Healthcare Industry Driving $60B in Spending for Wearable Tech by 2023

An arm wearing an Apple Watch again an off-white backdrop.

As 2020 rapidly approaches, the healthcare industry is becoming more and more immersed within the tech industry. Particularly when it comes to wearable tech. According to a Juniper Research report, the healthcare industry, collectively, will spend upwards of $20 billion annually, mainly on remote patient monitoring devices within wearable products.

The major contributor for spending and investing into wearable technology for health-based purposes is due to the rapid progress by artificial intelligence, and the capacity to proactively obtained patient data, and implement health-based measures to help mitigate potential life-threatening circumstances from occurring through the monitoring capabilities of wearable devices.

Of course, when you’re dealing with wearables, coupled with shared patient data, that adds an extra layer of liability, among other security concerns that patients / consumers, and wearable product manufacturers will need to resolve to avoid any potential compromises to security.

The fact of the matter is that consumer data is valuable. Very valuable. And the more integrated our personal data becomes with the products we choose to consume (and now wear), the more likely such data is targeted by fraudulent activity, hackers, and more.

Because of these very valid security and consumer data protection concerns, regulators are being faced with some pretty hard decisions. On the one hand, we have the added benefit of wearable tech monitoring our health, transmitting data to a corresponding medical recipient to immediately implement automated, preventative measures in the event of a health emergency, to avoid potentially compounding health risks that could lead to hospitalization, and / or worse. On the other hand, we have the very real threat of data breaches, fraud, and identity theft, and more, that’s only growing as tech becomes more immersed and integrated within our lifestyles. It’s nothing short of weighing the pros & cons, and hopefully making the right decision on behalf of patients and consumers alike.

So what’re your thoughts about the pros & cons of wearable tech for healthcare purposes? Are you excited about the preventative benefits it provides? Or does it concern you that your personal data may be shared through wearable devices, and the manufacturers that produce them? Let us know your thoughts by signing off in the comments below.

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