U.S. consumers are beginning to use wearable devices to track and collect their personal health data. Over time, we will see more of a willingness to share that data with healthcare providers and intermediaries. Jennifer Kent, the Director of Research Quality & Product Development at Parks Associates, noted “Monetary rewards are generally considered among the strongest incentives to generate consumer response, but the majority of connected health consumers are not ready to share their data in exchange for discounts on services or products at this time.”
Parks Associates produced a report analyzing the adoption and use of Internet-enabled healthcare and fitness devices. The report, titled Digitally Fit: Products and Services for Connected Consumers, covers an array of topics including privacy concerns as a potential inhibitor to smart health device adoption and the extent to which privacy guarantees can alleviate such concerns. Here is a snippet of the report:
50% of U.S. broadband households use an online health tool to communicate with their doctor, access personal health data, or fill prescriptions.
42% of digital pedometer owners are willing to share their personal health data in exchange for a health insurance discount.
35% of smart watch owners are willing to share their personal health data in exchange for a health insurance discount.
26% of consumers with a sleep quality monitor are willing to share their personal health data in exchange for a health insurance discount.
19% of smartphone owners find a master health app that aggregates data from all health apps very appealing.
35% of consumers in U.S. broadband households are very concerned that their personal health information will not remain confidential.
The research team at Parks Associates noted that global revenues from connected fitness trackers is expected to increase from over $2 billion in 2014 to $5.4 billion by 2019 and that smart watch sales will exceed 100 million units in 2019.
The full report can be found here.
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