A recent Forbes article noted that wearable device technology sales could be near $34 billion dollars by 2020 and hitting close to 14 billion in 2016. If you happened to visit a Best Buy recently, you will notice there is almost a whole isle dedicated to wrist-based wearable tech. Fitbit and Garmin seem to be the major stake holders at the moment but I was surprised to see several brands showcased that I have not heard of. Witnessing a major technology chain provide prime shelf space to wearable tech is a good sign that this market is not slowing down anytime soon.
What does this mean for companies startups like Zendoks? We completely understand the value that wearable tech can provide to both the end-user and care givers (doctors, health coaches, etc) alike. A recent study showed that many users that buy a wearable device tend to not use it after a few months. This makes sense; in fact I had a similar experience when I purchased my first Fitbit. Once I had a grasp on what my 10,000 steps a day felt like, I relied less on technology to tell me and started to listen to my body. But this really only makes sense when counting steps. As more advanced means becomes available, we will need to rely on technology to measure and assess if needed.
So what does wearing these devices and generating all of this data do for us? On a daily basis, I feel that our devices act more as a pneumonic device, constantly keeping our fitness and health in the forefront of our conscience. In the long term, we really start to turn data into actionable information. Not just for ourselves, but for our care providers as well. We've all been there in our follow up doctors visit trying to recall information from weeks or months ago with little success. Platforms like ours can really fix that problem by taking your memory out of the equation and using technology to help store and share that data for you. The provider is then receiving extremely accurate information over a length of time and you in turn will receive better care.
As the new year approaches, we look forward to growing our amazing platform. We are excited for the growing wearable technology market for this is really just the tip of the "iceberg". Zendoks will continue to adopt and innovate as we see digital health grow and adapt to new technology trends. "The future belongs to those who believe in the beauty of their dreams" - Eleanor Roosevelt.
Zendoks can help you transform your practice in a way that will allow you to easily adopt digital health. As the U.S. healthcare system is potentially transforming once again from our latest elections, the industry is looking towards digital health to help decrease costs and increase efficiencies. Here are six reasons why digital health is growing and coming of age...
A large portion of the population has seen their deductibles soar recently. Some estimates see that number more than 5 fold in the last 10 years. This causes consumers to become more aware of healthcare costs and demand higher-value services.
Digitization of Data
Since the HITECH act has come into play, practices have been forced to implement electronic health records. EHR data provides a new opportunity for deeper health analytics, a centralized platform for provider/patient interactions, and new technology opportunities that may have not been available or too expensive to adopt previously.
Increased Awareness of Value-based Medicine
Medicare has recently been pushing a large focus on healthcare outcomes. This shift from focusing just on procedures has created an environment for care providers to give higher quality healthcare at lower costs. Many consider the current fee-for-service model unsustainable because of the incentive to drive higher volume and pricing without sufficient correlation to the quality of outcomes.
The high adoption rates of powerful smartphones and wearable devices has created opportunities to collect actionable data that in turn creates valuable information.
Higher Adoption and Interaction
Care providers from all medical backgrounds are continually adoption technology. Often driven by consumer demand through the use of smartphones and wearable devices. Care providers are now seeing how easily communication and insights can be maintained outside of the office.
Large Companies and New Startups are Innovating
Many large corporations are adopting digital health technology to help their businesses. Startups (like Zendoks) are developing software platforms to help the transition into our digital health future by making it easy and cost effective to help provide better outcomes to patients.
Digital health is just starting to revolutionize healthcare. As this phenomenon grows, we will see diagnosis, prevention and treatment more widely accessible at a fraction of the cost. We are on the dawn of a revolution that will take years to mature. Are you ready?