The consumer eHealth and health insurance industry is set to have a huge concentration on wearable technology with the benefits it can offer to both consumers and health care contributors. 1 in 5 American’s now owns a wearable tech device. Consumer belief in wearable technology is also extremely high with 56 percent of users believing that the average life expectancy increases over 10 years because of wearables monitoring vital signs. The 2 most famous devices in the market presently are fitness bands and smart watches. Despite the growth of wearables, the utilization of wearable tech is still in its infancy with users weighing in on the benefits as well as the unmet expectations with wearable technology.
The Struggle with Overcoming Consumer Concerns
One major problem with wearable technology is consumer abandonment. Almost a 3rd of all wearable device consumers reported utilizing it less or not at all only a year after buying it. Another common problem consumers have with wearable technology is concerns of privacy and security breaches. 82 percent of consumers worry about an invasion of privacy and over 86 percent worry that wearables make consumers more vulnerable to security breaches. Despite these uncertainties, consumers are also seeing a lot of added benefits from wearable technology.
The Future of Wearables
As it stands right now, wearable technology can increase consumer engagement, detect physical activity, as well as collect health information. Present wearable programs are being fine-tuned to provide more benefits for users, employers, insurers and health care providers and other stakeholders. The wearables that will offer the most value in the future will:
- Embrace chances in the Internet of Things
- Transform big data into valuable data that offers insights
- Simplify user experience with a more human-centered design
- To learn more about how wearables are changing the health care industry.
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