Thursday, January 24, 2019

Digital Healthcare Advances via Remote Monitoring Apps

The Juniper Research digital healthcare ecosystem model highlights the flow of products and services from service providers to their patients and the flow of influence from the patients.

The dynamics of the ecosystem are changing with patients having more influence on how they are treated and providing information back to developers, vendors and healthcare service providers.

Digital Healthcare Market Development

New findings from Juniper Research reveal that wearables, including health trackers and remote patient monitoring devices, are set to become ‘must haves’ in delivering healthcare, with $20 billion forecast to be spent annually on these devices by 2023.

Meanwhile, assistive hearables, or connected hearing aids made available via healthcare providers, as well as directly to customers at varying price models, will mean this sector generates revenues of over $40 billion by 2022.

Their latest market study found that adoption of healthcare wearables will be driven by improvements in remote patient monitoring technology -- in addition to increased adoption by medical institutions.

Juniper forecasts that 5 million individuals will be remotely monitored by healthcare providers by 2023.

Juniper believes that the advanced ability of AI-enabled software analytics to proactively identify individuals at risk of their condition worsening will witness increased confidence among medical practitioners and regulators with regard to sensor accuracy.

As wearables become part of patients’ treatment plans, OEMs will seek to adjust their business models and generate revenues from devices being monitored.

For example, selling data produced by the devices to insurance providers. Juniper forecasts that service revenues of this nature will reach $855 million by 2023.

Outlook for Digital Healthcare Applications

However, data privacy and consent will continue to be a significant barrier. Improving healthcare systems, such as using AI-enabled software analytics, is contingent on patient data being anonymized. Some insurance providers are changing the dynamics. In order to be covered, they require a data feed from the policyholder’s device.

"It is vital that patients are made aware of how their personal data will be used. If not, making wearables a ‘must have’ to provide personalized care or receive medical insurance risks a backlash from patients and heightened regulatory scrutiny; stalling the effectiveness of remote monitoring," said Michael Larner, analyst at Juniper Research.