The analysis forecasts that the evolution of U.S. health care will result in a more than 142 percent increase in the market over the next five years.
More than 40 million personal health and wellness products are expected to have sold in 2013, a figure that will rise to more than 70 million by 2018, according to a report from the Consumer Electronics Association (CEA).
The CEA report defines the connected health and wellness market, lays out key market growth drivers and challenges, and highlights technology trends and regulatory issues.
The analysis forecasts that the evolution of U.S. health care 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.
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 said.
"The current sea change in healthcare is resulting in far more consumer-centric products and services," CEA president and CEO Gary Shapiro said in a statement. "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 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.
The 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.
"Current healthcare reform is driving demand for innovative products and services that people can manage themselves,” Shapiro continued. “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."
One indicator of the growth in the market is this year’s Consumer Electronics (CES) show in Las Vegas this week, where the annual convention will dedicate its largest footprint ever to connected health and wellness.
In addition, the Digital Health Summit conference will focus heavily on consumers' growing demand for high-tech health services, with topics such as The Bionic Man, The Radical Hospital, How Digital Health Saved My Life and Beyond Wearable – It’s Invisible, while a full-day FitnessTech conference will also highlight key trends impacting the collective multi-billion dollar sports, fitness and outdoor markets.