Health and Well Being is a Key Focus for Consumers

by Parks Associates | Aug. 12, 2020

The outbreak of COVID-19 has had a significant impact on the fitness and wellness market – due to social distancing and shelter in place orders, and with many gyms closed, a large percentage of consumers have been looking for alternative workout solutions. Our latest research shows that between Q1 2019 and Q1 2020, intention to purchase a smart watch rose from 13% of US BB Hhs to 20% of US BB Hhs.

Over the past several years we’ve seen new innovations in technology that have ignited the imaginations of many, with consumer wellness devices increasingly encroaching into the medical space by monitoring an increasing number of vital signs.  The most notable additions to date including high and low heart rate notifications, EKG detection of abnormal heart rhythms, and blood pressure monitoring. With an ongoing pandemic situation, the ability to track these metrics and be notified in the case of abnormalities may be extremely valuable to many.

Tech giants in the consumer space are also beginning to make inroads into the medical market helping push the medical device market forward.  COVID-19 has accelerated many emerging solutions in the healthcare space, especially use and familiarity of telehealth services, and we anticipate increased use of medical devices in the short and near team, ultimately leading towards long-term increased usage.

As consumers integrate connected devices and services ever more deeply into their lifestyles, they bring the same expectation and desire to their health and well-being. We anticipate more changes to come in 2020 as consumers adapt to being at home more, consider new ways to exercise as a result off limited gym time, and pay closer attention to medical issues.

Join us at the Connected Health Summit, where industry leaders can connect, share insights, and discuss the immediate, near-term, and long-term impact of COVID-19 on the consumer healthcare market.

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