Only 8 percent of consumers purchased a fitness wearable last year, according to an Accenture survey released this week. You’d never know it from the pervasiveness of these companies at CES this week. There’s a lot of experimentation going on as these consumer health companies add more health features and health devices to increase their perceived value, but the managing director of Accenture’s healthcare business notes they still need to work on the basics, like ensuring they work.
In an emailed response to questions, Dr. Kaveh Safavi said: “One of our recent surveys found a whopping 83 percent of consumers purchasing health wearables reported difficulty using them with about a quarter (21 percent) noting the product was not working as advertised.”
Despite survey results that show only 12 percent of consumers plan to purchase a wearable fitness device in 2015, that’s expected to change in the next five years, Safavi said. About 40 percent are waiting for future product releases before purchasing in the next five years and “functionality is key.”
It expects to see a growing number of new wearable products with one or more clinical applications moving forward such as devices that collect data about blood-glucose level, heart rate and body temperature as part of a broader trend to help consumers manage healthcare needs. Patches measuring body temperature from the likes of VivaLnk and Blue Spark Technologies, a battery maker got a lot of attention at the conference.
Safavi added: “The focus on clinical healthcare products marks a change from last year when the big story was about new wearable fitness monitors. While fitness monitors introduced consumers to the potential of managing their wellness, they are ready to focus on measuring more critical health metrics. An intriguing story will be how companies balance the speed of innovation versus the regulatory requirements that need to be met to commercialize clinical products.”
In a significant shift from previous CES shows, data security had a higher profile among exhibitors this year and was also part of the conversation. That was also helped by Federal Trade Commission Chairwoman Edith Ramirez’s message to consumer health companies to do more to protect user data and secure it from hackers.
“Recent high-profile developments in the high tech world have heightened consumers’ concerns about the security of their personal data on digital devices…As the Internet of Things market continues to expand, more consumer electronics devices are delivering services that generate vast amounts of data. These converging trends are creating more demand than ever for security products and services. With close to 70 companies listed as exhibitors of personal privacy products or services, digital security and trust are key themes running throughout the show. This is only the beginning.”
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
