The Consumer Electronics Association (CEA) has announced the results of a new report which predicts more than an 142 percent increase in personal health and wellness product sales and software and service revenues over the next five years.
During this period, product sales and software and service revenues will see the largest growth, according to the report, generating more than $3.3 billion in revenue in 2013 and growing to more than $8 billion by 2018. While more than 40 million personal health and wellness products are expected to sell in 2013, that figure is expected to rise to more than 70 million by 2018.
CEA's report also found that 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. Moreover, 27 percent of mobile phone users would like a personalized plan to "help guide them through their journey to better health."
The report profiles leading players in 15 health and wellness markets, as well as presents key factors that are likely to affect the short and long-term success of connected health device OEMs and service providers.
"The United States is witnessing a sea-change in healthcare that is bringing about more consumer-centric products and services," states the report. "Regulators, insurers, and care providers are shifting to a patient-centered approach that engages patients as active participants in their own care management. Concurrently, new design breakthroughs, technology advances, and mass adoption of mobile consumer devices have made consumer-centric care possible in ways previously impossible."
Last month, CEA announced new research indicating that consumer interest in purchasing dedicated wearable fitness devices in the next 12 months quadrupled to 13 percent in 2013, from just three percent in 2012, making it the largest year-over-year increase for any category of fitness device.
Potential buyers of fitness technology devices expressed the most interest in capabilities such as tracking statistics like heart rate (95 percent), calories burned (94 percent) and steps taken (92 percent). According to CEA, dedicated wearable fitness devices tripled in ownership from 2012 (three percent) to 2013 (nine percent). Moreover, the group found that these devices experienced the largest gain in purchase intent (10 percentage points) compared to 2012, more than quadrupling from three percent in 2012.