The global Connected Health And Wellness Solutions Market size is expected to reach USD 187.10 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 20.6% from 2022 to 2030. The demand for wearable medical devices and remote patient monitoring systems is anticipated to increase over the forecast period due to the shifting consumer preferences towards a healthier lifestyle thus driving the market growth. In addition, the increasing incidences of lifestyle-associated diseases requiring continuous health monitoring are expected to lead to an upsurge in the demand for connected health devices over the forecast period.
Moreover, the advantages associated with its usage and
the availability of advanced products, such as remote sensors, adapters, and
connected mobile communication devices are the factors further augmenting the
market growth. The implementation of connected health technology is growing at
an astonishing rate, propelled in part by consumer demand, innovations in
wearables and medical devices, and the current healthcare climate in the
post-COVID-19 era. In August 2020, Validic, a provider of health data platforms
and solutions for scaling remote patient monitoring, released the main update
to ‘Validic impact’, its remote patient monitoring solution. This innovative
standalone form of Validic Impact needs no EHR integration and can be used as
an entirely standalone solution.
In addition, the corporation introduced a COVID-19
rapid response solution that allowed clinicians and HR administrators to
register thousands of individuals using self-reported data and alerts to
monitor COVID-19 symptoms. Consequently, the COVID-19 has given a push for
businesses to quicken the adoption of these services. Moreover, the rising
demand for greater access to patient health information is the key factor
contributing to the market growth. Furthermore, the increased awareness levels
as a result of the supportive initiatives undertaken by government and
non-profit organizations, such as the Healthcare Information and Management
Systems Society (HIMSS), are anticipated to serve this industry with future
growth opportunities.
The rising emphasis on the development of advanced
healthcare solutions coupled with the sufficient availability of funds is
expected to boost the R&D investments in the connected health &
wellness devices market. For instance, the government organizations, such as
Healthcare Research and Quality (AHRQ), offer funds to expand the health
information systems in the U.S., which is expected to further fuel the industry
growth in this region.
Related Press Release@ Connected Health And Wellness Solutions Market Report
Connected Health And Wellness
Solutions Market Report Highlights
- The software & services dominated the market in 2021 owing to
associated benefits, such as rising online subscriptions and downloading
of health information because of the increased health consciousness
- The wellness products segment is expected to grow at the fastest
CAGR from 2022 to 2030 due to technological advancement in products,
various awareness campaigns regarding physical wellbeing, and increased
awareness about the benefits of following a healthy lifestyle
- Telehealth dominated the function segment in 2021 owing to its
growing usage and adoption. In addition, the COVID-19 pandemic allowed the
adoption of this technology at a larger scale among providers
- Hospitals & clinics dominated the end-user segment in 2021
owing to the increased implementation of digital health technologies by
these settings. Moreover, hospitals & clinics are investing in remote
patient monitoring technologies as part of a value-based care model, which
further boosts segment growth
- Asia Pacific is anticipated to register the fastest CAGR over the
forecast years owing to the government assistance coupled with increasing
patient awareness levels and improving healthcare infrastructure
- Key players operating in this market are focusing on the
development of cost-efficient & technologically advanced devices,
which offer comfort to the users. New product development and strategic
alliances including partnership agreements, promotional activities, and
acquisitions are instrumental in keeping market rivalry high
- For instance, in April 2021, Medtronic proclaimed the inauguration
of its state-of-the-art Medtronic Engineering and Innovation Center in
India. This is going to be the largest R&D center outside the U.S.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
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