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The Indian wearable devices market focused on tracking health parameters is on a growth path and is expected to see more next age products that go one step ahead by providing therapy through wearable devices, according to experts.
The market for wearable devices that help in analyzing symptoms or tracking is on a growing track. The continuous improvement in the AI, data analytics and sensor technology makes it more efficient thereby making it appealing for the consumers. The trend of remote healthcare and preventive healthcare has boosted the demand for wearable technology that can manage and detect health conditions in real time, says P V Shyam Sundar, founder director of concept and technology at Telangana-based Aether Mindtech.
"Presently, the wearable devices are more focussed on tracking health parameters. The next age products, like Evolv28, are going one step ahead by providing therapy through wearable devices. Thus, the opportunity for these wearable devices is huge as early stage wellness issues can be addressed in a convenient manner sitting at home," he said.
Wearable devices for therapy purposes, though increasing penetration substantially, are at a very early stage. While developed countries have launched few products recently, the Indian market is yet to experience this new technology at scale.
Thus awareness level is low both for users as well as medical practitioners. User engagement with the wearable is crucial to identify the success of the device. Many users fail to establish a long term commitment with the device in order to receive the best results, he added.
As per consumer research firm GWI, the total size of the wellness economy in India is $132.5 billion. And it is growing at an impressive rate of 16.5% (average annual growth rate). India ranks 6th globally in the mental wellness domain. Present trend shows GenZ and millennials are adopting these new age technologies like wearables and apps when it comes to addressing their wellness needs.
India has 0.75 psychiatrists per 1 lakh population, whereas in developed countries it’s 3 to 6.6 psychiatrists per 1 lakh population. Technology addresses these accessibility issues and supply deficiencies by enabling the solutions available in a convenient manner, said Sundar.
He said that the company's product, Evolv28 is a wearable device which is also used as an assistive device for mind wellness addressing areas like - sleep, stress, anxiety, concentration, calmness of mind, among others.
The device was commercially launched in the market for consumers in the month of February 2024, post the clinical trials and interpretation of the safety concerns. This is the ninth generation of the product available for consumers, the earlier eight generation prototypes were used in the research & development process. Evolv28 is presently in the pre-revenue phase.
The company is currently seed funded and will initiate pre-series A funding in coming months.
Commenting on the future plans with the product, he said, "We aim to incorporate innovation on every step, in regard to the same we target to expand the programme base in relation with the existing areas like - sleep, stress, anxiety, concentration".
It is also planning to increase the footprint both within the country and outside. Evolv28 device is already certified by Federal Communications Commission (FCC), CE, and Innovation, Science and Economic Development (ISED) to be used in the US, Europe, and Canada respectively, he added.
In terms of expansion strategy, he said that the company will be looking at catering to big cities in India and then launch the product in the US, Europe and Canada in the second phase. The plan is to deliver more than 5K devices in the initial phase, said Sundar.
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