The global connected health & wellness devices market was valued at USD 123.2 billion in 2015. 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 in the coming years. These devices are connected to electronic patient health records and provide access to the required health information during the course of the treatment.
Mass adoption of mHealth devices and the introduction of technologically advanced product designs are anticipated to spur the demand over the forecast period. The focused approach towards the adoption of Internet of Things (IoT) devices and wearable medical devices, which include sensors and mobile communication devices, is expected to further drive the industry growth in the future.
Furthermore, the increased emphasis on the reduction of the skyrocketing healthcare costs and the growing 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 connected health & wellness devices market.
North America personal medical devices market share, by product, 2013 - 2024
The healthcare IT segment held the largest share of over 46.0% in 2015. This growth is attributed to the increasing need to meet the regulatory compliances and initiatives taken by the government for spreading awareness pertaining to eHealth applications. In addition, the benefits associated with the implementation of these services, such as high returns on investments and ease of access, are anticipated to boost the segment growth.
Furthermore, the rising demand for patient safety and care coupled with the observed transition towards an integrated healthcare system is responsible for the shift in preference towards healthcare IT, which is fueling this segment’s growth. On the other hand, the health information exchange segment is expected to exhibit a positive growth trend owing to the gradual rise in the acceptance of the patient-centric approach by healthcare providers and the demand for quality care services in the near foreseeable future.
The software & services category in the wellness & health segment held the largest share of over 45.0% of the product segment in 2015 due to the incorporation of the value-based healthcare delivery system. Furthermore, the rising online subscriptions and downloading of health information as a consequence of the increased health consciousness amongst individuals are additional factors expected to propel the segment growth in the next seven years. Increasing demand for personalized and convenient medical services is expected to widening the consumer base for personal medical devices over the forecast period.
Hospitals dominated the end-use segment as of 2015 with market revenue of over USD 49.0 billion due to the increasing adoption rate of EHR records and remote patient monitoring systems for effective management of chronic diseases and for enhanced operational efficiency. Whereas, the growing interest of the consumers in personalized health monitoring devices is expected to drive the individual customers segment with lucrative CAGR of 20.4% in the coming years.
North America was the largest connected health & wellness devices market in 2015 at 38.6%. This can be attributed to the presence of a well-developed healthcare infrastructure, the widespread coverage of internet, and the high awareness levels coupled with the supportive regulations formulated for increased patient safety.
Whereas, Asia Pacific is anticipated to grow at a profitable rate due mainly to the rising demand for wearable medical devices and the increasing government assistance for the development of the healthcare infrastructure. Moreover, the increasing penetration of telehealth, mHealth, and eHealth applications in the emerging economies is further pushing the industry growth forward.
Competitive Market Share Insights
Some key players of the connected health & wellness devices market include Omron Healthcare, Inc., McKesson Corporation, Philips Healthcare Company, GE Healthcare, Inc., Draeger Medical Systems, Inc., Fitbit, Inc., St. Jude Medical, Inc., Medtronic Plc, Aerotel Medical Systems Ltd., Boston Scientific Corporation, Body Media, Inc, Garmin International, Inc., Microlife Corporation, Masimo Corporation, AgaMatrix, Inc., and Apple, Inc.
The connected health & wellness market is monopolistic in nature and the players are involved in the development of technologically advanced and user-friendly devices. Industry leaders are involved in strategic alliances including mergers and acquisitions, partnership agreements, and geographic expansion to gain a competitive advantage over the others.
In addition, the presence of a competitive environment contributed to the high R&D intensity and effective distributive agreements as well as contracts amongst the industry players. For instance, in April 2016 McKesson Corporation announced the partnership agreement with Blue Cross Blue Shield of Arizona that will help in the delivery of a broad range of services to the healthcare providers. This enables the company to capture a larger market share in the near future.
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