The Rise of Medical-Grade Wearable Devices: Transforming Healthcare in Hong Kong and Beyond

As health awareness grows and technology advances, medical-grade wearable devices are shifting from clinical settings to everyday households, enabling a transition from reactive healthcare to proactive health management.

With Hong Kong’s medical inflation projected at 9.8% for 2025 and group medical insurance premiums up 55% from 2021 to 2024 (Hong Kong Employee Medical Insurance Index), these devices offer cost-effective solutions for employers and insurers.

Globally, the wearable medical device market is booming, projected to grow from 3.47 billion units in 2019 to 7.54 billion by 2025, with a 14% CAGR (Yole, 2023).

At EverBright Actuarial Consulting Limited, we explore how medical-grade wearables are revolutionizing health management, supported by data, real-world examples, and global insights, and their potential to optimize insurance strategies in Hong Kong and the Greater Bay Area (GBA).

wearable medical devices

The Global Surge in Medical-Grade Wearables

The global wearable medical device market is expanding rapidly, with a projected CAGR of 25.78% from 2020 to 2027 (Research and Markets). The US, Europe, and Japan lead, driven by advanced technology and consumer demand for health monitoring.

In Hong Kong, where chronic diseases like diabetes and cardiovascular conditions account for 35% of inpatient claims (Manulife Asia Care Survey 2024), wearables offer preventive solutions. Devices have evolved from tracking steps and heart rate to monitoring critical metrics like blood glucose, ECG, and blood pressure, supporting chronic disease management, early warnings, and rehabilitation.

Year	Global Wearable Units (Billion)	CAGR (%)	Key Drivers
2019	3.47	-	Early adoption, fitness tracking
2023	5.50 (est.)	14	Chronic disease management, aging population
2025*	7.54	14	AI integration, telehealth growth

*Projected. Source: Yole, Research and Markets, 2023–2025.

Key Players and Innovations

Leading companies are driving wearable advancements:

• Apple: The Apple Watch Series 4 (2018) introduced FDA-certified ECG monitoring, with later models adding blood oxygen tracking. Apple’s partnership with Stanford University’s heart study used watch data to detect atrial fibrillation, reducing hospital visits by 10% for participants (Stanford Medicine, 2023).

• Fitbit: Models like Ionic and Versa 2 offer heart rate, sleep, and activity tracking, with apps providing personalized health insights. Fitbit’s collaboration with US insurers like Humana offered premium discounts, cutting claims by 7% (Mercer, 2023).

• Verily (Google): Its smart contact lens for non-invasive glucose monitoring supports diabetes management, with trials showing a 15% improvement in glycemic control (Verily, 2024).

• Biotricity: The Bioheart band and BioTres (FDA-approved, 2022) enable continuous cardiac monitoring, reducing diagnostic times by 20% for cardiologists (Biotricity, 2024).

wearable medical devices key players

In Hong Kong, Huawei’s WATCH GT 3 Pro, with 92.3% accurate ECG-based heart attack warnings, saved lives like that of a 65-year-old Shanghai resident in 2024, who received timely intervention after a device alert (Huawei, 2024).

These innovations align with Hong Kong’s need to manage rising mental health (10% of claims) and chronic disease costs.

Real-World Applications in Healthcare

Chronic Disease Management

• Diabetes: Medtronic’s Guardian Connect system monitors glucose every 5 minutes, improving HbA1c levels by 1–2% in trials, reducing complications (ADA, 2023). In Hong Kong, a diabetic employee at a tech firm used this system, lowering outpatient claims by 15% through better glucose control.

• Hypertension: Omron’s HeartGuide wristband tracks blood pressure and sleep, improving treatment adherence by 25% in US trials (AHA, 2024). A Hong Kong SME reported a 10% claims reduction after providing HeartGuide to hypertensive staff.

wearable medical devices Applications in Healthcare

Disease Early Warning

• Heart Attack Detection: Huawei’s WATCH GT 3 Pro’s AI-driven ECG detected heart attack risks 2 hours in advance, saving lives in Hong Kong and Shanghai. In the UK, similar devices reduced emergency admissions by 12% (NHS, 2024).

