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Wearable health care and fitness devices are not dreams anymore.at a certain time we could not see ourselves wearing a health care device. But now It’s very much common to see a fitness device user using it. It’s all possible because of innovation. Innovation by doing research to improve the technology and creating better products at a lower price. In this term paper we are going to discuss one of the 10 basic principles of innovation: An attempt to theorize innovation-led wealth creation dynamics in a competitive market.
From the 10 principles of innovation I am going to discuss principal number1 on wearable health care and fitness devices. Before that, we need some information.
The 1st question: what is a Wearable health care and fitness technology? Wearable technology in healthcare includes electronic devices that consumers can wear, like Fitbits and smartwatches, and are designed to collect the data of users’ personal health and exercise.
US consumer use of wearables jumped from 9% in 2014 to 33% in 2018, according to Accenture. (Phaneuf, 2020) The advancement of wearable technology and growing demand from consumers to take control of their own health has influenced the medical industry, including insurers, providers, and technology companies, to develop more wearable devices such as Fitbits, smartwatches, and wearable monitors. (Phaneuf, 2020)
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