Wearables and Health Care

As Business Insider Intelligence reports:

“The health-care industry is undergoing a transformation due to pressure from ballooning healthcare costs, a rising burden of chronic disease, and shifting consumer expectations. Thus, wearables — including smartwatches, fitness trackers, and other connected devices — play a key role in this transformation.”

“U.S. consumer use of wearables for health purposes jumped from 9% in 2014 to 33% in 2018, according to Accenture. And penetration should continue to climb. With more than 80% of consumers willing to wear tech that measures health data. The growing adoption of wearables, and the breadth of health functions they offer, will capture a fuller picture of consumer health and behavior. Thus enabling health-care organizations to differentiate from the competition, drive value, and engage consumers.”

“In this new report, Business Insider Intelligence details the current and future market landscape of wearables in the U.S. health-care sector. We explore key drivers behind wearable usage by insurers, health-care providers, and employers. And the opportunities wearables afford to each of these stakeholders.”

“Consumers are becoming increasingly comfortable sharing the health data captured in these devices with their doctors, employers, and insurers. Such data offer opportunities to improve outcomes, reduce health-care costs, and engage customers. Providers can use wearables to improve chronic disease management, lessen the burden of a burgeoning staff shortage, and navigate a changing reimbursement model. Employers can combine wearables with cash incentives to lower insurance costs and improve employee productivity.”