So all wear-able devices that use light to measure attributes from your blood stream require a license from the holders of this patent? It's really no surprise that businesses don't try to compete with each other in the "free market" and quasi-monopolies reign supreme. Chances are you're going to be seen as eating somebody's lunch somehow if you try to sell anything.
I suppose you could argue that it's Apple violating the patent here, hardly a party to feel empathy for. But they just had the gumption to put skin in this game. We could have tons of competing devices that do this in their own wear-able products with distinct user experiences for each, but somebody beat them all to the patent house so why bother.
I think there are many problems with the patent system but the way you are describing it is overly broad. There are lots of technical details in this patent that describe a way of doing that. Once the period of exclusivity is up anyone can use that technique freely - but for now other people would have to pay or use an inferior technique that doesn't violate the patent. Arguably there's not a lot of value in every device working as perfectly as possible, but there's a lot of value in giving inventors temporary monopolies on truly new things.
yet as technological innovation gets faster over time, you would've thought the optimal patent term length to balance the innovation-incentivizing and innovation-chilling effects would decrease
I suppose you could argue that it's Apple violating the patent here, hardly a party to feel empathy for. But they just had the gumption to put skin in this game. We could have tons of competing devices that do this in their own wear-able products with distinct user experiences for each, but somebody beat them all to the patent house so why bother.