Key Trends and Insights into the Connected Health and Wellness Solutions Market: Growth Rate and Opportunities to 2034
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How has the connected health and wellness solutions market size evolved in recent years?
There has been a notable expansion in the market size of connected health and wellness solutions in the past few years. It is projected to escalate from a value of $68.1 billion in 2024 to $82.61 billion in 2025, growing at a compound annual growth rate (CAGR) of 21.3%. The historic growth of this market has been influenced by factors such as the growing aging population and prevalence of chronic diseases, the acceptance of digital health techniques, healthcare costs and efficiency improvements, remote patient monitoring capabilities, and the increased demand due to the pandemic.
What are the predictions for the connected health and wellness solutions market size in the coming years?
The market for connected health and wellness solutions is projected to witness a significant spike in the coming years, enlarging to $195.75 billion by 2029 at a compound annual growth rate (CAGR) of 24.1%. This projected expansion during the forecast period can be ascribed to the rising uptake of tailor-made medicine, interoperability of health data, value-oriented care models, increased emphasis on mental health and well-being, access and fairness in healthcare, growing data security and protection, as well as increasing demand for population health management. The primary trends during this forecast period include the spread of IoT devices and sensors, the use of artificial intelligence in healthcare, the proliferation of wearable health technology, technological breakthroughs, and product innovation.
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What key factors are fueling the growth of the connected health and wellness solutions market?
The surge in the use of mhealth devices is propelling the expansion of the connected health and wellness solutions market. Mhealth device-installed applications such as telemedicine and mobile monitoring aid in tracking health records and providing the necessary information to healthcare practitioners. Examples of mhealth devices include fitness trackers, smartphones, smartwatches, and others. As per a research by International Data Group, a technology research firm from the US, global shipments of wearable devices are expected to bounce back by 2023, amounting to a total of 504.1 million units. This translates to a year-over-year growth of 2.4%, which is fueled by continuous demand for the most sought after products like earwear and smartwatches, whereas other products maintain a stable demand. Consequently, an upsurge in the expenditure on wearable devices will stimulate the demand for mhealth devices, thereby boosting the connected health and wellness solutions market.
How is the global connected health and wellness solutions market divided into key segments?
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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Who are the key firms paving the way for growth 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.
Which trends are expected to transform the connected health and wellness solutions market?
A prominent trend gaining traction in the connected health and wellness solutions market is the escalated adoption of digital health technologies. These technologies, which involve the use of software, computing platforms, and sensors, among other elements, deliver precise health information to patients. There has been an uptick in the demand for such digital health technologies in recent years. Rock Health’s 2022 Digital Health Consumer Adoption Survey revealed that 80% of respondents had used telemedicine for their healthcare needs at some stage of their lives, marking an increase from 72% in 2021.
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What regions are contributing significantly to the growth of 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.
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