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July 7, 2015

Parks Associates to address wearables market at second-annual Connected Health Summit: Engaging Consumers

Nine percent of U.S. broadband households to buy a smart watch in 2015

Parks Associates today announced 2015 wearables research showing over 40% of smart watch shoppers plan to spend $100-$250 on the device, with over 60% of these consumers planning to use this wearable for fitness applications. Parks Associates will address the rapidly growing smart watch and wearables market and its role in the digital health markets at the second-annual Connected Health Summit: Engaging Consumers, September 9-10, in San Diego.

“The price point of $100-$250 is roughly equivalent to a high-end fitness tracker,” said Harry Wang, Director, Health and Mobile Product Research, Parks Associates. “Currently 9% of U.S. broadband households plan to buy a smart watch in 2015, so we are in the early stages in the likely merger of smart watch and fitness tracker product categories. Fitness applications are the most popular use cases for smart watches, but music and weather applications are also popular, showing consumers value the multifunctional quality of the smart watch.”

Connected Health Summit provides industry players with in-depth analysis on connected healthcare for multiple industries, including innovative engagement strategies with consumer-facing health devices and apps. Jennifer Kent, Director, Research Quality & Product Development, Parks Associates, will moderate the session “Integrating Wearables for Consumer Care” at 3:00 P.M. on Wednesday, September 9. The panel focuses on new entrants in the health wearables space and the opportunities for care providers and payers to leverage consumer interest in wearables to bring about better health outcomes.

“The smart watch is a key entry in the connected health market, which is rapidly becoming more oriented toward the end user,” Kent said. “The adoption rate for connected health devices among U.S. broadband households increased from 24% to 27% over the last year, opening the door for connected device manufacturers as well as service providers to take advantage of the growing consumerization in healthcare.”

In his keynote address “Mobilizing Healthcare,” Steve Burger, Area VP of Business Development & Connected Health, Internet of Things (IoT) Organization, AT&T, will discuss the shift to a consumer-driven care model and solutions that will make it easier for healthcare professionals, caregivers, and everyday people to manage health and wellness. Additional keynote speakers include executives from Kaiser Permanente and Humana.

The Parks Associates research Smart Watch and Beyond: New Mobile Experiences shows 16% of smart watch shoppers plan to spend $350 or more on the device, which is the price range for the recently released Apple Watch. Those planning to purchase a high-end smart watch want a device independent of a smartphone—nearly three-quarters of those planning to spend more than $500 would only buy a smart watch if it worked without a smartphone.

Registration to the Connected Health Summit is open, and media are invited to secure press passes. Sponsors include Care Innovations, Higi, MDLIVE, Alarm.com, Lowe's, Z-Wave, and the National Sleep Foundation.

For more information visit, www.connectedhealthsummit.com. Follow the conference on Twitter at @CONN_Health_Smt and #ConnectedHealth15. To schedule a meeting with an analyst or speaker, contact Holly Sprague at hsprague@gmail.com, 720.987.6614. 

About Connected Health Summit: Consumer Engagement and Innovation

Connected Health Summit, hosted by international research firm Parks Associates, is an executive conference focused on the impact of connected devices and IoT healthcare solutions on consumers at home. In its ninth year, Connected Health Summit brings senior industry leaders together from all aspects of the consumer experience ecosystems to provide insights on new business models, IoT technologies, consumer behaviors, and deployments relevant to consumer healthcare solutions.

The conference features Parks Associates quarterly consumer readdresses opportunities for new solutions in the care giving and senior markets and the wellness markets. This includes smart home platforms, on-demand services, voice assistants, and wearables, to empower consumers, caregivers, and providers and to meet the growing demand for services in independent living, chronic care management, remote access to care, and wellness and fitness solutions. www.connectedhealthsummit.com

Follow the event on Twitter at @CONN_Health_Smt.