The personal health and wellness product sales and software and service revenues in the U.S. will grow more than 142 percent over the next five years, said Consumer Electronics Association (CEA).
The growth driver will be the evolution of the U.S. healthcare.
A CEA study in association with Parks Associates said number of personal health and wellness products will grow from more than 40 million in 2013 to more than 70 million by 2018. 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 report found 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 guide them through their journey to better health.
Consumer electronics companies are paying close attention to the rise of a young, dynamic market for connected health and wellness devices. These products allow healthcare providers to engage with their patients more effectively and help consumers better self-manage their own care needs.