearable device patents As the number of granted patents increases, so will funding for startup companies and technology-based mergers and acquisitions .
These companies are effectively migrating their technologies to adjacent sectors, resulting in valuations of $13,000,000 and more. Valuations aid strategic decisions and corporate direction, which are often advocated by IP/legal professionals and experts.