Connected Health And Wellness Solutions Market: Software & Services Segment Accounted For The Largest Revenue Share
Connected Health And Wellness Solutions Industry Overview
The global connected health and wellness solutions market size was valued at USD 35.30 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 20.6% from 2022 to 2030. 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.
In September 2020, Roche launched a remote patient monitoring solution that enables healthcare professionals to oversee individuals with diabetes outside of the care setting. The COVID-19 pandemic has positively impacted market growth. This is owing to the upsurge in the number of patients, the burden on healthcare providers to offer innovative healthcare services, and governments' efforts for progressing apps based on connectivity technologies. The COVID-19 pandemic has carried out innovative ways for doctor-patient interaction. The pandemic pushed the adoption and use of numerous technologies like e-prescription, telemedicine, and so on among healthcare providers and patients
Gather more insights about the market drivers, restrains and growth of the Global Connected Health And Wellness Solutions market
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. The COVID-19 pandemic has significantly influenced many corporations to implement and update new technology and put the groundwork for a novel standard of care.
For instance, in November 2020, Garmin International, Inc., publicized pregnancy tracking, offering mothers-to-be a snapshot of their pregnancy together with their other health, wellness, and activity data. Mass adoption of mHealth devices and the introduction of technologically advanced product designs are anticipated to drive the market over the forecast period. The focused approach toward the adoption of Internet of Things (IoT) devices and wearable medical devices, which include sensors and mobile communication devices, is also expected to drive the industry's growth. Moreover, the increased emphasis on the reduction of the skyrocketing healthcare costs and the rising awareness levels pertaining to connected health devices are pushing the healthcare system to incorporate innovative strategies to meet the high patient volumes thus, driving the market.
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Connected Health And Wellness Solutions Market Segmentation
Grand View Research has segmented the global connected health and wellness solutions market by product, application, function, end user, and region:
Connected Health & Wellness Solutions Product Outlook (Revenue, USD Million, 2017 - 2030)
- Personal Medical Devices
- Insulin Pump
- BP Monitor
- Glucose Monitor
- Personal Pulse Oximeter
- Wellness Products
- Digital Pedometer
- Body Analyzer
- Heart Rate Monitor
- Sleep Quality Monitor
- Software & Services
- Online Subscription
- Fitness & Wellness App
Connected Health & Wellness Solutions Function Outlook (Revenue, USD Million, 2017 - 2030)
- Clinical Monitoring
Connected Health & Wellness Solutions Application Outlook (Revenue, USD Million, 2017 - 2030)
- Diagnosis & Treatment
- Wellness & Prevention
Connected Health &Wellness Solutions End-user Outlook (Revenue, USD Million, 2017 - 2030)
- Hospitals & Clinics
- Home Monitoring
Connected Health & Wellness Solutions Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
- July 2020: OMRON Healthcare, Inc. collaborated with Mount Sinai Health System. This collaboration helped patients with high risk to monitor their blood pressure from Home with VitalSight.
- March 2020: Fitbit LLC launched Fitbit Charge 4, an advanced health & fitness tracker with built-in GPS, sleep tools, Active Zone Minutes, Spotify, Fitbit Pay, and others.
Key Companies profiled:
Some prominent players in the global connected health and wellness solutions market include:
- Omron Healthcare, Inc.
- Koninklijke Philips N.V.
- GE Healthcare
- Drägerwerk AG & Co. KGaA
- Fitbit LLC
- Boston Scientific Corp.
- Garmin International, Inc.
- Apple, Inc.
- Masimo Corp.
- NXGN Management, LLC
- Senseonics, Inc.
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