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.