Best Buy digs deeper into health care tech for elderly

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.