GVR Report cover Connected Health And Wellness Solutions Market Size, Share & Trends Report

Connected Health And Wellness Solutions Market Size, Share & Trends Analysis Report By Product (Wellness Products, Software & Services), By Function, By Application, By End User, And Segment Forecasts, 2022 - 2030

  • Report ID: 978-1-68038-998-2
  • Number of Pages: 180
  • Format: Electronic (PDF)
  • Historical Range: 2017 - 2020
  • Industry: Healthcare

Report 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.

North America connected health and wellness solutions market size, by personal medical devices, 2020 - 2030 (USD Billion)

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.

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.

Product Insights

The software & services segment accounted for the largest revenue share of more than 46.0% in 2021. The high growth is credited to the incorporation of the value-based healthcare delivery system. Furthermore, the rising number of online subscriptions and downloading of health information as a result of the increased health consciousness among 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 widen the consumer base for connected health and wellness solutions over the forecast period.

However, the wellness products segment is expected to exhibit the fastest growth rate over the forecast period. Better health, possibly the most traditional type related to wellness, ranges beyond medicine and supplements to comprise consumer medical devices together with personal-health trackers are the factors driving the segment growth. Owing to the rising importance of physical fitness, consumers in developing nations are willing to pay premium prices for health & wellness products, which, in turn, is supporting the overall market growth.

Application Insights

On the basis of applications, the global market for connected health and wellness solutions has been further categorized into diagnosis & treatment, wellness and prevention, monitoring, and others. The wellness and prevention application segment accounted for the largest share of more than 42.5% of the global revenue in 2021. The segment is estimated to expand further at the fastest growth rate of around 20% retaining the dominant market position during the forecast timeline. The rising awareness regarding overall health and wellbeing is likely to drive the growth of the segment.

In addition, the increasing popularity of digital health trends can also support the overall growth of this segment. In January 2022, OMRON Healthcare, Inc. introduced remote patient monitoring services with advanced mobile apps and connected Blood Pressure (BP) monitors globally. Thus, the company expanded its digital health services to assist customers on each step of their heart health journey. Such initiatives are further expected to contribute to the growth of the health and prevention segment.

Function Insights

On the basis of functions, the global market has been further divided into clinical monitoring and telehealth. The telehealth function segment dominated the market in 2021. It accounted for the maximum share of more than 55.0% of the global revenue in the same year. The segment is estimated to expand further at the fastest growth rate retaining its dominant position during the forecast period. This high growth can be attributed to the fact that the adoption of telehealth services is constantly increasing.

Rapidly developing healthcare infrastructure and a rise in healthcare spending in emerging economies are also among the major factors expected to propel the growth of this segment. In addition, the rising importance of continuous patient monitoring for older adults and the introduction of wearable remote monitoring devices are further expected to propel the segment growth. As per a study, by the year 2024, about 30 million Americans are estimated to use patient monitoring tools. Thus, the rising number of users is expected to have a positive impact on the overall market growth.

End-user Insights

On the basis of end-users, the global market has been further segmented into home monitoring and hospitals & clinics. The hospitals & clinics segment dominated the market in 2021 and accounted for the largest share of more than 54.5% of the global revenue. According to OAE Publishing Inc., over 50% of all U.S. hospitals have adopted some form of connected health for remote patient monitoring. While about 80% of the European nations have telemedicine services implemented. In addition, hospitals and healthcare providers are investing in remote patient monitoring technologies as part of a value-based care model.

Global connected health and wellness solutionsmarket share, by end user, 2021 (%)

Thus, increased implementation of digital health technologies by hospitals in various countries across the globe is augmenting the growth of the hospitals & clinics segment. On the other hand, the home monitoring end-user segment is anticipated to register the fastest growth rate during the forecast period. This growth can be attributed to the factors, such as rapid growth in the aging population, increasing incidence of chronic ailments, and rising need for cost-effective healthcare delivery owing to the growing healthcare costs and advancements in the technology of home care devices.

Regional Insights

On the basis of geographies, the global market has been further divided into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. In 2021, North America accounted for the largest share of more than 41.0% of the global revenue. The regional market is estimated to expand further retaining its leading market position throughout the forecast period. This can be attributed to the presence of a well-developed healthcare infrastructure, the widespread coverage of the internet, and the high awareness levels among consumers coupled with the supportive regulations formulated for increased patient safety.

On the other hand, Asia Pacific is anticipated to grow at the fastest CAGR from 2022 to 2030. This growth can be attributed mainly to the rising demand for wearable medical devices and the increasing government assistance for the development of the healthcare infrastructure. In addition, the increasing penetration of telehealth, mHealth, and eHealth applications in the emerging economies, such as China and India, is further pushing the industry's growth forward. During the COVID-19 pandemic, telehealth services in Australia were utilized as an alternative method of healthcare delivery to patients.

Key Companies & Market Share Insights

The market is highly competitive 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 among the industry players. For instance, in 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. Vendors are investing in product launches, geographical expansions, collaborative agreements, and acquisitions to sustain themselves in the market. In 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. 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

  • Medtronic

  • Abbott

  • Boston Scientific Corp.

  • Garmin International, Inc.

  • Apple, Inc.

  • Masimo Corp.

  • ResMed

  • NXGN Management, LLC

  • Letscom

  • Senseonics, Inc.

Connected Health And Wellness Solutions Market Report Scope

Report Attribute

Details

Market size value in 2022

USD 41.87 billion

Revenue forecast in 2030

USD 187.10 billion

Growth rate

CAGR of 20.6% from 2022 to 2030

Base year for estimation

2021

Historical data

2017 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD million/billion and CAGR from 2022 to 2030

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments covered

Product, application, function, end user, region

Regional Scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country Scope

U.S.; Canada; Germany; U.K.; France; Italy; Spain; Japan; China; Australia; South Korea; India; Brazil; Mexico; Argentina; South Africa; Saudi Arabia, UAE; Qatar

Key companies profiled

Omron Healthcare, Inc.; Koninklijke Philips N.V.; GE Healthcare; Drägerwerk AG & Co. KGaA; Fitbit LLC; Medtronic; Abbott; Boston Scientific Corporation; Garmin International, Inc.; Apple, Inc.; Masimo Corporation; ResMed; NXGN Management, LLC; Letscom; Senseonics, Inc.

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Free report customization (equivalent up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope.

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global connected health and wellness solutions market report on the basis of product, function, application, end user, and region:

  • Product Outlook (Revenue, USD Million, 2017 - 2030)

    • Personal Medical Devices

      • Insulin Pump

      • BP Monitor

      • Glucose Monitor

      • Personal Pulse Oximeter

      • Others

    • Wellness Products

      • Digital Pedometer

      • Body Analyzer

      • Heart Rate Monitor

      • Sleep Quality Monitor

      • Others

    • Software & Services

      • Online Subscription

      • Fitness & Wellness App

      • Others

  • Function Outlook (Revenue, USD Million, 2017 - 2030)

    • Clinical Monitoring

    • Telehealth

  • Application Outlook (Revenue, USD Million, 2017 - 2030)

    • Diagnosis & Treatment

    • Wellness and prevention

    • Monitoring

    • Others

  • End-user Outlook (Revenue, USD Million, 2017 - 2030)

    • Hospitals & Clinics

    • Home Monitoring

  • Regional Outlook (Revenue, USD Million, 2017 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

      • Italy

      • Spain

    • Asia Pacific

      • Japan

      • China

      • India

      • Australia

      • South Korea

    • Latin America

      • Brazil

      • Mexico

      • Argentina

    • Middle East & Africa

      • South Africa

      • Saudi Arabia

      • UAE

      • Qatar

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