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Connected Health & Wellness consumer devices market rise dramatically

ARLINGTON, USA: The Consumer Electronics Association (CEA) has released a comprehensive new report, The Connected Health and Wellness Market, enumerating the dramatic growth in sales involving connected health and wellness devices.

CEA

Spawned in union with Parks Associates, an internationally recognized market research and consulting company, the analysis predicts that the evolution of U.S. healthcare will result in a more than 142 percent increase over the next five years in personal health as well as wellness product sales and software and service revenues.

The report goes on to define the connected health and wellness market, lays out key market growth drivers and challenges and highlights important technology trends and regulatory issues. CEA’s new study also profiles leading players in 15 health and wellness markets and presents the major aspects that are most likely to affect the short and long-term success of connected health devices.

According to CEA president and CEO Gary Shapiro’s opinion: “The current sea change in healthcare is resulting in far more consumer-centric products and services. 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.”

More than 40 million personal health and wellness products are expected to sell in 2013, a figure that will increase to more than 70 million by 2018. Product sales and software and service revenues will witness the largest growth, generating more than $3.3 billion in terms of revenue in 2013 and more than $8 billion by 2018, that is.

The report found that 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 escort them through their journey towards better health.

“Current healthcare reform is driving demand for innovative products and services that people can manage themselves,” reportedly said Shapiro. Volumnising his rhetoric on these lines, further, he went on to add, that, “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.”

Knowing the growing importance of this sector, the 2014 International CES will dedicate its largest footprint ever to connected health and wellness. The Digital Health Summit conference will focus heavily on consumers’ growing demand for high-tech health services. Themes of discussion will include, viz: The Bionic Man, The Radical Hospital, How Digital Health Saved My Life and Beyond WearableIt’s Invisible. Moreover, a full-day FitnessTech conference also will highlight vital trends impacting the collective multi-billion dollar sports, fitness and outdoor markets as well.

Owned and produced by CEA, the 2014 CES, the world’s gathering place for all who thrive on the business of consumer technologies, will kickstart from January 7th and shall run till the 10thof 2014 in Las Vegas, Nevada.

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Jawed Akhtar

A Journalist by interest and a Music Enthusiast by passion. Wedded to Mother Nature, Jawed indulges his aesthetics in travelling and reading books of varied genres. Having covered News stories for top Dailies in his formative years, that is, he is game for tryst with Technology at Techmagnifier.

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