Fitbit: Wearables show great potential in the health industry

Fitness wearables and smartwatches might be popular among consumers, but show true potential in the health industry. The collected data could be easily passed from consumer directly to his or her medical professional, offering a more detailed look into daily physical activity.

There are concerns related to privacy and data security, especially when it comes to personal medical information, though Fitbit - and other manufacturers - are keen to work with the FDA to approve regulation.

"I think right now everyone is focused on pure consumer benefits and motivating people to change their behavior," said James Park, CEO of Fitbit, in an interview with TIME. "I think there'll be a next big leap in benefits once we tie into more detailed clinical research and cross hurdles and dialogue with the FDA about what we can do for consumers and what's regulated or not."

There will be future hurdles to overcome, but Fitbit believes wearables could carve out a lucrative niche in the medical market.