Fitbit Shifts Its Business Model Toward Services with Attention to Chronic Diseases

Pursuing a strategy shift similar to a number of IT companies like IBM and Cisco, health wearable companies likeFitbit are beginning to emphasize services rather than hardware as discussed in a recent article (see:Fitbit expands healthcare ambitions with new devices, subscription service). Below is an excerpt from it:Wearables company Fitbit is deepening its reach into healthcare with a new premium subscription service for users that offers coaching and personalized insights mined from the health data it collects from 27.3 million users....Fitbit executives...announced the company plans to roll out a one-on-one coaching service in 2020 to help consumers manage chronic conditions like diabetes, which puts it in competition with digital health playersLivongo andOnduo....Six in 10 adults have a chronic condition, and 4 in 10 adults have two or more chronic conditions....The cost of managing chronic diseases globally could reach $47 trillion by 2030....The company is transforming its business model from one of episodic device sales and hardware to focusing on services to support consumers' long-term health....The subscription service is part of that shift to being a services-based company,....Fitbit plans to leverage its consumer health data, collected over 10 years and 27.3 million users, to provide actionable insights on both an individual level and a population level....Fitbit's new premium subscription service will cost $10 a month or $80 a year out of pocket. I...
Source: Lab Soft News - Category: Laboratory Medicine Authors: Tags: Cost of Healthcare Diagnostics Health Wearable Healthcare Information Technology Healthcare Innovations Medical Consumerism Point-of-Care Testing Telemedicine Source Type: blogs