Connected Health and Wellness Devices Market: Rising prevalence of chronic and lifestyle-associated diseases is contributing to the market growth
Connected health also called as technology enabled care (TEC), involves the use of digital media, mobile devices, and health technology. The objective is to maximize healthcare resources and enable care givers, healthcare professionals (HCPs) and patients to easily access data, information and improve the outcomes and overall quality of healthcare as well as social care. Connected health uses technology to provide patient care outside the clinics or hospitals. It includes programs in remote care like home care, lifestyle & disease management and telehealth and often leverages prevailing technologies like connected devices in improving chronic care.
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The market for connected health and wellness devices is growing significantly across the globe. The connected health and wellness market growth is primarily due to the cost effective solutions it is able to provide to the end users. Rising prevalence of chronic and lifestyle-associated diseases is contributing to the growth of connected health and wellness devices market. The rise in the cases of these diseases has led to growing health care awareness and shifting of population preference towards a healthy lifestyle. This in turn has boosted the demand for various health and wellness devices due to rising need for continuous monitoring of individual health in diseases such as diabetes, and hypertension. Increasing population of smartphone and tablet users supported by proliferation of health apps is also a major driver for the growth of the market. Additionally development of healthcare ‘bio-sensing’ wearables, like glucose sensors and digital blood pressure monitors and incorporation of range of sensors in smartphone which monitor changes in physiology are expected to boost the demand for these devices in the near future. Government and various international organizations across the globe are being involved in various initiatives undertaken to increase the awareness about monitoring devices. However, the growth of the market could be hampered due to concerns about issues related to reliability, quality, data overload, security and privacy.
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The global connected health and wellness devices market is segmented based on product type, end user type and by geography. In terms of product type, connected health and wellness devices market is categorized into personal health products and wellness products, services and software. Based on end-users, the market is segmented into long-term care centers, hospitals, and others.
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Geographically global connected health and wellness devices market is segmented into North America, Europe, Asia Pacific, Latin America & Middle East and Africa. North America is expected to account for the largest share of the market followed by Europe. The major share of North America is due to factors like high awareness levels among the population, well-established health care infrastructure, and widespread internet coverage across the region. Asia Pacific is expected to grow at a significant rate due to rising middle class population with increased disposable incomes, growing demand for wearable monitoring health care devices, and development of health care infrastructure across the region are some of the key factors driving the Asia Pacific market. In addition, increasing adoption of virtual healthcare systems like e-health, m-health, and tele-health applications is anticipated to contribute to the growth of the market during the forecast period.
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To maintain a significant position in the market the key players in the global connected health and wellness devices market are operating strategies such as mergers and acquisitions, cost effective and efficient products, collaborative partnerships etc. The major players reported in the market include Fitbit, Inc., Omron Healthcare, Inc., GE Healthcare, Inc., McKesson Corporation, Apple, Inc., Draeger Medical Systems, Inc., Masimo Corporation, Philips Healthcare Company, St. Jude Medical, Inc., Garmin International, Inc., Aerotel Medical Systems Ltd., Medtronic Plc., Microlife Corporation, Body Media Inc., and AgaMatrix, Inc.
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