The Health Research Institute of PricewaterhouseCoopers has issued a report, “Top Health Industry Issues of 2105,” naming the emerging market of DIY Healthcare as the #1 trend. Noting that the $2.8 trillion health care industry is undergoing a “profound transformation,” the report sheds light on how the consumer-driven market is taking shape by developing innovative products and services.
In what they call the “New Health Economy,” data shows that “high-tech personal medical kits could help diagnose illness and flag early signs of trouble…” Much of this is spurred by Millennials, the generation that has been raised on technology, and an increasingly health-conscious society. It’s also one way of potentially reducing the amount of money spent on health care, necessitated by many who are uninsured or underinsured. DIY Health Monitoring can reduce doctor visits and unnecessary testing, as well as relieve anxiety by providing immediate results in a home environment.
In the first 10 months of 2014, the FDA cleared 24 digital health devices and more devices are awaiting clearance in 2015. 2015 will also see the FDA reviewing a record number of mobile health apps “as digital companies respond to the demand for more sophisticated mHealth products.” This is good news for consumers who will have the ability to proactively manage portions of their healthcare.
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