CEA Releases Report on Rise of Connected Health and Wellness Consumer Devices Market
The Consumer Electronics Association (CEA)® today released a comprehensive new report, The Connected Health and Wellness Market, quantify...
The Consumer Electronics Association (CEA)® today released a comprehensive new report, The Connected Health and Wellness Market, quantifying the dramatic growth in sales of connected health and wellness devices. Created in conjunction with Parks Associates, an internationally recognized market research and consulting company, the analysis forecasts that the evolution of U.S. healthcare will result in a more than 142 percent increase over the next five years in personal health and wellness product sales and software and service revenues.
“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.”
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. CEA’s new study 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,” said 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. 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 percent 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 percent 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,” said 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 Digital Health Summit conference will focus heavily on consumers’ growing demand for high-tech health services. Topics of discussion will include: The Bionic Man, The Radical Hospital, How Digital Health Saved My Life and Beyond Wearable – It’s Invisible.