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The healthcare industry is undergoing a necessary transformation due to pressure from ballooning healthcare costs, a rising burden of chronic disease, and shifting consumer expectations. And wearables — including smartwatches, fitness trackers, and other connected devices — are playing a key role in this transformation.
Wearables have gained traction in the US healthcare industry, driven by consumers’ demand to play a more active role in managing their health. US 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 — more than 80% of consumers are 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, enabling healthcare 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 US healthcare sector. We explore the key drivers behind wearable usage by insurers, healthcare providers, and employers, and the opportunities wearables afford to each of these stakeholders.
By outlining a successful case study from each stakeholder, we highlight best practices in implementing wearables to reduce healthcare claims, improve patient outcomes, and drive insurance cost savings. Finally, we identify the key device manufacturers and service providers facilitating wearable adoption and discuss the untapped future opportunities wearables offer insurers, providers, and employers.
Here are some of the key takeaways from the report:
In full, the report: