A month or so ago I had to interview an engineer researching a similar application for my electrical engineering study. He told me the following:
They're working on small wearable sensors (so small they might even be incorporated in clothes) that can monitor specific things. For example a heart beat sensor. It measures the heart beat frequency and sends it (after simple processing) to a central transmitting device worn, might be as simple as an app for your cell phone. This device collects all sorts of data from a number of sensors if necessary, and either shows the results or transmits it to medical staff.
These sensors can be used by people who already have medical problems, monitor your heart beat for example and in the event of a heart attack relay it to an ambulance.
Or can be used for monitoring a patient. In the past patients had to stay in hospital for monitoring, but using these devices all monitoring can be done from a distance. Meanwhile the patient can do everything he'd normally do, even sporting and such, without interrupting the sensors.
Another possible usage is if you're concerned about your own health - in this case you simply buy a sensor kit in your local supermarket and do your own tests. After some monitoring time the sensors can tell you if there's nothing to be concerned of, or if you need to see a doctor for a follow-up consultation.
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