Smart Wellness Market Analysis by Component, Connectivity and End User | Escalating Demand for Health Monitoring Expected to Augment the Global Smart Wellness Market

Smart wellness products address the intensified need for continuous health monitoring. The population is increasingly getting aware of the rising prevalence of health disorders. This, in turn, is presumed to catapult the smart wellness market on an upward trajectory. According to the study offered by Market Research Future (MRFR), the global market is forecasted to value at USD 520.29 Bn towards 2023-end reflecting a CAGR of 24.46% over the assessment period (2017-2023).

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Pune, India, April 18, 2019 (GLOBE NEWSWIRE) -- Market Research Future (MRFR)’s assessment reveals that the global smart wellness market is expected to expand at a CAGR of 24.46% during the forecast period 2017 to 2023. The study further suggests that the market is set to touch a valuation of USD 520.29 Bn towards the end of 2023. The growth of the market is anticipated to be in line with the rising incidences of diseases and the expansion of healthcare facilities. Furthermore, an upsurge in need for health monitoring is being observed owing to the adoption of urbanized lifestyle. This, in turn, is presumed to expedite the expansion of the market in the years to come.

The advancements in smart technology have led to proliferating applications across different domains. In the healthcare sector, the penetration of smart technology has opened new avenues of growth opportunities for new entrants. Case to the point is, an Austin couple has introduced ‘Wellbody App’ which focuses on holistic daily practices. Global market participants are expected to emphasize on product developments and innovations for capitalizing on the thriving smart wellness market. To illustrate, Samsung Electronics has upgraded its Samsung Health app for providing a more interactive and personalized experience.

Large-scale market presence of portable and connected healthcare devices in conjunction with skyrocketing demand for smartphone applications has accelerated revenue creation for market participants. It is expected to exhibit a similar growth pattern for the market in the years to come. However, technical complexities remain an impediment to market growth.

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Market Segmentation:

This MRFR report offers a comprehensive segmental analysis of the global smart wellness market based on component, type, connectivity, and end user.

By component, the market has been segmented into hardware, software, and services. The hardware segment is further sub-segmented into personal medical devices (diabetes monitor, insulin pump, BP monitor, portable GPS PERS, personal pulse oximeters, smart pill dispenser, personal ECG, and others) and wellness products (body analyzer, GPS sports watch, sleep quality monitor and others). The software segment has been sub-segmented into smart wellness apps, online subscriptions, and others. And, the services segment has been sub-segmented into professional services and managed services. Among these, the hardware segment currently holds the lion’s share of the market and is poised to mark a CAGR of 24.82% over the assessment period.

By type, the Smart Wellness Market has been segmented into healthcare IT, health information exchange and healthcare analytics. The healthcare IT segment is leading the growth of the market and is anticipated to thrive significantly at 23.75% CAGR across the review period.

Based on connectivity, the market has been segmented into Wi-Fi, Bluetooth, and others. Among these, the Bluetooth segment is expected to strike a stellar CAGR of 24.83% during the forecast period.

The smart wellness market, by end-user, has been segmented into hospital, individual users and others. The individual users segment signifies tremendous growth potential. It has been forecasted to witness rapid developments at 25.08% CAGR through the projection period.

Asia Pacific set to witness the steepest rise in the growth curve

The geographical assessment of the global smart wellness market encompasses four significant regions, viz. Asia Pacific, North America, Europe, and the Rest of the World (RoW). Led by the U.S. and Canada, North America is the most significant market in the global marketplace. Many market leaders such as Kohler Co. and Bradley Corporation are based out of the region which gives a competitive edge to the regional market. Meanwhile, Asia Pacific is likely to attract massive inflow of investments from global leaders and strike a comparatively higher CAGR across the review period.

Key Players:

The noted players operating in the smart wellness market are Samsung Electronics (South Korea), Apple, Inc. (U.S.), Omron Healthcare, Inc. (Japan), Philips Healthcare Company (the Netherlands), McKesson Corporation (U.S.), GE Healthcare, Inc. (U.S.), Fitbit, Inc. (U.S.), St. Jude Medical, Inc. (U.S.), Draeger Medical Systems, Inc. (Germany), and Medtronic PLC (U.S.)

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Latest Industry News:

Amazon Alexa, a virtual assistant developed by Amazon, has launched its latest HIPAA (the U.S. Health Insurance Portability and Accountability Act of 1996) compliant medical skills.

Plankk, a wellness startup, has introduced its digital app known as ‘Plankk Studio’ where influencers provide fitness classes.

Apple, an American multinational technology company, has collaborated with health insurance provider Aetna for the launch of a new app ‘Attain,’ that leverages Apple Watch data for providing a window into users’ health.

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