What is the fate of our health and wellness in a time when health is a worldwide crisis? While we remain in the throes of a pandemic, significant shifts in the tech space suggest positive strides for consumer health and wellness in the long-term.
With a level playing field of all consumers managing their health from home, the Consumer Technology Association projects a 4% rise in health and fitness tech devices, set to reach $8.4 billion in revenue this year. We’re happy to see that with this growth, comes a welcome shift where the tech industry is doubling down on strategies that make health and wellness more impactful than ever.
This includes things like:
- Investing heavily in virtual care makes it a long-term, life-saving option. There’s no going back to the days when virtual care was hard to come by, as proven by the $18.5 billion merger between Teladoc Health and Livongo that combines the respective virtual health goliath and fast-growing chronic care management platform. The merger emphasizes the importance of maintaining care for health concerns and chronic conditions regardless of ability to visit a physical location – a lack of which contributed to a rise in deaths due to untreated and exacerbated chronic conditions amidst COVID-19, according to JAMA Network.
- Prioritizing disease tracking puts health tech startups at the forefront of virus mitigation. Some of the fastest tech responses to COVID-19 came from startups who have powerful, research-backed technology that has the potential to change outcomes of health crises. From Kinsa’s smart thermometers with anonymized data aggregation to track illness spread to Everlywell’s at-home lab testing kits for COVID-19 and ongoing health management, we can expect to see more and more young companies emerging to change the face of health and wellness at scale.
- Price-cutting over product expansion improves accessibility. The cult favorite stationary bike, Peloton, saw 10+ week wait lists for in-home delivery and a steady 1-million-person subscriber base since the start of the year. Instead of its original expansion plans, the company most recently overhauled pricing models, as CEO John Foley said, “The idea that this is only accessible to rich people is obviously nails on a chalkboard for me as a business leader, as a human, and as an American.”
The Consumer Technology Association (CTA)® U.S. Consumer Technology One-Year Industry Forecast finds that shipments of health and fitness technologies, such as smartwatches, fitness activity trackers and connected health monitoring devices, are projected to rise to 58 million units in 2020, up 4% compared to the previous year and reaching $8.4 billion in revenue.