The market research firm Parks Associates has released their analysis of the market for consumer digital health products. They found that “health consciousness” is a predictor for consumer demand for such devices. Their research leads them to break it down into four large segments, which they list in order of potential to purchase digital health products.
Healthy and Engaged: These consumers are health conscious but do not have any chronic conditions. The average age is about 40. They tend to eat well and exercise regularly, and they have above average incomes.
Challenged but Mindful: These tend to be older, often without children living at home. They have chronic conditions, but are health conscious and make an effort to exercise and eat well.
Unhealthy and in Denial: This is the largest segment by a small margin. They are not health conscious, in spite of having chronic conditions. They tend to have lower incomes on average, and do not exercise regularly.
Young and Indifferent: Least likely to purchase digital health products, this group tends to have the lowest income and be the youngest segment. They are healthy in spite of their lack of exercise and diet choices.
This analysis is interesting because it indicates that “shiny” is not enough to win in this market. To attract buyers in the top two groups, manufacturers are going to have to deliver bang for the buck. They will have to show how their products will help their customers lead healthier lives.