Wearable health technology has become a cornerstone for proactive health management, offering unparalleled insights into personal wellness and fitness. In 2024, advancements in wearable tech present an opportunity for innovative business ventures that can transform the healthcare landscape.

With the advent of AI Assistants and broader outsourcing abilities, starting a wearable tech business is more accessible than before, also. Utilizing platforms like Bizway enhances productivity by handling a multitude of tasks, from customer data analysis to content marketing, business planning and more.

Below are seven next-level business ideas within the wearable tech for health monitoring industry.

1. Health Data Analytics Service

• The Idea: Develop a service that analyzes health data collected from wearables to provide personalized insights and recommendations for users.
• How it makes money: Monthly subscriptions, providing analytics services to health professionals, and API integrations with other health tech services.
• Why now?: The increasing accumulation of health data from devices creates a need for meaningful interpretation and actionable insights.
• Technical difficulty: 8/10
• Best for: Data scientists and entrepreneurs with an interest in health technology and analytics.

2. Child & Elderly Care Wearables

• The Idea: Design wearables tailored to children and the elderly, offering features like location tracking, vital sign monitoring, and emergency alerts.
• How it makes money: Sales of wearable devices, accompanying app subscriptions, and monitoring service fees.
• Why now?: The safety and well-being of vulnerable age groups have become a top priority for many families.
• Technical difficulty: 7/10
• Best for: Healthcare entrepreneurs with a compassionate approach to innovation in child and elderly care.

3. Wearable Tech Fashion Brand

• The Idea: Combine fashion with functionality by creating a line of stylish wearables that serve as both accessories and health monitors.
• How it makes money: Retail sales, brand partnerships, and bespoke design services.
• Why now?: Consumers are seeking health monitoring solutions that blend seamlessly into their lifestyle and fashion sense.
• Technical difficulty: 6/10
• Best for: Fashion-forward tech designers who can marry esthetics with health technology.

4. Fitness & Rehabilitation Wearables

• The Idea: Create wearable devices focused on fitness optimization and rehabilitation, providing metrics crucial for athletic training and recovery processes.
• How it makes money: Sales to sports teams, physiotherapy clinics, and direct to consumers, alongside personalized coaching subscriptions.
• Why now?: Detailed health monitoring is vital for athletes and those in physical rehabilitation to improve performance and recovery.
• Technical difficulty: 8/10
• Best for: Entrepreneurs with a background in sports science, physiotherapy, and wearable technology development.

5. Corporate Wellness Program Provider

• The Idea: Offer businesses a corporate wellness program that utilizes wearables to track employee health metrics, encouraging a healthy workforce.
• How it makes money: B2B sales of wearable devices, wellness program subscriptions, and data reporting services.
• Why now?: There’s a growing emphasis on employee health in corporate environments as part of sustainability and productivity initiatives.
• Technical difficulty: 7/10
• Best for: Entrepreneurs skilled in corporate sales and understanding organizational health needs.

6. Health Monitoring Platform for Insurance Companies

• The Idea: Partner with insurance companies to provide wearables to policyholders, incentivizing healthy behaviors and customizing insurance plans based on collected health data.
• How it makes money: Licensing deals with insurance companies, service fees for data analysis, and wearable tech sales.
• Why now?: The insurance sector is recognizing the value of data from wearables for risk assessment and personalized policy underwriting.
• Technical difficulty: 9/10
• Best for: Health tech entrepreneurs with an understanding of insurance underwriting and risk management.

7. Mental Health and Stress Management Wearables

• The Idea: Develop specialized wearables that monitor indicators of mental health and stress, offering guidance and interventions.
• How it makes money: Device sales, mental wellness app subscriptions, and partnership with mental health professionals for guided programs.
• Why now?: Mental health awareness is at an all-time high, and individuals are seeking tools to help manage stress and emotional well-being.
• Technical difficulty: 7/10
• Best for: Wearable tech innovators focused on supporting mental health through digital tracking and interventions.