PUBLISHER: The Business Research Company | PRODUCT CODE: 1391122
PUBLISHER: The Business Research Company | PRODUCT CODE: 1391122
“Connected Health and Wellness Solutions Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on connected health and wellness solutions market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for connected health and wellness solutions? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The connected health and wellness solutions market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Connected health and wellness solutions are centered around optimizing healthcare resources through the utilization of technology and devices that provide precise health information. These solutions encompass a range of devices, including BP monitors, glucose monitors, body analyzers, heart rate monitors, and fitness devices.
The primary product types within connected health and wellness solutions include personal medical devices, wellness products, and software & services. Personal medical devices are specifically designed for home consumers to measure objective data such as oxygen saturation and blood glucose levels. These devices find applications in clinical monitoring, telehealth, and various healthcare contexts, contributing to functions like diagnosis & treatment, wellness & prevention, monitoring, and more.
The connected health and wellness solutions market research report is one of a series of new reports from The Business Research Company that provides connected health and wellness solutions market statistics, including connected health and wellness solutions industry global market size, regional shares, competitors with a connected health and wellness solutions market share, detailed connected health and wellness solutions market segments, market trends and opportunities, and any further data you may need to thrive in the connected health and wellness solutions industry. This connected health and wellness solutions market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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 observed in the historical period can be attributed to factors such as an aging population with increased prevalence of chronic diseases, the adoption of digital health technologies, concerns about healthcare costs and efficiency, the rise of remote patient monitoring, and a surge in demand induced by the pandemic.
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 anticipated growth in the forecast period can be attributed to the increasing adoption of personalized medicine, advancements in health data interoperability, the shift towards value-based care models, a heightened focus on mental health and well-being, efforts to improve healthcare access and equity, a growing emphasis on cybersecurity and data protection, and an increased demand for population health management. Key trends expected during this period include the expansion of IoT devices and sensors, the integration of artificial intelligence in healthcare, the proliferation of wearable health technology, ongoing technological advancements, and continuous product innovations.
The rise in the adoption of mHealth devices is a driving force behind the growth of the connected health and wellness solutions market. Applications like telemedicine and mobile monitoring, integrated into mHealth devices such as fitness trackers, smartphones, and smartwatches, contribute to health record tracking and provide valuable information for healthcare practitioners. Gartner reported a notable increase in global spending on wearable devices, reaching $81.5 billion in 2021, up from $69 billion in 2020-an 18.1% growth. Projections for 2022 estimate further growth to $93.85 billion. This surge in spending on wearable devices is expected to boost the demand for mHealth devices, consequently propelling the connected health and wellness solutions market.
The rising prevalence of chronic diseases is anticipated to drive the growth of the connected health and wellness solutions market. Chronic diseases, lasting a year or longer and requiring ongoing medical care, significantly impact individuals' daily activities. Connected health and wellness solutions play a crucial role in managing chronic diseases, offering remote monitoring, medication adherence support, and personalized treatment to enhance patient care and treatment adherence. According to the National Center for Biotechnology Information (NCBI), it is projected that by 2050, the number of individuals aged 50 years and older with at least one chronic illness will surge by 99.5%, from 71.522 million in 2020 to 142.66 million. This increasing prevalence of chronic diseases is expected to drive the growth of the connected health and wellness solutions market.
A key trend gaining traction in the connected health and wellness solutions market is the growing adoption of digital health technologies. Digital health technologies leverage software, computing platforms, sensors, and more to provide accurate health information to patients. The demand for these technologies has witnessed a significant uptick, with an increasing number of respondents accessing care via telemedicine. A survey conducted by Rock Health revealed that 80% of respondents reported accessing care via telemedicine at some point, marking an 8-percentage point increase from 72% in 2021. This trend highlights the growing popularity and acceptance of digital health technologies, contributing to the momentum in the connected health and wellness solutions market.
Major companies in the connected health and wellness solutions market are strategically focusing on the development of technologically advanced products to enhance remote patient monitoring and improve healthcare outcomes. One such innovative product is the ZAIDYN connected health solution. ZAIDYN, developed by ZS Associates Group, Inc., a prominent US-based management consulting and technology firm, is an AI-powered connected health solution integrated into the ZAIDYN by ZS platform. This solution aims to assist pharmaceutical firms, healthcare providers, and payers in innovating to better recognize unmet needs, engage patients, and enhance health outcomes. Launched in October 2023, the ZAIDYN Connected Health solution offers three product suites addressing healthcare gaps, including future health insights, patient engagement, and connected research.
In a notable acquisition in 2021, Philips, a Netherlands-based multinational conglomerate, acquired BioTelemetry for $2.8 billion. This strategic move aligns with Philips' broader strategy of transforming care along the healthcare continuum, emphasizing a heart care portfolio and integrated solutions. The acquisition integrates Philips' in-hospital patient care management portfolio with BioTelemetry's out-of-hospital cardiac diagnosis and monitoring portfolio. This synergy enables the development of comprehensive in-hospital and home-based patient care management solutions. BioTelemetry, a US-based provider, contributes cardiac monitoring and medical imaging services, along with wearable heart monitors and artificial intelligence (AI)-based data analytics within its portfolio.
Major companies operating in the connected health and wellness solutions market include Omron Healthcare Inc., Koninklijke Philips N.V., GE Healthcare Technologies Inc., Dragerwerk 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, BSN Medical Inc., AgaMatrix Inc., Microlife AG, Body Media Ltd., Aerotel Medical Systems Ltd., Mckesson Corporation, Draeger Medical Systems Inc., Avcor Medical Health Care Products Inc., BioTelemetry Inc., Honeywell International Inc., Qualcomm Life Inc., FitLinxx Inc., iHealth Labs Inc., Jawbone Inc.
North America was the largest region in the connected health and wellness solutions market in 2023. The Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in connected health and wellness solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the connected health and wellness solutions market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The connected health and wellness solutions market includes revenues earned by entities by remote health monitoring, virtual visits, and remote care programs. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.