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 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.