ARLINGTON, Va. — The growth of healthcare in the United States will result in a more than 142% increase in next five years in personal health and wellness product sales and software and service revenues, according to a new report released by the Consumer Electronics Association (CEA).
Titled “The Connected Health and Wellness Market,” lays out key market growth drivers and challenges, as well as highlights technology trends and regulatory issues. CEA’s new study, produced in conjunction with Dallas-based research firm Parks Associates, also profiles leading players in 15 health and wellness markets and presents the major factors that are likely to affect the short and long-term success of connected health devices.
“The current sea change in healthcare is resulting in far more consumer-centric products and services,” says 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.”
More than 40 million personal health and wellness products are expected to sell in 2013, a figure that will rise to more than 70 million by 2018, according to the study. Product sales and software and service revenues will see the largest growth, generating more than $3.3 billion in revenue in 2013 and more than $8 billion by 2018.
The report found 29% of mobile phone users with health problems would try an easy-to-use device to track their condition and progress towards their goals. Additionally, 27% of mobile phone users would like a personalized plan to help guide them through their journey to better health.
“Current healthcare reform is driving demand for innovative products and services that people can manage themselves,” says Shapiro. “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.”
Recognizing the growing importance of this sector, the 2014 International CES will dedicate its largest footprint ever to connected health and wellness. The co-located Digital Health Summit conference will focus heavily on consumers’ growing demand for high-tech health services. The conference will be held Jan. 7-10 in Las Vegas.
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