20 Oct Wearable tech must get smart with data
For wearable technology to live up to the hype, especially when it comes to healthcare, it will have to be “interoperable, integrated, engaging, social and outcomes-driven,” according to PwC.
One in five American adults already own a wearable device, according to PwC’s new series, “The Wearable Future,” a rapid adoption rate that’s only expected to increase.
But in a related report from PwC’s Health Research Institute, “Health wearables: Early days,” data suggests many of the fitness bands and step-tracking smartwatches flooding the market have “under-delivered on expectations.” To wit: 33 percent of consumers who purchased a wearable technology device more than a year ago now say they no longer use it, or do so infrequently.
For those yet to buy into the wearables craze, price, privacy, security and the lack of “actionable” and inconsistent information from such devices are common concerns, according to PwC: 82 percent of respondents were worried that wearable tech would invade their privacy, and 86 percent expressed concern that wearables would make them more vulnerable to security breaches.
Still, wearable technology will gain traction over the next five to 10 years, according to the study, with great promise to help consumers better manage their health and healthcare costs. But PwC suggests the potential of the $2.8 trillion U.S. healthcare system will only be realized if companies are able to turn data into insights leading to better health.
“For wearables to help shape the New Health Economy, next generation devices will need to be interoperable, integrated, engaging, social and outcomes-driven,” said Vaughn Kauffman, principal of PwC Health Industries, in a statement.
“Wearable data can be used by insurers and employers to better manage health, wellness and healthcare costs, by pharmaceutical and life sciences companies to run more robust clinical trials, and by healthcare providers to capture data to support outcomes-based reimbursement,” he added. “But it will be critical to address the consumer concerns that we’ve identified, such as cost, privacy and ease of use.”