Best Buy digs deeper into health care tech for elderly

News

FILE – In this Aug. 27, 2019, file photo, the Best Buy logo is shown on a store in Richfield, Minn. Best Buy Co., the nation’s largest consumer electronics chain, says it plans to expand its remote monitoring services of seniors to 5 million from 1 million in five years. (AP Photo/Jim Mone, File)

NEW YORK (AP) — Best Buy Co. says it plans to expand its remote health monitoring services for seniors, including sensors that can be worn on their arms, to 5 million from 1 million in five years.

The company’s deeper push into the $3.5 trillion U.S. health care market is essential to the company’s goal of reaching $50 billion in annual revenue by 2025.

The Minneapolis-based chain says health care technology is a $50 billion market. It says that two out of three seniors live with two or more chronic conditions and many want to stay at home.

Last year, Best Buy spent $800 million on its acquisition on GreatCall Inc., which sells mobile phones and emergency response systems for the elderly.

It revealed its five-year growth plan at its investor meeting Wednesday.

Copyright 2021 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Trending Stories

Don't Miss