Report: Boomers to drive adoption of tech-enabled health products
With baby boomers turning 65 in 2011, a shift toward patient-centric care, adoption and incorporation of mobile and social technologies and increased health awareness will lead to a personalization of health and wellness tools, according to a January report from MIT Enterprise Forum of the Northwest, one of the 27 chapters of the MIT Enterprise Forum dedicating to the advancement of technology entrepreneurs.
The report is a result of more than 50 interviews with thought leaders conducted between September and December 2010.
Four key findings were identified from the research:
Baby boomers will play a key role in the adoption of personal connected healthcare: Boomers view tech-enabled health products as a way to foster control and ongoing independence for themselves, especially in light of the rise in incidence in chronic disease with aging, and their desire to reduce costs. Nearly 56 percent of boomers show a high willingness to use in-home health monitoring devices in tandem with the care of their primary physicians.
Personal connected health is a component and enabler of a paradigm shift to a patient-centric approach: Over time, patients will potentially determine more of the composition of professional and lay stakeholders in their own health and wellness management plans, as well as choosing their own remote and mobile devices. While this shift will not be age-specific, it stands to reason that with 67 percent of boomers having one or more chronic diseases, while wanting to reduce costs and in-person doctor visits, they will be proponents of this paradigm shift.
The imminent explosion of personal health data will create opportunities for entrepreneurial problem-solvers: The historically slow mainstream adoption of personal health monitoring and services is about to accelerate due to the growth of all things mobile and wireless. For entrepreneurs, the opportunities lie between the edges of the established healthcare industry and consumer web and mobile technology.
Lasting behavioral change requires incentives and social support mechanisms: In health management, technology enablers are an easy part of the solution, and one where there is already considerable effort. For example, the FCC’s National Broadband Plan, under which $1.8 billion was granted in August 2010, will address underserved markets where high-speed web access is an issue.
“As with any marketing paradigm shift, there is potential for downside and unintended consequences,” the report noted. “Network and data security issues may lead to inappropriate use of personal data. Information from ongoing monitoring could lead to less favorable insurance coverage and rates. The most vulnerable would be placed at further risk during network outages.”
Technology disparities among consumers may lead to increases in already unequal care in rural settings and among lower socioeconomic groups, the report stated. However, personal connected health also has the potential to reduce costs, ease strain on care providers and encourage self-care and better health. Furthermore, it could promote economic value through job creation and wealth retention.
“This will occur across all age groups, though boomers as both caretakers and users will drive a major portion,” the Seattle-based organization stated.
"This is not a market that will develop quickly nor without bumps along the way,” the report concluded. “It will be critical for innovators to understand consumer needs and wants by involving end users, caretakers and care providers in product and interface design while raising and promoting security, ease and value of sharing personal information."
The report is a result of more than 50 interviews with thought leaders conducted between September and December 2010.
Four key findings were identified from the research:
Baby boomers will play a key role in the adoption of personal connected healthcare: Boomers view tech-enabled health products as a way to foster control and ongoing independence for themselves, especially in light of the rise in incidence in chronic disease with aging, and their desire to reduce costs. Nearly 56 percent of boomers show a high willingness to use in-home health monitoring devices in tandem with the care of their primary physicians.
Personal connected health is a component and enabler of a paradigm shift to a patient-centric approach: Over time, patients will potentially determine more of the composition of professional and lay stakeholders in their own health and wellness management plans, as well as choosing their own remote and mobile devices. While this shift will not be age-specific, it stands to reason that with 67 percent of boomers having one or more chronic diseases, while wanting to reduce costs and in-person doctor visits, they will be proponents of this paradigm shift.
The imminent explosion of personal health data will create opportunities for entrepreneurial problem-solvers: The historically slow mainstream adoption of personal health monitoring and services is about to accelerate due to the growth of all things mobile and wireless. For entrepreneurs, the opportunities lie between the edges of the established healthcare industry and consumer web and mobile technology.
Lasting behavioral change requires incentives and social support mechanisms: In health management, technology enablers are an easy part of the solution, and one where there is already considerable effort. For example, the FCC’s National Broadband Plan, under which $1.8 billion was granted in August 2010, will address underserved markets where high-speed web access is an issue.
“As with any marketing paradigm shift, there is potential for downside and unintended consequences,” the report noted. “Network and data security issues may lead to inappropriate use of personal data. Information from ongoing monitoring could lead to less favorable insurance coverage and rates. The most vulnerable would be placed at further risk during network outages.”
Technology disparities among consumers may lead to increases in already unequal care in rural settings and among lower socioeconomic groups, the report stated. However, personal connected health also has the potential to reduce costs, ease strain on care providers and encourage self-care and better health. Furthermore, it could promote economic value through job creation and wealth retention.
“This will occur across all age groups, though boomers as both caretakers and users will drive a major portion,” the Seattle-based organization stated.
"This is not a market that will develop quickly nor without bumps along the way,” the report concluded. “It will be critical for innovators to understand consumer needs and wants by involving end users, caretakers and care providers in product and interface design while raising and promoting security, ease and value of sharing personal information."