According to Report, the global connected health and wellness solutions market size is predicted to rake around USD 186.10 billion by 2030 and registering a CAGR of 20.0% from 2022 to 2030.
According to Report, the global connected health and wellness solutions market size is predicted to rake around USD 186.10 billion by 2030 and registering a CAGR of 20.0% from 2022 to 2030.
Growth Factors:
The demand for wearable medical devices and remote patient monitoring systems is anticipated to increase over the forecast period due to the shifting consumer preferences towards a healthier lifestyle thus driving the connected health and wellness solutions market growth. In addition, the increasing incidences of lifestyle-associated diseases requiring continuous health monitoring are expected to lead to an upsurge in the demand for connected health devices over the forecast period.
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An increasing number of individuals afflicted with chronic illnesses create the demand for disease management & continuous patient monitoring tools, thereby boosting the demand for connected health devices. These devices are connected to electronic patient health records and provide access to the required health information during the course of the treatment. Technology is bringing down medical costs and increasing accessibility to more individuals. High-speed internet and favorable government initiatives have also contributed to the rapid growth of the market. Personalized healthcare can offer solutions to chronic health problems.
There is a growing trend of telemedicine services as governments around the globe restricted citizens to avoid movement outside their homes. As the whole concentration of hospitals is on treating COVID-19 patients, individuals are discovering new ways to monitor their health and only approach doctors in case of emergencies. Thus, the sales of smart wearables, specifically, smartwatches, have improved in the last few months. The pandemic could lead to a permanent development in the practice of numerous connected healthcare products and services.
Highlights of the Report:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the market.
- Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market
- Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
- Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market
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By Product Analysis
The software & services segment accounted for the largest revenue share of more than 46.0% in 2021. The high growth is credited to the incorporation of the value-based healthcare delivery system.
The rising number of online subscriptions and downloading of health information as a result of the increased health consciousness among individuals are additional factors expected to propel the segment growth in the next seven years.
The wellness products segment is expected to exhibit the fastest growth rate over the forecast period. Better health, possibly the most traditional type related to wellness, ranges beyond medicine and supplements to comprise consumer medical devices together with personal-health trackers are the factors driving the segment growth.
By Application Analysis
On the basis of applications, the global market for connected health and wellness solutions has been further categorized into diagnosis & treatment, wellness and prevention, monitoring, and others.
The wellness and prevention application segment accounted for the largest share of more than 42.5% of the global revenue in 2021. The segment is estimated to expand further at the fastest growth rate of around 20% retaining the dominant market position during the forecast timeline.
The increasing popularity of digital health trends can also support the overall growth of this segment. In January 2022, OMRON Healthcare, Inc. introduced remote patient monitoring services with advanced mobile apps and connected Blood Pressure (BP) monitors globally.
By Function Analysis
On the basis of functions, the global market has been further divided into clinical monitoring and telehealth. The telehealth function segment dominated the market in 2021. It accounted for the maximum share of more than 55.0% of the global revenue in the same year.
The segment is estimated to expand further at the fastest growth rate retaining its dominant position during the forecast period. This high growth can be attributed to the fact that the adoption of telehealth services is constantly increasing.
Rapidly developing healthcare infrastructure and a rise in healthcare spending in emerging economies are also among the major factors expected to propel the growth of this segment.
By End-user Analysis
On the basis of end users, the global market has been further segmented into home monitoring and hospitals & clinics. The hospitals & clinics segment dominated the market in 2021 and accounted for the largest share of more than 54.5% of the global revenue.
Increased implementation of digital health technologies by hospitals in various countries across the globe is augmenting the growth of the hospitals & clinics segment. On the other hand, the home monitoring end-user segment is anticipated to register the fastest growth rate during the forecast period.
By Regional Analysis
On the basis of geographies, the global market has been further divided into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. In 2021, North America accounted for the largest share of more than 41.0% of the global revenue.
Asia Pacific is anticipated to grow at the fastest CAGR from 2022 to 2030. This growth can be attributed mainly to the rising demand for wearable medical devices and the increasing government assistance for the development of the healthcare infrastructure. In addition, the increasing penetration of telehealth, mHealth, and eHealth applications in the emerging economies, such as China and India, is further pushing the industry’s growth forward.
Some of the prominent players in the Connected Health And Wellness Solutions Market include:
- Omron Healthcare, Inc.
- Koninklijke Philips N.V.
- GE Healthcare
- Drägerwerk AG & Co. KGaA
- Fitbit LLC
- Medtronic
- Abbott
- Boston Scientific Corp.
- Garmin International, Inc.
- Apple, Inc.
- Masimo Corp.
- ResMed
- NXGN Management, LLC
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:
Market Segmentation
- By Product
- Personal Medical Devices
- Insulin Pump
- BP Monitor
- Glucose Monitor
- Personal Pulse Oximeter
- Others
- Wellness Products
- Digital Pedometer
- Body Analyzer
- Heart Rate Monitor
- Sleep Quality Monitor
- Others
- Software & Services
- Online Subscription
- Fitness & Wellness App
- Others
- Personal Medical Devices
- By Function
- Clinical Monitoring
- Telehealth
- By Application
- Diagnosis & Treatment
- Wellness and prevention
- Monitoring
- Others
- By End-user
- Hospitals & Clinics
- Home Monitoring
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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