Talkin’ Bout Big Bucks: Wireless Health and Fitness Device Market to Hit $1.8B by 2019

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Even though the year has just begun, financial predictions are already out for the wireless health and fitness device market. According to a recent article published in mobihealthnews, Juniper Research, a UK-based online and digital research firm, is predicting revenues of $320 million by the close of 2015. While this number is certainly promising, the real “head turner” is the four to five year outlook: Juniper also foresees a sixfold increase from 2015 to 2019, with the market reaching a whopping $1.8 billion in annual revenues.

With these statistics out in the open, there’s no denying that a wireless health and fitness device “explosion” is upon us. As far as the experts are concerned, however, there are a few key points to keep in mind as the healthtech arena moves forward. In order to succeed, says connected fitness and health author James Moar, a market shift from hardware to software must occur: “People want to interact with the devices at the app level [beyond merely collecting biometric data]. Because of this, and the omnipresence of sensors, the importance of the hardware will diminish at a much faster rate” than other segments of the consumer electronics market.

Juniper predicts that major growth in the wireless health device market will be driven by the “freemium model,” or a paradigm that offers a basic app and (potentially) device for free and then charges for more sophisticated add-ons. Consumers will be able to track personal fitness and health data for free, but will pay for apps and services that go a step further—interpreting and analyzing the data to make it meaningful. In all, 12.9 million users are predicted to be engaged with these paid service platforms by 2019—will you be one of them?

For more information on key findings, check out Juniper Research’s full press release here!

SOURCES: mobihealthnews and Juniper Research 

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