The home health care/aging-in-place technology category was listed as a Top 10 Emerging Trend back in 2012. The opportunity for integrators in this category seem to be staggering, but according to the most recent CE Pro readership study, only 11 percent of dealers plan to pursue the category.
But according to “The Connected Health and Wellness Market” report from Consumer Electronics Association (CEA) and Parks Associates, integrators shouldn’t give up on the category just yet. The CEA says the growth of health care in the United States 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.
More than 40 million personal health and wellness products are expected to be sold in 2013, a figure that will rise to more than 70 million by 2018, according to the study. 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 current sea change in health care is resulting in far more consumer-centric products and services,” says 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 health-care 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 toward 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 health-care reform is driving demand for innovative products and services that people can manage themselves,” says 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 health-care providers to engage with their patients more effectively and help consumers better self-manage their own care needs.”
From the article, "Home Health Devices & Services to Generate $8B by 2018."