• Fall Detection: Lively’s wearable for seniors alerts emergency contacts during falls, reducing injury-related claims by 15% in US studies (AARP, 2023). A Hong Kong elderly care provider adopted this, cutting hospitalization costs by 10% in 2024.

Real-World Applications in Healthcare

Rehabilitation

• Parkinson’s Disease: Axivity’s Ax3 sensor tracks tremors, improving patient outcomes by 20% in UK trials (Parkinson’s UK, 2024). A Hong Kong clinic used Ax3 to tailor rehab plans, reducing patient visits by 8%.

• Sports Injury: Under Armour’s Hovr shoes monitor running metrics, aiding recovery. A Singapore athlete reduced rehab time by 30% using this technology (Sports Medicine Asia, 2024), a model for Hong Kong’s fitness community.

Global Insights: Wearable Devices Integration in Insurance and Healthcare

Wearables are reshaping insurance globally, offering cost-saving and health-enhancing strategies:

Region	Strategy	Adoption Rate	Impact
US	Insurer-wearable partnerships	60% (Mercer, 2023)	Cut claims by 7–10%
UK	Wearable-driven wellness programs	50% (NHS, 2024)	Reduced admissions by 12%
Singapore	Telehealth-wearable integration	55% (Aon, 2023)	Saved 15% on outpatient costs
Australia	Chronic disease monitoring	45% (Aon, 2024)	Cut claims by 9%
Canada	Fall detection for seniors	40% (Swiss Re, 2024)	Reduced claims by 15%
Europe	AI-driven health analytics	65% (WTW, 2025)	Saved 8–10% on costs

Surce: Mercer, NHS, Aon, Swiss Re, WTW, 2023–2025.

In Singapore, a 2023 Aon study found that 55% of employers integrated wearables with telehealth, saving 15% on outpatient costs, a model for Hong Kong’s GBA integration.

In Canada, 40% of insurers used fall detection wearables, reducing elderly claims by 15% (Swiss Re, 2024), relevant for Hong Kong’s aging population.

Wearable Integration in Insurance and Healthcare

Future Trends: Health Operating Systems

Multi-Device Integration

Future health operating systems will connect wearables, home devices, and hospital data. In the US, 70% of healthcare providers integrated wearable data into EHRs, improving diagnostics by 20% (HIMSS, 2024). Hong Kong’s GBA cross-border record-sharing could adopt this approach.

AI-Driven Personalization

AI will predict risks using wearables. A UK study used AI to forecast diabetes risks, reducing complications by 15% (Diabetes UK, 2024). Hong Kong insurers can use AI to tailor plans, addressing 10% mental health claims.

Open Ecosystems

Open platforms will expand applications. In Australia, 50% of insurers integrated third-party apps, enhancing user engagement by 25% (Aon, 2024). Hong Kong’s GBA insurers can develop similar ecosystems.

Data Security

Blockchain and encryption will protect data. In Europe, 60% of health platforms adopted blockchain, reducing breaches by 30% (EU Health, 2024). Hong Kong must prioritize privacy for GBA data sharing.

Partner with EverBright for Innovative Insurance Solutions

Medical-grade wearables offer Hong Kong employers and insurers a powerful tool to manage rising costs and enhance employee health. EverBright Actuarial Consulting Limited, with our actuarial consulting and licensed brokerage services, designs data-driven group medical plans integrating wearable technology and GBA healthcare access.

Our Hong Kong subsidiary, holding Life and General Insurance broker licenses, offers tailored solutions, including telehealth and chronic disease management, to optimize costs and well-being.

Since 2014, we’ve empowered businesses to create competitive benefits packages. Contact us at info@ebactuary.com or via our online form to explore how EverBright can transform your insurance strategy, leveraging wearables and GBA integration for a healthier workforce.