What Has Driven the Growth of the Connected Health and Wellness Solutions Market in Recent Years?
The connected health and wellness solutions market has seen considerable growth due to a variety of factors.
• The market size for connected health and wellness solutions has seen remarkable growth in the past few years. It is projected to increase from $68.1 billion in 2024, rising to $82.61 billion in 2025, which is indicative of a compound annual growth rate (CAGR) of 21.3%.
This notable advancement during the historical timeframe can be associated with factors such as the growing aging population and prevalence of chronic illnesses, the increasing adoption of digital health technologies, focus on healthcare cost optimization and efficiency, the prevalence of remote patient monitoring, and a surge in demand due to the pandemic.
What is the Market Size Forecast for the Connected Health and Wellness Solutions Market?
The connected health and wellness solutions market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for connected health and wellness solutions is predicted to undergo substantial growth in the coming years, expanding to $195.75 billion by 2029, with an impressive compound annual growth rate (CAGR) of 24.1%.
Factors contributing to the predicted growth in the forecast period include rising acceptance of bespoke medicine, interoperability of health data, the adoption of value-based care models, a growing emphasis on mental health and well-being, access to healthcare and equity, heightened cybersecurity and data protection needs, and an increasing demand for population health management. Key trends for the forecast period comprise the proliferation of IoT devices and sensors, the incorporation of artificial intelligence in healthcare, advancements in wearable health technology, rapid technological developments, and product innovations.
What Are The Core Factors Supporting Growth In The Connected Health and Wellness Solutions Market?
The uptick in the usage of mhealth devices is propelling the expansion of the connected health and wellness solutions market. Applications like mobile monitoring and telemedicine apps that are installed on these mhealth devices are instrumental in health tracking and provide critical information to healthcare professionals. These mhealth devices encompass fitness trackers, smartphones, smartwatches, and more. As per the prediction of International Data Group, a research firm based in the US that conducts studies on technology, by 2023 there will be a surge in global wearable device shipments, amounting to a total of 504.1 million units. This indicates a 2.4% growth year-over-year, stimulated by continuous demand for top products like earwear and smartwatches, while demand for other products remains constant. Hence, the escalation in expenditure on wearable devices will intensify the demand for mhealth devices, subsequently propelling the growth of the connected health and wellness solutions market.
What Are The Major Segments Within The Global Connected Health and Wellness Solutions Market?
The connected health and wellness solutions market covered in this report is segmented –
1) By Product: Personal Medical Devices, Wellness Products, Software & Services
2) By Function: Clinical Monitoring, Telehealth
3) By Application: Diagnosis & Treatment, Wellness and prevention, Monitoring, Other Applications
Subsegments:
1) By Personal Medical Devices: Wearable Health Monitors, Remote Patient Monitoring Devices, Connected Inhalers and Medication Adherence Devices
2) By Wellness Products: Smart Scales and Body Composition Monitors, Sleep Trackers and Sleep Aids, Smart Thermometers
3) By Software & Services: Mobile Health Applications (mHealth apps), Telehealth Platforms and Services, Data Analytics and Health Management Solutions
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Which Trends Are Expected To Transform The Connected Health and Wellness Solutions Market?
The surge in the uptake of digital health technologies is a prominent trend emerging in the connected health and wellness solutions market. These technologies, which encompass software, computing platforms, sensors, and more, provide precise health insights to patients. There's been a notable rise in the demand for digital health technologies in recent years. Rock Health's 2022 Digital Health Consumer Adoption Survey revealed that 80% of those surveyed had used telemedicine at least once in their lifetime, marking a growth from 72% in 2021.
Who Are the Key Players in the Connected Health and Wellness Solutions Market?
Major companies operating in the connected health and wellness solutions market include:
• Omron Healthcare Inc.
• Koninklijke Philips N.V.
• GE Healthcare Technologies Inc.
• Drägerwerk 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
• AgaMatrix Inc.
• Microlife AG
• Aerotel Medical Systems Ltd.
• Mckesson Corporation
• BioTelemetry Inc.
• Honeywell International Inc.
• Qualcomm Life Inc.
• iHealth Labs Inc.
What Is The Most Dominant Region In The Connected Health and Wellness Solutions Market?
North America was the largest region in the connected health and wellness solutions market in 2024. The Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the connected health and wellness solutions market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
