The Global Connected Health And Wellness Solutions Market size is expected to reach $104.8 billion by 2027, rising at a market growth of 19.4% CAGR during the forecast period.
Connected healthcare is a type of health management system that uses technology to deliver medical services to patients remotely. It comprises the usage of mobile health equipment, services, and e-prescriptions. Factors such as increasing healthcare research and interoperability, as well as digital data management along with active government backing, all contribute to increasing the utilization of this solution.
Several consumers now place a higher value on personalization than on data privacy. Natural and clean products are becoming increasingly popular. Digital and social media platforms are gaining considerable significance. In addition, consumers who are concerned about their health are increasingly using wearable, connected devices, and mobile apps to track their progress, and they expect their doctors and insurers to provide personalized wellness tips, educational content, and treatment reminders in a timely and proactive manner. As a result, businesses must develop a worldwide wellness platform that collects data from a wide range of devices and generates actionable insights into each person's unique behavioral pattern.
As the number of people suffering from chronic illnesses rises, the requirement for disease management and continuous patient monitoring technologies also increases, hence, the demand for connected health and wellness equipment is inversely increasing. These devices are linked to computerized patient health data & records and give patients access to the information they require during the treatment. In addition, developments in technologies are also lowering the costs of medical services and equipment and making healthcare more accessible to people. The tremendous growth of the market has also been aided by high-speed internet and favorable government programs.
The COVID-19 outbreak caused a significant disruption to the world economy. It is considered as one of the most hazardous infections of the century with a substantial mortality rate and an extreme failure of the healthcare infrastructure across the world. In addition, the pandemic forced governments all over the world to impose lockdowns in their nations, which resulted in an industrial shut, leading manufacturing facilities to a temporary closure. Due to the industrial shut, the supply chain of various connected devices was demolished. Owing to this, the connected health and wellness device market went under a subtle loss. However, COVID-19 has the potential to result in a long-term increase in the utilization of numerous connected healthcare devices and services.
Data security is still an issue in a variety of businesses, including healthcare. The healthcare industry is embracing blockchain technology as a way to more efficiently and securely handle, store, and retrieve patient records. In addition, according to a blockchain council article, blockchain-based technology protects the patient's identity and keeps track of where it came from. Moreover, Medicalchain unveiled its telemedicine website, MyClinic.com, in May 2018, where users can receive doctor consultations over video and pay with MedTokens.
The popularity of smartphones along with smart wearable devices has considerably increased as technology continues to revolutionize. Patient care and the demand of patients for monitoring their own health has grown, bringing a new range of advantages across the market. Trackers, glucose meters, and blood pressure monitors are examples of wearable devices that can be used to track activities such as heart rate, calories burned, and distance traveled. Because patients can assess self-medical indicators with these gadgets, the expenditures of regular checks are also significantly lowered.
Patients who are dedicated to achieving their own healthcare goals and save money while having better health. Using telemedicine to engage patients can help them keep their appointments as well as care schedules on track. Increased engagement activities can also help healthcare practitioners in encouraging their patients to make healthier lifestyle choices, which can assist to reduce the risk of various disorders and chronic diseases such as blood pressure, obesity, and diabetes. Virtual visits not only comfort patients that their doctors are available and active in their care, but they also make it much easier for them to ask questions, report early indications, and schedule follow-up appointments to ensure they're on track.
Based on Product, the market is segmented into Personal Medical Devices, Wellness Products, and Software & Services. Based on Personal Medical Devices Type, the market is segmented into Insulin Pumps, BP Monitor, Glucose Monitor, Personal Pulse Oximeter, and Others. Based on Wellness Products Type, the market is segmented into Digital Pedometer, Heart Rate Monitor, Body Analyzer, Sleep Quality Monitor, and Others. Based on Software & Services Type, the market is segmented into Fitness & Wellness App, Online Subscription, and Others. In 2020, the personal medical device segment witnessed a significant revenue share of the connected health and wellness solution market. The rising growth of the segment is attributed to the increasing access of people to various personal medical devices such as glucometers and blood pressure monitors. In addition, these devices are being commercialized at affordable prices, due to which, the growth of the segment is being augmented.
Based on function, the market is segmented into Telehealth and Clinical Monitoring. In 2020, the telehealth segment witnessed the largest revenue share of the connected health and wellness market. The growth of the segment is attributed to the availability of vast information from a broad variety of healthcare and medical experts. Moreover, the convenience that telehealth techniques offer is another major factor that is playing a key role in the growth of this segment of the market.
Based on End User, the market is segmented into Hospitals & Clinics and Home Monitoring. In 2020, the hospitals and clinics segment recorded the maximum revenue share of the connected health and wellness market. Hospitals and clinics are widely employing connected health and fitness solutions in order to expand their reach. These solutions allow healthcare practitioners to treat and consult numerous patients, irrespective of their distance.
Based on Application, the market is segmented into Wellness & Prevention, Monitor, Diagnosis & Treatment, and Others. In 2020, the monitor segment witnessed a significant revenue share of the connected health and wellness market. The emerging trend of digital health trends would contribute to the segment's overall growth. Moreover, digital health devices are increasingly becoming more efficient, due to which, these devices are widely being utilized around the world. Hence, the market is estimated to grow over the forecast period.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 29.2 Billion |
| Market size forecast in 2027 | USD 104.8 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 19.4% from 2021 to 2027 |
| Number of Pages | 452 |
| Number of Tables | 743 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Product, Application, Function, End User, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In 2020, North America registered the largest revenue share of the connected health and wellness solution market. The rising growth of the regional market can be ascribed to the prevalence of well-developed healthcare infrastructure, ubiquitous internet access, and high consumer awareness, as well as supportive policies imposed for increased patient safety.
Free Valuable Insights: Global Connected Health and Wellness Solutions Market size to reach USD 104.8 Billion by 2027
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Google LLC, Apple, Inc. are the forerunner in the Connected Health and Wellness Solutions Market. Companies such as Garmin Ltd., Boston Scientific Corporation and General Electric (GE) Co. are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Abbott Laboratories, Apple, Inc., Garmin Ltd., Boston Scientific Corporation, General Electric (GE) Co., Dragerwerk AG & Co. KGaA, Medtronic PLC, Koninklijke Philips N.V., Omron Corporation, and Google LLC.
By Product
By Function
By End User
By Application
By Geography
The connected health and wellness solutions market size is projected to reach USD 104.8 billion by 2027.
The emerging trend of blockchain technology are driving the market in coming years, however, rising patient engagement limited the growth of the market.
Abbott Laboratories, Apple, Inc., Garmin Ltd., Boston Scientific Corporation, General Electric (GE) Co., Dragerwerk AG & Co. KGaA, Medtronic PLC, Koninklijke Philips N.V., Omron Corporation, and Google LLC.
The Software & Services segment acquired maximum revenue share in the Global Connected Health And Wellness Solutions Market by Product in 2020, thereby, achieving a market value of $43.6 billion by 2027.
The Clinical Monitoring market has shown high growth rate of 19% during (2021 - 2027).
The North America is the fastest growing region in the Global Connected Health And Wellness Solutions Market by Region in 2020, and would continue to be a dominant market till 2027.
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