The Connected Health and Wellness Solutions Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Connected Health and Wellness Solutions Global Market Report 2024, The connected health and wellness solutions market size has grown exponentially in recent years. It will grow from $57.11 billion in 2023 to $69.72 billion in 2024 at a compound annual growth rate (CAGR) of 22.1%. 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 $158.62 billion in 2028 at a compound annual growth rate (CAGR) of 22.8%. 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.
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 Gartner, a US-based consulting firm that research on technology, in 2021, Global spending on wearable devices raised to $81.5 billion from $69 billion in 2020, or an 18.1% increase, and in 2022, estimated to grow to $93.85 billion. 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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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
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 a survey conducted by Rock Health, 80% of all respondents reported having accessed care via telemedicine at some point in their lives, up 8pp from 72% in 2021.
The connected health and wellness solutions market report table of contents includes:
1. Executive Summary
2. Connected Health and Wellness Solutions Market Characteristics
3. Connected Health and Wellness Solutions Market Trends And Strategies
4. Connected Health and Wellness Solutions Market – Macro Economic Scenario
5. Global Connected Health and Wellness Solutions Market Size and Growth
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26. South America Connected Health and Wellness Solutions Market
27. Brazil Connected Health and Wellness Solutions Market
28. Middle East Connected Health and Wellness Solutions Market
29. Africa Connected Health and Wellness Solutions Market
30. Connected Health and Wellness Solutions Market Competitive Landscape And Company Profiles
Top Major Players:
- Omron Healthcare Inc
- Koninklijke Philips N.V
- GE Healthcare Technologies Inc
- Drägerwerk AG & Co. KGaA
- Fitbit LLC
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