A health and wellness technologies i
Picture from Pexels In 2018, a report from the Global Health Institute showed that the global health economy was worth US$4.5 trillion, with an average growth rate of 6.5%—almost twice the global economic growth rate. The market value of the traditional health industry was nearly US$12 trillion. Antegrate with our daily lives and habits, they create vast amounts of data about our daily lives—more than 335 petabytes per month, to be exact. Nearly every brand and organization with a stake in the health and wellness industry — insurance companies, FMCG, pharmacies, tech startups and healthcare providers, to name a few — is racing to tap into this wealth of data. To help brands understand the attitudes, expectations, and friction points emerging in this evolving space, my company, Kaleido Insights, teamed up with my friends at Reach3 and Rival Technologies, along with Matt Kleinschmit, around the quarantine era .
Digital Health & Wellness conducted a survey with Reach3 In and founder Andrew Reid. We surveyed 1,000 adult U.S. citizens across four generations. A recording of the webinar is now available. Here are some key takeaways: 1. There is still a massive multi-billion dollar opportunity for brands interested in entering this market. According to our research, 39% of Americans are interested in adopting India Car Owner Phone Number List health-related devices and 32% are interested in adopting health-related apps. Fitness and nutrition-oriented devices and wearables top the list, followed by sleep monitoring systems, mental health trackers and other smart devices such as scales and watches. Digital Health Devices: Current usage and interest are up across all categories Digital Health Devices: Current usage and interest are up across all categories These innovations are just the beginning .
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There are many opportunities for brands to create multi-billion dollar industries. For example, 34% of consumers want to know how accurately life expectancy is predicted by technology companies. So, what does this mean for your brand? Gaining ongoing customer insights to track unmet needs will be key, the spokesman said. “Digital health and wellness is evolving dynamically,” Matt reiterates. "New tools are needed to grasp how these perceptions and behaviors are changing rapidly changing perceptions and needs." When it comes to personal health data, who do consumers trust? 2. Consumer trust is non-negotiable for all companies — especially Big Tech. More than half of Americans say they would never trust a Big Tech company with their personal health data. However, 59% also said having control over their personal health data would increase their trust in the organizations holding their data. Therefore, before launching any new health and wellness technology or service, brands need to measure their relationships with consumers to understand their level of trust. As part of the study, we asked people to rate their perceptions of various health and wellness-related organizations such as family doctors and start-up technology companies .
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