The "wearables" market is advancing quickly, and Credit Suisse estimates that it is worth $3 to $5 billion. There are also more than 50,000 health apps, creating a whole new digital health industry. However, physicians seem more hesitant to rely on the technology, but start-ups are trying to persuade them to use their products.
Wearables are not necessarily useful in healthcare, as they are not even regulated by the Food and Drug Administration (FDA). The FDA does not regulate "low risk devices" that are only used to promote general wellness, such as fitness and weight loss. FDA approval is only needed when a device is used in diagnosis or treatment of a disease. Some healthcare companies are running pilots to give devices to people with certain illnesses to see if they can be beneficial. For example, Bret Parker of New York City is testing out a wearable to see if it is useful in tracking the severity of his Parkinson's symptoms.
Summary by MedicalGroups.com
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