As per our research report, the Global Wellness & Prevention Connected Health Devices Market size is estimated to be growing at a CAGR of 20.5% from 2023 to 2030.
The pandemic had a significant impact on the wellness & prevention connected health devices industry. On one hand, due to supply chain disruptions, major healthcare device manufacturing and producing industries were closed down, which led to delays in the distribution of connected health devices in the market. Further, the shortage of major components such as smart sensors resulted in production delays.
However, social distancing norms imposed by the government increased the demand for virtual or teleconsultations demand by consumers, thus increasing accessibility of health care services during the pandemic. Moreover, free telehealth apps with easy appointment management processes increased the efficiency of doctors and other medical persons. Additionally, monitoring devices were increasingly demanded in hospitals for monitoring the virus mutation in the patient’s body and planning for the immediate treatment process.
Post-pandemic, trends in AI and machine learning led to the development of AI and smart healthcare devices that offers greater scalability, efficiency, and reliability to consumers.
The restraints to this market include growing cyber-attacks, technological obstacles, and high capital investment issues.
Based on market segmentation by product, the software and services segment holds the highest share of about 46% in the market. The growth is attributed to rising online subscriptions for health-based apps, value-based healthcare delivery, and increasing demand for personalized medical care in the market. Furthermore, the wellness products segment is the fastest-growing segment during the forecast period. The prevalence of consumer medical devices and personal health trackers for weight and fitness dosage management has contributed to the growth of wellness products in the market. Moreover, heart monitoring wearable devices are gaining momentum, as they offer accurate insights related to heart rate, heart-beat, unusual beats, and other such information to consumers.
Based on market segmentation by function, the telehealth function holds the highest share in the market. Rising demand for teleconsultations by patients and demand for at-home care has expanded the market for telehealth functions. Moreover, the increase in healthcare spending for developing robust and accessible healthcare infrastructure by various nations has further boosted the market for telehealth functions. Furthermore, clinical monitoring is the fastest-growing segment during the forecast period. Increased demand for remote monitoring technologies by hospitals and clinics has contributed to the growth of clinical monitoring in the market.
Based on market segmentation by application, the wellness and prevention segment holds a 42.5% share in the market due to rising consumer demand for maintaining their fitness level and achieving a healthy lifestyle. Moreover, the rising popularity of digital health trends has increased the demand for health monitoring watches and software in the market.
Based on market segmentation by end user, hospitals & clinics hold the highest share of about 54.5% in the market. Smart healthcare devices offer increased treatment efficiency to healthcare professionals such as monitoring the blood pressure of patients remotely, checking on their daily dosage, improvement in health status, response to medication, and others. Moreover, these devices are often integrated into the bed, mattress, or a nearby device of the patient that monitors sleep quality cycle and heartbeat for future analysis. Furthermore, home monitoring is the fastest-growing segment during the forecast period. The rising number of geriatric populations has contributed to the growth of this segment, as family members and caregivers often use wearable devices for their elderly ones that allow for monitoring them from any place using a smartphone. Also, in case of emergencies, these devices send an alarm to the family members about the condition of the elderly and prevent future health-related injuries. Moreover, these are often in the form of smartwatches, home sensors, neck sensors, and others.
Based on market segmentation by region, North America holds the highest share of the market. The growth is attributed to well-established healthcare and tech infrastructure, extensive internet coverage, increased health awareness among consumers, and supportive government regulations. Furthermore, Asia-Pacific is the fastest-growing region during the forecast period. Rising demand for wearable medical equipment and government support in the form of funding in the healthcare sector has contributed to the growth of wellness & and prevention connected health devices in the region. Moreover, growing trends in mHealth, telehealth, and e-health applications have further boosted the demand for wellness & and prevention connected health devices in the region.
Companies playing a leading role in the Global Wellness & Prevention Connected Health Devices market profiled in this report are – GE Healthcare, Accenture Plc., Abbott, SAP SE, Omron Healthcare, Inc., Boston Scientific Corporation, Koninklijke Philips N.V., Garmin International, Inc., Apple, Inc., IBM Corporation, Fitbit LLC, Oracle Corporation, Airstrip Technology, Microsoft Corporation, Medtronic, and Allscripts
Personal Medical Devices
Glucose Monitor
Insulin Pump
BP Monitor
Personal Pulse Oximeter
Others
Wellness Products
Digital Pedometer
Sleep Quality Monitor
Body Analyzer
Heart Rate Monitor
Others
Software & Services
Fitness & Wellness App
Online Subscription
Others
Clinical Monitoring
Telehealth
Diagnosis & Treatment
Monitoring
Wellness and prevention
Others
Hospitals & Clinics
Home Monitoring
North America
Europe
Asia Pacific
Middle East & Africa
South America
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