The Business Research Company’s report on the Connected Health and Wellness Solutions Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the key drivers behind the connected health and wellness solutions market’s growth in recent years?
The increase in the adoption of mhealth devices is driving the growth of the connected health and wellness solutions market. Applications such as telemedicine applications and mobile monitoring installed on mhealth devices help to track the health record and assist healthcare practitioners to get information. The mhealth devices include fitness trackers, smartphones, smartwatches, and more. According to International Data Group, a US-basedresearch firm that research on technology, in 2023, worldwide shipments of wearable devices are forecast to rebound in 2023, reaching a total of 504.1 million units, This represents 2.4% year-over-year growth, driven by sustained demand for the most popular products –earwear and smartwatches – while other products hold steady. Therefore, the increase in spending on wearable devices will boost the demand for mhealth devices and this, in turn, drives the connected health and wellness solutions market.
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How does the future projection of the connected health and wellness solutions market size compare to its historical growth?
The connected health and wellness solutions market size has grown exponentially in recent years. It will grow from $68.1 billion in 2024 to $82.61 billion in 2025 at a compound annual growth rate (CAGR) of 21.3%. The growth in the historic period can be attributed to aging population and chronic diseases, digital health adoption, healthcare costs and efficiency, remote patient monitoring, and pandemic-induced demand.
The connected health and wellness solutions market size is expected to see exponential growth in the next few years. It will grow to $195.75 billion in 2029 at a compound annual growth rate (CAGR) of 24.1%. The growth in the forecast period can be attributed to increasing adoption of personalized medicine, health data interoperability, value-based care models, increasing mental health and well-being focus, healthcare access and equity, growing cybersecurity and data protection, growing demand for population health management. Major trends in the forecast period include expansion of iot devices and sensors, artificial intelligence in healthcare, wearable health technology, technological advancements, and product innovations.
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Which key players are shaping the future of the connected health and wellness solutions market?
Major companies operating in the connected health and wellness solutions market include Omron Healthcare Inc., Koninklijke Philips N.V., GE Healthcare Technologies Inc., Drägerwerk AG & Co. KGaA, Fitbit LLC, Abbott Laboratories, Apple Inc., Garmin Ltd., Boston Scientific Corporation, Medtronic PLC, Masimo Corporation, ResMed Inc., NXGN Management LLC, Allscripts Healthcare LLC, Cerner Corporation, IBM Corporation, AgaMatrix Inc., Microlife AG, Aerotel Medical Systems Ltd., Mckesson Corporation, BioTelemetry Inc., Honeywell International Inc., Qualcomm Life Inc., iHealth Labs Inc.
What trends will propel the growth and evolution of the connected health and wellness solutions market?
The increasing adoption of digital health technologies is a key trend gaining popularity in the connected health and wellness solutions market. Digital health technologies use software, computing platforms, sensors, and more, to give accurate health to patients. The demand for digital health technologies has increased in the past few years. According to Rock Health’s 2022 Digital Health Consumer Adoption Survey, 80% of respondents reported having accessed care via telemedicine at some point in their lives, an increase from 72% in 2021.
Which regions are expected to become dominant players in the connected health and wellness solutions market?
North America was the largest region in the connected health and wellness solutions market in 2024. The Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the connected health and wellness solutions market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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What are the emerging key segments in the connected health and wellness solutions market, and how are they evolving?
The connected health and wellness solutions market covered in this report is segmented –
1) By Product: Personal Medical Devices, Wellness Products, Software & Services
2) By Function: Clinical Monitoring, Telehealth
3) By Application: Diagnosis & Treatment, Wellness and prevention, Monitoring, Other Applications
Subsegments:
1) By Personal Medical Devices: Wearable Health Monitors, Remote Patient Monitoring Devices, Connected Inhalers and Medication Adherence Devices
2) By Wellness Products: Smart Scales and Body Composition Monitors, Sleep Trackers and Sleep Aids, Smart Thermometers
3) By Software & Services: Mobile Health Applications (mHealth apps), Telehealth Platforms and Services, Data Analytics and Health Management Solutions
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How is the connected health and wellness solutions market defined?
Connected health and wellness solutions focus on maximizing healthcare resources by using technology and devices that give accurate health information. These connected health and wellness solutions include BP monitors, glucose monitors, body analyzers, heart rate monitors, and fitness devices.
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