Health and well-being

Innovation drivers in the technology and consumer goods industry

The fact that topics such as health, hygiene and well-being have taken on a central role in everyone’s everyday life, not least due to and during the COVID-19 pandemic, is now also reflected in the market figures for the technology and consumer durables industry. These three themes have proven to be important growth drivers in the industry, with sales of products from these areas exceeding the overall market for technical consumer goods (TCG). 

According to GfK Market Intelligence, these segments reached a total value of approximately USD 51.8 billion in 2023, representing year-on-year growth of 4 per cent, while the overall TCG market declined by 2.7 per cent in full year 2023. In particular, the emergence of smart devices, personal diagnostic tools and wearable health technologies highlights the consumer trend towards products that offer both convenience and comprehensive health management.

During the COVID-19 pandemic, demand for health and hygiene products increased dramatically. While this initial increase led to market saturation, the subsequent stabilisation has set the stage for slower but sustainable growth. 

Healthcare product segments, such as those for personal diagnostics, care products and wearables, continue to perform well. Despite a slight decline in sales of 3 per cent in personal diagnostics, this technological segment continues to play a key role for consumers in terms of personal health management. Wearables, including smartwatches and fitness trackers, also grew by 5 per cent, indicating a robust market for convenient health monitoring technologies. Devices that support healthier living, such as air fryers, air purifiers, etc., grew by a total of 3 per cent by 2023.

Effective utilisation of innovations

Consumers today have different perceptions of health and well-being, focusing on physical, internal and physiological health. This wide range of consumer priorities requires a wide range of products and services. 

For manufacturers, the key to capitalising on this trend is innovation. This includes developing smart devices with health monitoring capabilities that ensure a user-friendly design. By improving the user experience and expanding the product portfolio to include areas such as baby health, sleep monitoring and women’s health, manufacturers can meet the evolving needs of health-conscious consumers in all areas.

To meet market trends and consumer needs, the future of the tech and consumer durables industries will increasingly include products that focus on health and hygiene – a trend that will require manufacturers to innovate, evolve and adapt to capitalise on the growth opportunities available. Manufacturers that align their strategies with the evolving needs of consumers will be well positioned to take the lead in this dynamic and expanding market.

Graphic Download

Source for infographic: Source: GfK Market Intelligence Sales tracking period: 2022-2023. Personal diagnostics: blood pressure monitors, digital thermometers, bathroom scales, nebulisers. Lenses & care solutions: Contact lenses, spectacle lenses, eye drops, core wearables: smartwatches, wrist sports computers, health and fitness trackers. Health appliances:light therapy, food preparation: liquefiers, juicers/presses, hypoglycaemic rice cookers, electric cooking pots with steam, steam cookers, hot air fryers, water filters, air treatment. Baby Health & Safety: Baby Monitors.Tech & Durables Health Deck 2024 -NF