Consumers are buying more connected monitoring devices, spurred by the COVID-19 pandemic, and it's a trend that's expected to ramp up through 2021.
U.S. tech industry revenue will reach a record-breaking $487 billion in 2021, a 7.5% jump year over year, according to the Consumer Technology Association (CTA), driven by unprecedented consumer demand and new technology on the horizon.
“As the country reopens, tech will continue to play a central role in people’s lives, from use of smartphones to upgrading automotive tech,” said Rick Kowalski, director for industry analysis and business intelligence at CTA, in a statement. “With apparel sales on the rise, wearable technologies like smartwatches and wireless earbuds are also making gains. Technology is now an integral part of the modern wardrobe."
Here are eight signs of growth in the consumer health tech market:
- Total revenue of health and fitness tech will reach $13 billion in 2021, 12% growth over last year.
- Shipments of connected health monitoring devices such as smart thermometers, pulse oximeters and blood pressure monitors will grow to 13 million units, up 23%, and earn $740 million in revenue, a 17% jump.
- With demand for products such as Peloton and MYXfitness soaring, roughly 1.5 million units were shipped in 2020, and in 2021 the devices will cross 2 million, a 43% rise. The market will earn $3.9 billion, a 40% increase over 2020.
- Virtual reality and augmented reality hardware return to growth in 2021 following a pause in 2020 caused by widespread disruption to the global supply chains. VR shipments will grow 30% to reach 2.7 million units. Total revenues for the VR and AR hardware shipments will cross more than a billion dollars, a 34% increase.
- Smartwatches will grow 8% in unit shipments, driven by tech-savvy and fashion-conscious consumers.
- With growing demand for smart speakers and home robots, CTA projects that more than 100 million smart home devices will ship in 2021, up 11%, holding flat on revenue, with $15 billion.
- Looking at the global market, the connected health and wellness devices market is expected to reach $612 billion by 2024, according to Grand View Research Inc.
- Health apps, including both medical and fitness apps, are seeing rapid adoption. The health app market will reach $149 billion by 2028 and is expected to register a CAGR of 17.7% over the forecast period, Grand View Research data show.