Three potentials and new investment favorites
Wearable electronic devices are the hotspot of cutting-edge technology, and the medical industry is the core of China's reform in recent years. When wearable devices are used in the healthcare field, it is bound to attract high attention from all parties. Wearable medical equipment is a general term for equipment that applies wearable technology to physical activity detection, sports data statistics, and health improvement. It has three functions: monitoring physiological indicators, recording data, and dynamic observation.
According to the Consumer Electronics Association (CEA) report, the overall market value of wearable devices will exceed 8 billion US dollars (about 48 billion yuan) in the next five years, mainly benefiting from the promotion of health care products. According to the global mobile communication system (GSM) measurement standards for the mobile medical industry, it is estimated that by 2017, the market sales of China's wearable medical equipment will be close to 5 billion yuan. Why do wearable medical devices detonate the Chinese market? Let's first take a look at the three potentials of wearables in China:
First, digital health is unstoppable. With the improvement of people's living standards, the proportion of health care consumption expenditure has steadily increased, which is in contradiction with China's current low level of overall medical and health services and insufficient supply. In China, the size of medical services is about 2 to 3 trillion yuan, accounting for 5% to 6% of GDP. In the United States, this figure is 2 to 3 trillion US dollars, accounting for about 17% of GDP. The digitization of medical services can alleviate the current situation of inadequate medical supply and uneven levels in China.
Digital healthcare combines cutting-edge technologies such as big data, wearable technology, mobile terminal applications, social networking, cognitive computing, and 3D printing. Passive disease treatment is an active health management that maintains health while saving on general medical testing expenditures. At present, wearable devices have been applied to chronic disease management, disease prevention, health care, home care, etc., such as the world's highest market share of wearable products, is the United States wearable technology and audio equipment developer Jawbone company launched UP intelligence A bracelet that monitors and manages data such as daily activities, sleep, and eating habits.
Second, the aging of the population brings special medical service needs. China is entering an aging society. The structure of most families presents a 4-2-1 inverted pyramid form. That is, a young couple will support four elderly people and raise a child. Any one of them will have health problems. It can bring unbearable pressure on money, time and energy. Therefore, products and services related to health management are receiving increasing attention. A wide range of wearable medical devices have emerged, convenient and comfortable, and can monitor the signs of the elderly and children in real time, providing a better way for busy office workers to care for their families.
Third, wearable devices combine the advantages of hardware and software. On the one hand, hardware technology continues to evolve, and the shape of computer terminals is becoming smaller and smaller, from tablets and smartphones to small objects that can be worn on the other hand; on the other hand, wireless networks, cloud computing and social media can be wearable devices. Users provide more added value and form a rich and diverse business ecosystem.
Driven by these objective factors, IT hardware, software, service providers and medical device companies such as Baidu, Samsung, Google, Shanda and Jiu'an Medical have joined the competition for wearable medical devices. For example, Jiu'an Medical cooperates with Apple to design and produce portable medical equipment, bracelets, etc., to detect basic signs such as blood pressure, blood oxygen, body weight, etc., and to record, analyze and track and manage chronic diseases through APP applications. In 2013, the share price of Jiu'an Medical was still around 10 yuan, and in February 2014 it rose to more than 25 yuan, reflecting investors' optimism about the prospects of the wearable medical industry.
Five major bottlenecks need to break through
When smart glasses, hoods, watches, bracelets, ankle rings, pajamas, shoes, and socks gradually "capture" various parts of the human body to form a body area network (Body Area Network), will people question the wearable devices? So amazing, unlimited potential? What are the market challenges for China's wearable medical devices?
First, wearable devices should return to user needs and value proposition. New concepts such as big data and fan economy are emerging. The wearable device looks cool and can indeed attract a subset of consumers to buy in a short time. However, impulse-guided purchases do not produce sustained purchasing power; users who have already purchased will not wear them continuously or for long periods of time. Moreover, the social media, big data, and cloud computing behind wearable devices cannot reflect further value due to the lack of sufficient user base and data accumulation.
At the moment, many smart hardwares are smart and intelligent, networked for networking, and applications developed for developing applications. They fail to truly grasp the “pain point†of users and lose the three essential elements of the business model—the uniqueness and key of customer value. The imitation of resources and the sustainability of profitability. For example, the wearable device based on Baidu Cloud “咕咚手环†has three main functions: “motion reminderâ€, “sleep monitoring†and “smart silent wake-upâ€. However, the bracelet can only play a role as a reminder and cannot correct the user's bad habits. How to encourage users to wear for a long time, cultivate user stickiness, bring them real value, it is worth pondering.
Second, wearable devices must get rid of the "smart phone accessories" dilemma. At present, wearable devices are mostly non-essential, and wearable devices are not subversive compared to smartphones. Many smart bracelets record sleep time and walking paths, and smartphones can easily do this. For example, GEAK Watch, an intelligent portable device released by Shanda's Shell Electronics, can introduce a WiFi module, connect to a smart phone with Bluetooth 4.0 technology, receive information prompts, view email headers, etc., but it is only an accessory to smartphones. A small number of stand-alone wearable products are now available and deserve further exploration.
Third, there is a need to break down the technical barriers to hardware development. Wearables are a new tool for people to communicate with the world, opening the door to the Internet of Things 2.0 era; but compared to software, wearables face greater technical barriers in terms of hardware. For example, MEMS (Micro Electro Mechanical Systems) has taken on the responsibility of wearable device sensors and actuators, but China's MEMS industry is still in its infancy, and start-ups are gathering in the Yangtze River Delta, and its technology is far behind international giants. In addition, wearable devices also have problems such as electromagnetic radiation, poor battery life, dependence on smartphones, user interface and user experience to be improved.
Fourth, there is a need to improve the reliability of monitoring data. In the United States, wearable devices must be FDA-approved, and China has not yet introduced relevant regulatory laws or regulations. Whether the test results of wearable medical equipment can be recognized by the hospital, and how to deal with possible medical accidents is still inconclusive. In addition, even if the wearable medical device accurately captures the various signs of the user, whether it can properly analyze these medical "big data" and obtain reliable results to guide people's sleep, diet, work, exercise, still need Clinical tests are performed to verify and compare.
Finally, there is a need to develop an excellent product manager. At present, many product managers behind wearable devices are hardware engineers who have excellent technical skills but lack user-oriented marketing model thinking and industry insight. There are only a handful of product managers with both hardware and software development capabilities, which makes engineers as creative and marketing-minded as IT product developers, and understands teamwork, functionality, design, user needs and experience.
As Microsoft’s vice president Zhang Yaqin pointed out, “wearable devices will not be a big industry in the next five years. The problems of user feedback are not practical and difficult to use, and there is still a need for technical exploration.†The more wearable medical device providers start from the real needs of users, taking into account the development of hardware and software, differentiated marketing and cultivating the market for the target population, the prospect of wearable medical devices will be bright.
For more reading and video, please visit the “Fudan Business Knowledge†website, APP, Weibo WeChat. Author: Chen Jia poetry, Bosch China (Investment) Limited Group, New Business Development Manager, Management, Fudan pharmaceutical and healthcare industries and core sponsor club members, members gather strength cafe, club members University of California medical industry; Fudan University School of Life Sciences, Biological Sciences Bachelor, Master of Business Administration, Fudan University. Focus on mobile medical and digital medical industries.
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