The global Connected Health And Wellness Solutions Market is anticipated to reach USD 195.26 billion by 2030 and is projected to grow at a CAGR of 20.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. 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 market growth in the coming years. In addition, the increasing incidences of lifestyle-associated diseases require continuous health monitoring, which is expected to increase demand for connected health devices over the forecast period. In addition, the advantages associated with its usage and the availability of advanced products, such as remote sensors, adapters, and connected mobile communication devices, further augment the market growth.
In addition, the advancement in technology has
fueled the market growth significantly. For instance, in March 2024, Garmin
Malaysia unveiled the HRM-Fit, a new heart rate monitors specifically designed
for women. With a clip-on design, it can be easily attached to medium- and
high-support sports bras for optimal comfort, ensuring precise tracking of
real-time heart rate and workout information. The increasing adoption of
telemedicine and remote monitoring solutions is also driving the market. In
addition, the rise of artificial intelligence (AI) and machine learning (ML)
is enabling personalized health and wellness services, which is expected to
further boost the market. The growth of the connected health and wellness
solutions market is also driven by the increasing need for preventive
healthcare, rising healthcare costs, and growing awareness of self-care and
wellness among individuals.
Moreover, the rising demand for greater access to
patient health information is the key factor contributing to the market growth.
In addition, the raised awareness levels due to the supportive initiatives
undertaken by government and non-profit organizations, such as Healthcare
Information and Management Systems Society (HIMSS), are anticipated to serve
this industry with future growth opportunities. The rising emphasis on
developing advanced healthcare solutions coupled with the sufficient
availability of funds is expected to boost the market growth. The connected
health & wellness devices market is witnessing a surge in R&D
investments. For instance, 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 fuel the industry growth in this
region further.
Furthermore the market is expected to grow
significantly due to increased investment in digital health technologies,
particularly in the areas of telemedicine, wearable devices, and mobile health. For
instance, in February 2024, HealthSnap and Chronic Care Management solutions
for healthcare providers secured a significant funding round of USD 25 million.
The Series B financing was led by Sands Capital, with new investors Comcast
Ventures and Florida Opportunity Fund participating in the round. In addition,
government initiatives and private investments are also fueling the growth of
this market.
List of Key Players in the Connected Health And
Wellness Solutions Market
- 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.
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Connected Health And Wellness Solutions Market Report
Highlights
- Software & services dominated the product segment in 2023, owing
to associated benefits such as rising online subscriptions and downloading
health information because of the augmented health consciousness amongst
people
- The wellness and prevention category in the application segment held
the largest share in 2023. This can be attributed to an increase in
healthcare ailments, physical exercise awareness campaigns, awareness
concerning healthier lifestyles, and technological advancement in products
- Telehealth dominated the function segment in
2023, owing to its growing usage and adoption. In addition, the COVID-19
pandemic, boosted the adoption rate of telehealth technology at a larger
scale among providers. The rising importance of continuous patient
monitoring for older adults and the introduction of wearable remote
monitoring devices are expected to propel market growth
- Hospitals & clinics dominated the end-user segment of the market
in 2023, 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, further broadening the segment's market growth.
The home monitoring category in the end-user segment is anticipated to
show the fastest growth throughout the forecast period
- North America was the largest market in 2023. The Asia Pacific
region is anticipated to register rapid growth in coming years owing to
increasing government assistance, increasing patient awareness levels, and
improving healthcare infrastructure
Connected Health And Wellness
Solutions Market Report Scope
|
Report Attribute |
Details |
|
Market size value in 2024 |
USD 64.38 billion |
|
Revenue forecast in 2030 |
USD 195.26 billion |
|
Growth rate |
CAGR of 20.3% from 2024 to 2030 |
|
Actual Data |
2018 - 2023 |
|
Forecast Data |
2024 - 2030 |
Related Press Release@ Connected
Health And Wellness Solutions Industry Analysis
Connected Health And Wellness Solutions Market
Segmentation
Grand View Research has segmented the global
connected health and wellness solutions market based on product, function,
application, end-use, and region:
Connected Health And Wellness Solutions Product Outlook
(Revenue, USD Million, 2018 - 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
Connected Health And Wellness Solutions Function Outlook
(Revenue, USD Million, 2018 - 2030)
- Clinical Monitoring
- Telehealth
Connected Health And Wellness Solutions Application
Outlook (Revenue, USD Million, 2018 - 2030)
- Diagnosis & Treatment
- Wellness And Prevention
- Monitoring
- Others
Connected Health And Wellness Solutions End-use Outlook
(Revenue, USD Million, 2018 - 2030)
- Hospitals & Clinics
- Home Monitoring
Connected Health And Wellness Solutions Regional Outlook
(Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Sweden
- Denmark
- Norway
- Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Thailand
- Latin America
- Brazil
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Kuwait
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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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