The pandemic changed almost everything in the way we go about our daily lives. Many of these changes are here to stay, particularly in regards to health and wellness. This special report delves into the trends that are going to propel a massive market expansion in the health and wellness arena and the opportunities they offer to entrepreneurs and others.
The pandemic had a tremendous impact on our lifestyle, from how we work, to how children learn. People were homebound and the demand for anything broadband-connected grew exponentially: entertainment, gaming, social networking, retail purchasing, food delivery, and particularly the health and wellness sector.
The growth trend in health and wellness will continue and offers great opportunities for startups or those already in this sector.
The Digital Consumer, Staying Fit and Well
During these tumultuous times, personal wellbeing took on a whole new meaning. Overnight, consumers were ordering new devices, appliances, and ingredients to bake and cook as never before. While gyms were closed, people brought the gym home! There has been a surge in exercise and home fitness equipment. This trend spilled over into related areas. For example, Samsung introduced a Smart Trainer platform on its new TVs. The feature transforms the home into a personal gym and tracks and analyzes results in real-time, just like a personal trainer.
Sharp Electronics, came out with a new line of countertop convection microwave ovens – as people are spending much more time at home and are working from home. Among the new models, several are Amazon Alexa enabled.
A Focus on Health and Home Cleanliness
COVID 19 has had a major impact on consumer awareness of home cleanliness and the air we breathe. From disinfecting robots to sensor-fulled vacuum cleaners.
A startup company, Clean Air Zone (CAZ) introduced an air purification system that destroys airborne contaminants including COVID 19 – without the use of filters or harmful by-products. Available later this year at retail, the cost will be $1,495.
LG announced a line of washing machines that have an allergen-cycle feature, which LG states will remove 95% of household allergens. It also introduced a robot that used UV light to sanitize hotel rooms, which spurred the development of a line of disinfecting robots, and UV sanitizers.
Everyday Health and Wellness
Self-awareness of personal health and wellness is and will continue to be a huge growth area. Robotic caretakers will become the norm for many seniors. Mobile robots that are voice-controlled and use AI to learn the user’s behaviors and preferences already exist. These robots can also call emergency numbers via voice command.
Another area with great growth prospects is devices that monitor health from the home. Cardiac monitoring, blood pressure, respiratory rate, lung sounds, heart sounds, heart rate, temperature, and oxygen intake – all personalized with the user’s height, weight, age, gender.
New fitness trackers, smartwatches, and smart rings will monitor EKG, blood oxygen levels, and blood pressure. New, internet-connected hearing aids and so on. All due to the pandemic.
Public Spaces and Masks
Face coverings will most likely be with us one way or another for some time. With this trend comes new innovation in masks and face-wear.
Smart masks that will be transparent and feature active ventilation to circulate and filter the air. These masks will also contain built-in microphones and amplifiers to make speech clearer. There will be masks that monitor breathing patterns from inside the mask and provide information on air quality outside the mask.
There is a mask that is transparent and incorporates two tiny fans that both circulate and filter the air, and a UV light to automatically disinfect the mask.
If we learned one thing from the pandemic is that consumers are going to play a pivotal role in their own health and wellness going forward. ‘HealthTech’ is the new term to describe this trend – which has tremendous potential for entrepreneurs, as well as, established businesses.
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