Wearables' Health Services Revenue Potential Faces Privacy Questions, Juniper Reports
Wearables for health tracking and remote patient monitoring will become healthcare “must haves," with $20 billion forecast to be spent annually on the devices by 2023, Juniper Research reported. As wearables become part of treatment plans, OEMs will adjust their…
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business models and generate revenue from devices being monitored, but data privacy and consumer consent will be a “significant barrier” as patients consider risks of data provided to insurance providers, said the researcher Monday. Juniper forecasts such service revenue reaching $855 million by 2023. Improving healthcare systems, such as using artificial intelligence-enabled software analytics, is contingent on patient data being anonymized, it said. Some insurance providers are changing the dynamics, Juniper said, requiring policyholders agree to a data feed from a connected device. Patients need to be made aware of how their personal data will be used, said analyst Michael Larner: “Making wearables ‘must have’ to provide personalised care or receive medical insurance risks a backlash from patients and heightened regulatory scrutiny,” which could stall remote monitoring's effectiveness.