BCC: Global self-monitoring health technology market is expected to reach $18.8 billion in 2015

BCC research says the global market for self-monitoring health technologies was worth $1.1 billion in 2013, reaching $3.2 billion in 2014, and is expected to reach $18.8 billion by 2019.

The BCC study defines self-monitoring health technologies as products that allow consumers to monitor their own health. Devices in this category include wristbands, smart watches, and smartphone apps, with smartphones acting as hubs, collecting data from health monitoring products and their own built-in sensors. BCC also mentioned hub products such as Apple's HealthKit platform and Google Fit.

BCC explained that currently, self-monitoring devices on the market can help consumers track steps, miles walked, stairs climbed, calories burned, sleep time, etc. But in the future, these devices will track more physiological variables, and the data will be more useful to consumers.

The research firm also found that the number of smartphone users who downloaded at least one health app doubled between 2011 and 2012. As health apps become more user-friendly and mobile technology expands to people in remote areas, this trend will accelerate.

BCC research analyst Andrew McWilliams said that in 2013, there were approximately 21 million users worldwide who used smartphones to monitor their health. Of these users, approximately 17 million (83%) were in the United States.

He added that the annual growth rate of smartphone self-monitoring in the United States is about 27.9%, while the growth rate in other countries will be even higher, reaching 57.3%. At this rate, the number of self-monitoring will reach 60.6 million from 6.3 million in 2014.