The global market for self-monitoring health technologies reached $1.1 billion in 2013 and nearly $3.2 billion in 2014, according to a report from research firm BCC Research. This number will grow to $18.8 billion in 2019.
BCC Research defines self-monitoring health technologies as offerings that allow consumers to monitor their own health. Devices in this category include wristbands, smartwatches, smartphone apps, and smartphones that act as a hub and collect data from health monitoring products as well as from their own embedded sensors. The hubs that BCC Research mentions could refer to offerings like Apple's HealthKit platform and Google Fit.
BCC explains that current self-monitoring devices on the market help consumers track steps, miles walked, floors climbed, calorie consumption, and hours of sleep. But, in the future, these devices will track additional physiological variables, which will make the data even more useful for consumers.
The research firm also found that the number of smartphone users who downloaded at least one health-related app doubled between 2011 and 2012. And as health applications become more user friendly and cellular technologies expand their reach to remote populations, this trend will accelerate.
“About 21 million individuals globally used their smartphones for self-monitoring their health in 2013," BCC research analyst Andrew McWilliams said in a statement. "Approximately 17 million (81 percent) of these individuals lived in the US, while the remaining 4 million (19 percent) lived in other countries.”
He added that the number of US smartphone self-trackers is expected to grow at a CAGR of 27.9 percent from 2014 to 2019 and the number of smartphone self-trackers in other countries is expected to grow at a a CAGR of 57.3 percent, from 6.3 million in 2014 to 60.6 million in 2019.
In October 2014, BCC reported that the telemedicine market, which according to the company is comprised of “telehospital” and “telehome” technologies, is expected to reach $43.4 billion by 2019 with a compound annual growth rate of 17.7 percent.
