The connected health and wellness market is expected to increase more than 142% over the next five years in product sales and software and service revenues, according to a new report from The Consumer Electronics Association (CEA).
The comprehensive new report, The Connected Health and Wellness Market, quantifies the dramatic growth in sales of connected health and wellness devices. Created in conjunction with Parks Associates, the report defines the connected health and wellness market, lays out key market growth drivers and challenges, and highlights:
- important technology trends and regulatory issues.
- profiles leading players in 15 health and wellness markets
- presents the major factors that are likely to affect the short and long-term success of connected health devices.
Shift to Patient Centered Healthcare
“The current sea change in healthcare is resulting in far more consumer-centric products and services,” stated CEA president and CEO Gary Shapiro. “Design innovations, advancing technology and the widespread adoption of mobile devices mean consumer-centric care is now possible in ways we never imagined. Continued innovation promises to increase personalization, reduce costs and provide novel new solutions to our healthcare challenges.”
“Consumer electronics companies are paying close attention to the rise of a young, dynamic market for connected health and wellness devices. As a result, these products allow healthcare providers to engage with their patients more effectively and help consumers better self-manage their own care needs,” Shapiro said (Reuters, 1/2/14).
According to estimates from Parks Associates, device manufacturers will sell more than 40 million personal health and wellness products in 2013, a figure that will rise to more than 70 million by 2018. Other key findings include:
- through product sales and software and service revenues, the market will generate over $3.3 billion in 2013 and increase to more than $8 billion by 2018.
- 29% of mobile phone users with health problems would try an easy-to-use device to track their condition and progress towards their goals.
- 27% of mobile phone users would like a personalized plan to help guide them through their journey to better health.
The Connected Health and Wellness Market study was designed and formulated by CEA Market Research, the most comprehensive source of sales data, forecasts, consumer research and historical trends for the consumer electronics industry.