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Connected Health and Wellness Solutions Global Market Report 2022

Connected Health and Wellness Solutions Global Market Report 2022

  • September 2022
  • 175 pages
  • ID: 6318499
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the connected health and wellness solutions market are Omron Healthcare Inc., Koninklijke Philips N.V., GE Healthcare, Drägerwerk AG & Co. KGaA, Fitbit LLC, Medtronic, Abbott, Boston Scientific Corp., Garmin International Inc., Apple Inc., Masimo Corp., ResMed, and NXGN Management LLC.

The global connected health and wellness solutions market is expected to grow from $37.85 billion in 2021 to $46.30 billion in 2022 at a compound annual growth rate (CAGR) of 22.33%. The connected health and wellness solutions market is expected to grow to $95.90 billion in 2026 at a compound annual growth rate (CAGR) of 19.97%.

The connected health and wellness solutions market consists of sales of connected health and wellness solutions by entities (organizations, sole traders, partnerships) that focus on maximizing healthcare resources by using technology and devices that give accurate health information. These connected health and wellness solutions include BP monitors, glucose monitors, body analyzers, heart rate monitors, and fitness devices.

The main product types of connected health and wellness solutions are personal medical devices, wellness products, and software & services.Personal medical devices are devices specifically developed for home consumers to measure objective data such as oxygen saturation and blood glucose levels.

These are used for clinical monitoring, telehealth and the application of these devices are diagnosis & treatment, wellness & prevention, monitoring, and others.

North America was the largest region in the connected health and wellness solutions market in 2021.The Asia Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in connected health and wellness solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The connected health and wellness solutions market research report is one of a series of new reports that provides connected health and wellness solutions market statistics, including connected health and wellness solutions industry global market size, regional shares, competitors with a connected health and wellness solutions market share, detailed connected health and wellness solutions market segments, market trends and opportunities, and any further data you may need to thrive in the connected health and wellness solutions industry. This connected health and wellness solutions market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The increase in the adoption of mhealth devices is driving the growth of the connected health and wellness solutions market.Applications such as telemedicine applications and mobile monitoring installed on mhealth devices help to track the health record and assist healthcare practitioners to get information.

The mhealth devices include fitness trackers, smartphones, smartwatches, and more. According to Gartner, a US-based consulting firm that research on technology, in 2021, Global spending on wearable devices raised to $81.5 billion from $69 billion in 2020, or an 18.1% increase, and in 2022, estimated to grow to $93.85 billion. Therefore, the increase in spending on wearable devices will boost the demand for mhealth devices and this, in turn, drives the connected health and wellness solutions market.

The increasing adoption of digital health technologies is a key trend gaining popularity in the connected health and wellness solutions market.Digital health technologies use software, computing platforms, sensors, and more, to give accurate health to patients.

The demand for digital health technologies has increased in the past few years. According to a survey conducted by Kareo involving 600 healthcare providers, in 2020, 41% of the respondent said that they were using telemedicine or digital health technology increase from 22% reported in the 2018 survey, and 34% of the respondents said that they were in the process of deploying virtual care services.

In 2021, Philips, a Netherlands-based multinational conglomerate, acquired BioTelemetry for $2.8 billion. With this acquisition, Philips’ strategy for transforming care along the healthcare continuum with a heart care portfolio and integrated solutions. The combination of Philips’ in-hospital patient care management portfolio and BioTelemetry’s out-of-hospital cardiac diagnosis and monitoring portfolio enables in-hospital and home-based patient care management solutions for the patients. BioTelemetry is a US-based provider of cardiac monitoring and medical imaging services, as well as wearable heart monitors and artificial intelligence (AI)-based data analytics within its portfolio.

The countries covered in the connected health and wellness solutions market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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