Way back in 2018, the wearables market was worth nearly $23 billion. A quick forward to the present, it is expected to touch the $54 billion mark by 2023 – according to GlobalData forecasts. In other words, it would grow up to CAGR – Compound Annual Growth Rate of 19% by 2023!
Even though wearables have set a mark in various fields, they have helped a lot in the healthcare industry resolve costs and chronic disease ailments.
Wearable technologies in healthcare help record, analyze, and aggregate physiological data. This data helps improve the personal health and well-being of individuals and patients. It has been used almost exclusively for fitness purposes to date, steered by consumers’ increasing demand to monitor their health.
Wearable tech can be integrated with:
- Augmented reality (AR)
- Big Data, artificial intelligence (AI) &
- Cloud computing solutions
- Open-source application programming interfaces (APIs)
It enables faster and more cost-effective solutions within the Internet of Things (IoT) ecosystem. New advances are proving to be a value add for healthcare, focusing on diagnosis, treatment, monitoring, and prevention. These advantages are felt through the benefits, including personalization, early diagnosis, remote patient monitoring (RPM), adherence to medication, informal decision-making, and better decision-making while reducing healthcare costs.
Plus, the growing trend has gathered insurers’ and companies’ attention in the supply of wearable health technology to consumers and employees for their wide-ranging benefits.
The challenges faced are trust issues, data security, and incentivization to regulatory and ethical hurdles. As connectivity improves in the next three years, miniaturization enables wearables to become more ‘seamless’ and integrate more readily into consumers’ lives.
To unfasten the potential of wearable data, firstly identify what business outcome you need to address. Or else, you will end up asking the wrong questions, getting the incorrect information.
Here are the changes that wearable are bringing about in deep data insights:
Data collected is only as beneficial as the action that it compels. Analytics turn collected data into actionable insights, and therefore, it provides additional consumer and company benefits. For example, an Anemia tracking device might collect data on the Hgb level. However, without the analysis of the collected data, what good is this knowledge to the consumer? To provide an answer, analytics need to be used to provide actionable insights.
Supporting Better Public Services
Wearable devices offer the ability to collect extensive volumes of data anonymously. With the help of analytics, this data can then be used to provide better public-facing services. Using the above example, when analytics are added to the anemia tracking device, the “health data” can better help the majority of pregnant women, elders, and children achieve healthy eating habits. In addition, the insights will help health department authorities to create better diet plans and eating habits for the public.
Based On Habits Insights Providing Personalized Offers
Similar to walk-in stores that use geo-locational pings within apps to send customers targeted marketing offers, wearable devices can leverage the power of analytics. It helps provide personalized recommendations to consumers. By investigating the data obtained through wearable devices, healthcare companies can formulate marketing offers customized to each customer. For example, a step-tracker might reveal that a consumer takes the most steps around lunchtime. A company could then leverage this information via personalized offers to encourage consumers to take more steps throughout the day. In this way, the device tracks fitness data and provides additional analytic benefits to the consumer.
Increased Employee Productivity
Data analytics empowers healthcare companies to use wearable technologies to increase employee productivity and health. For example, the devices collect the data required for a business to review the hours of the day that their employees are most productive. Plus, the devices can track employees’ health to mitigate the risks connected with high stress levels, lack of sleep, and other health symptoms.
Using advanced analytics, wearable device companies can realize each device’s potential to its targeted consumer bases. For example, suppose a device, like a smartwatch, can help a consumer to make payments on the go, serve as a personal trainer with fitness tracking, and filter notifications while simultaneously allowing consumers to avoid opening their smartphone every few minutes. In that case, it quickly becomes a device that won’t be left behind in the morning.
In short, the more time that companies dedicate to smart analytics and machine learning, the more sought-after a wearable device will become.
HealthTechWiz is a leading healthcare solutions provider in the US. We understand the future of data analytics and wearables in the healthcare industry; our mobile app solutions will help you track essential performance indicators to drive operational, financial, and clinical improvements. Efficient analysis and interpretation of data can change the game by opening new avenues for modern healthcare.
For more insights on wearable devices and data, we invite you for a free 30 Mins consultation!
Immanuel NavinChandran is the lead writer at the HealthTechWiz. He writes compelling content on healthcare, healthcare technology, custom software development, mobile healthcare apps, and more. In his spare time, he reads and updates himself on the latest technology stuff that is about to drive changes and provide incredible opportunities in healthcare.