Report: FDA-Approved Digital Devices To Fuel $100B in Savings
June 5, 2015 in News
Digital health tools are poised to save the U.S. health care system about $100 billion through 2018, driven in part by a projected increase in the number of FDA-approved devices, according to a new report from Accenture, MobiHealthNews reports.
According to the report, FDA-approved digital health devices saved the health care system $6 billion in 2014, as the result of:
- Changes in behavior;
- Fewer emergency department visits; and
- Improved medication adherence.
The report projects that savings will reach:
- $10 billion during 2015;
- $18 billion in 2016;
- $30 billion in 2017; and
- $50 billion in 2018 (Comstock, MobiHealthNews, 6/4).
According to the report, FDA approval of digital health devices is expected to nearly triple, from 33 products in 2014 to 100 by the end of 2018.
The report attributes the increase in FDA approvals to:
- Higher rates of health IT adoption among providers, fueled by meaningful use requirements;
- Increasing demand for self-management of care, with the number of U.S. residents who own a wearable fitness tracker projected to grow from 22% in 2015 to 43% by 2020;
- Regulatory guidelines for low-risk devices that provided more clarity around FDA oversight and expedited regulatory pathways, which are expected to drive 30% annual growth of digital devices through 2018; and
- The transition to value-based payment models (Slabodkin, Health Data Management, 6/5).