CEA forecasts personal health-and-wellness product market will reach $8 billion in sales by 2018
ARLINGTON, Va. — The Consumer Electronics Association on Thursday forecast that the evolution of U.S. healthcare will result in a more than 142% increase over the next five years in personal health-and-wellness product sales and software and service revenues.
As part of a new report, titled "The Connected Health and Wellness Market," CEA quantified the growth in sales of connected health and wellness devices.
“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.”
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% 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,” Shapiro said. “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.”