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Friday, February 8, 2019

Wearables Set to Become Must-Haves in Hearing Care

Wearables, including hearables, health trackers, and remote patient monitoring devices, will become indispensable to health care, with $23 billion forecast to be spent annually on these devices and 5 million people remotely monitored by health care providers by 2023, according to a new report by Juniper Research. Assistive hearables, or connected hearing aids, will mean this sector generates revenues over $40 million by 2022. The research firm predicts that manufacturers of these devices will seek to adjust their business models and generate revenues from devices being monitored, such as by selling data collected to insurance providers, which will bring in $855 million by 2023. Data privacy and consent will be a significant barrier. Michael Larner, the author of this report, said it's 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," he said. The full research document is available for purchase at http://bit.ly/2Di1a3H