PUBLISHER: Grand View Research | PRODUCT CODE: 1529669
PUBLISHER: Grand View Research | PRODUCT CODE: 1529669
The global connected health and wellness solutions market is anticipated to reach USD 195.26 billion by 2030 and is projected to grow at a CAGR of 20.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. 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 market growth in the coming years. In addition, the increasing incidences of lifestyle-associated diseases require continuous health monitoring, which is expected to increase demand for connected health devices over the forecast period. In addition, the advantages associated with its usage and the availability of advanced products, such as remote sensors, adapters, and connected mobile communication devices, further augment the market growth.
In addition, the advancement in technology has fueled the market growth significantly. For instance, in March 2024, Garmin Malaysia unveiled the HRM-Fit, a new heart rate monitors specifically designed for women. With a clip-on design, it can be easily attached to medium- and high-support sports bras for optimal comfort, ensuring precise tracking of real-time heart rate and workout information. The increasing adoption of telemedicine and remote monitoring solutions is also driving the market. In addition, the rise of artificial intelligence (AI) and machine learning (ML) is enabling personalized health and wellness services, which is expected to further boost the market. The growth of the connected health and wellness solutions market is also driven by the increasing need for preventive healthcare, rising healthcare costs, and growing awareness of self-care and wellness among individuals.
Moreover, the rising demand for greater access to patient health information is the key factor contributing to the market growth. In addition, the raised awareness levels due to the supportive initiatives undertaken by government and non-profit organizations, such as Healthcare Information and Management Systems Society (HIMSS), are anticipated to serve this industry with future growth opportunities. The rising emphasis on developing advanced healthcare solutions coupled with the sufficient availability of funds is expected to boost the market growth. The connected health & wellness devices market is witnessing a surge in R&D investments. For instance, government organizations, such as Healthcare Research and Quality (AHRQ), offer funds to expand the health information systems in the U.S., which is expected to fuel the industry growth in this region further.
Furthermore the market is expected to grow significantly due to increased investment in digital health technologies, particularly in the areas of telemedicine, wearable devices, and mobile health. For instance, in February 2024, HealthSnap and Chronic Care Management solutions for healthcare providers secured a significant funding round of USD 25 million. The Series B financing was led by Sands Capital, with new investors Comcast Ventures and Florida Opportunity Fund participating in the round. In addition, government initiatives and private investments are also fueling the growth of this market.