Health tracking tech on the rise
A recent report from research firm BCC Research has suggested that the value of the global market for self-monitoring health technology reached $1.1 billion in 2013, rising to $3.2 billion in 2014; the firm expects that this number will continue to increase dramatically, potentially reaching $18.8 billion by 2019. The devices included in the ‘self-monitoring health technology’ category include smart watches, apps, special wristbands and smartphones that function as a hub, collecting data via a combination of various health monitoring products and their own embedded sensors. Currently, consumers can track data such as steps, miles walked, calorie consumption and hours of sleep, but it is expected that as time goes on, increasingly complex and specific physiological variables will be analysed, adding to the value of the data and the devices that collect it.
“About 21 million individuals globally used their smartphones for self-monitoring their health in 2013,” said Andrew McWilliams, a research analyst with BCC. “Approximately 17 million of these … lived in the US, while the remaining four million … lived in other countries.”
BCC has also suggested that the telemedicine market could be worth $43.4 billion by 2019.