Description: The United States is witnessing a sea-change in healthcare that is bringing about more consumer-centric products and services. Regulators, insurers, and care providers are shifting to a patient-centered approach that engages patients as active participants in their own care management. Concurrently, new design breakthroughs, technology advances, and mass adoption of mobile consumer devices have made consumer-centric care possible in ways previously impossible. Consumer electronics companies have taken note; the result is the rise of a young but very dynamic market for connected health and wellness devices that help care providers better engage their patients as well as assist consumers with their self-care needs.
According to estimates from consultancy Parks Associates, device manufacturers will sell more than 40 million personal health and wellness products in 2013, a figure that will rise to more than 70 million by 2018. Through product sales and software and service revenues, this market will generate over $3.3 billion in 2013 and increase to more than $8 billion by 2018.
This white paper defines the connected health and wellness market, lays out key market growth drivers and challenges, and highlights important technology trends and regulatory issues. It profiles leading players in fifteen health and wellness markets. The paper presents key factors that are likely to affect the short and long-term success of connected health device OEMs and service providers. Additionally, this paper presents Parks Associates’ forecasts of personal health and wellness device unit sales and revenues.
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