Connected Health and Wellness Solutions Global Market Report 2024 – Market Size, Trends, And Market Forecast 2024-2033
The Business Research Company’s Connected Health and Wellness Solutions Global Market Report 2024 – Market Size, Trends, And Market Forecast 2024-2033
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The connected health and wellness solutions market is experiencing exponential growth, projected to increase from $57.11 billion in 2023 to $69.72 billion in 2024, achieving a CAGR of 22.1%. This surge can be attributed to an aging population with chronic diseases, greater adoption of digital health solutions, a focus on healthcare cost efficiency, remote patient monitoring, and the ongoing demand stemming from the pandemic.
How Big Is the Global Connected Health and Wellness Solutions Market Expected to Grow, and What Is Its Annual Growth Rate?
The market size is expected to see exponential growth in the next few years. It will grow to $158.62 billion in 2028 at a compound annual growth rate (CAGR) of 22.8%. The growth in the forecast period can be attributed to increasing adoption of personalized medicine, health data interoperability, value-based care models, increasing mental health and well-being focus, healthcare access and equity, growing cybersecurity and data protection, growing demand for population health management. Major trends in the forecast period include expansion of iot devices and sensors, artificial intelligence in healthcare, wearable health technology, technological advancements, and product innovations.
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What Is Driving the Growth of the Connected Health and Wellness Solutions Market?
The growing adoption of mHealth devices is fueling the market. These devices, including fitness trackers, smartphones, and smartwatches, support applications like telemedicine and mobile health monitoring, helping healthcare providers access vital patient information. According to Gartner, global spending on wearable devices increased from $69 billion in 2020 to $81.5 billion in 2021, marking an 18.1% rise, with projections for further growth to $93.85 billion in 2022. This increase in investment in wearable technology is expected to enhance demand for mHealth devices, thereby driving growth in the market.
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Which Leading Companies Are Driving The Growth Of The Connected Health and Wellness Solutions Market Share?
Major companies operating in the 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, BSN Medical Inc., AgaMatrix Inc., Microlife AG, Body Media Ltd., Aerotel Medical Systems Ltd., Mckesson Corporation, Draeger Medical Systems Inc., Avcor Medical Health Care Products Inc., BioTelemetry Inc., Honeywell International Inc., Qualcomm Life Inc., FitLinxx Inc., iHealth Labs Inc., Jawbone Inc.
What Are The Key Trends Driving The Growth Of The Connected Health and Wellness Solutions Market Size?
In the market, companies are focused on developing advanced products like the ZAIDYN connected health solution to improve remote patient monitoring and health outcomes. ZAIDYN connected health aids pharmaceutical companies, healthcare providers, and payers in identifying unmet needs and enhancing patient engagement. For example, in October 2023, ZS Associates Group, Inc. launched the AI-driven ZAIDYN Connected Health solution, part of the ZAIDYN by ZS platform, which includes three product suites aimed at bridging gaps in healthcare and fostering a patient-centric approach to health insights, engagement, and connected research.
How Is the Global Connected Health and Wellness Solutions Market Segmented?
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
North America: The Leading Region in the Connected Health and Wellness Solutions Market
North America was the largest region in the market in 2023. The Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the connmarket report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What Is the Connected Health and Wellness Solutions Market?
Connected health and wellness solutions leverage technology and devices to provide accurate health information, enhancing healthcare resources and outcomes.
The Connected Health and Wellness Solutions Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Connected Health and Wellness Solutions Market Report: Trends, Opportunities, Strategies, and More
The Connected Health and Wellness Solutions Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into connected health and wellness solutions market size, connected health and wellness solutions market drivers and trends, connected health and wellness solutions market major players, connected health and wellness solutions competitors' revenues, connected health and wellness solutions market positioning, and connected health and wellness solutions market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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