Smart Wellness Market will exhibit a CAGR of 24.46% in the forecast period of 2017 to 2023 and is expected to reach USD 520.29 billion by 2023.
The smart wellness market is projected to register a CAGR of 24.46% from 2022 to 2030. Manufacturers are increasingly concentrating on ergonomics and reliability when designing smart devices for continuously monitoring health parameters. The rising healthcare and hospital expenses and the lack of access to healthcare centers have further boosted the market for smart wellness. The smart wellness market size is expected to reach approximately USD 520.29 billion by 2030. Smart wellness is primarily fueled by smart medical devices' flexibility and miniature design. Additionally, in recent times, increased awareness of self-help options for maintaining a healthy lifestyle and the availability of lower-cost alternatives have created lucrative opportunities for the industry to grow. Furthermore, the market for smart wellness has been further driven by rising hospital and healthcare costs as well as limited access to medical facilities. The key growth-stimulating characteristics of the smart wellness business are thought to be the adaptability and compact design of smart medical equipment. Additionally, in recent years, the availability of less expensive solutions and knowledge of self-help methods for keeping a healthy lifestyle have created profitable potential for the industry's overall growth.
The outbreak has slowed the expansion of many companies. However, the medical and wellness sectors were seeing growth throughout the pandemic. The introduction of telemedicines, at-home fitness methods, digital treatment, and the teaching of health-related habits are some of the elements that have fueled the expansion of the smart wellness sector during the pandemic. Market analysts said that during the epidemic, the health and wellness sector grew to more than USD 4.5 trillion, with smart technology playing a major role in this expansion. Strong movement limitations and the power of the internet have fueled demand for the smart wellness sector. Digital healthcare and at-home self-testing are two examples of health-related self-care choices that are promoting the industry's general growth.
Due to the growing demand for smart wellness devices and apps, the market for smart wellness is projected to grow rapidly during the forecast period. Smartphones, which allow easy access to fitness and wellness apps through app stores, play a major role in driving the market for smart wellness. Health monitoring awareness and the growing need for portable healthcare devices are major factors driving the market's growth. Governments of all regions are observed, their construction sectors are supported, and new technology is being developed to drive the market for smart wellness. FDI in the Asia Pacific region has been growing, and their policies to support it have been reforming and creating policies that support them.
The increasing prevalence of chronic lifestyle diseases across the globe is one factor driving the market for smart wellness. As a result of sedentary lifestyles and hectic schedules, diabetes, blood pressure, asthma, arthritis, cancer, dementia, and other stress-related disorders have become more prevalent. Additional medical supplements are prescribed to people unable to synthesize essential amino acids, vitamins, and other components and those unable to obtain essential nutrition from their diets. Diabetes was estimated to affect 46 million people in North America in 2017 and is expected to exceed 62 million by 2045, according to the International Diabetes Federation (IDF).
According to several surveys conducted among consumers of wellness applications, more than 69% said that health and wellness technologies are expensive and are inclined towards low-cost wellness tools like smartphone apps. Changes in trends and technology are constantly changing wellness systems and applications, resulting in higher costs for installing new and updated systems. The growth of the wellness market will likely be hampered by the high costs associated with dietary supplements and functional foods/beverages. Players such as Amway offer supplements under Nutrilite, which is quite expensive. In many developing countries including South Africa and other emerging markets, these products are less cost-effective, which could hinder the growth of the market for smart wellness.
The advent of IoT technology in the market for smart wellness is stimulating a growing demand for smart wearables and smart wellness products. Meanwhile, the market for smart wellness growth is driven by the increasing adaptability of smartphones and the integration of smartphones with smart wellness applications. The research was conducted to obtain the public's opinion on wellness technology innovations. Health Line Media conducted a recent study and found that over 91% of consumers accept innovations in smart wellness products and services as an improvement in quality of life. More than 79% of consumers said that the current advances in the smart wellness industry inspire them.
The smart wellness market segmentation, based on product type, is Bluetooth connectivity and Wi-Fi connectivity. The smart wellness market growth was prominently high under the Bluetooth connectivity smart wellness category in 202. A major reason for this is that Bluetooth applications, which allow two devices to be connected in the same room, are becoming more popular. The growing popularity of the IoT will also play a major role in the market growth.
The smart wellness market segmentation, based on end-users/applications, is hospital and individual users. In 2021, hospital smart wellness accounted for the largest market share of the market due to the increased number of health diseases. However, the individual users' category is estimated to register the highest growth rate during the forecast period due to the growing demand for smart apps and devices.
By region, the smart wellness market trends have been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share. Asia-Pacific will exhibit the highest CAGR during the forecast period.
North America dominated the market for smart wellness share in 2021. As a result of the presence of a large number of established key players, such as Kohler Co. and Bradley Corporation, in this region, the market in North America is expected to grow significantly. In the coming years, the market will likely experience tremendous growth due to the sustainable and well-established economies in the region. Furthermore, North America also has a well-developed infrastructure, ensuring that devices are more widely embedded and connected. Another major factor driving the growth of the market for smart wellness in the region is the growing adoption of smartphones that allow easy tracking of daily activities and help monitor health.
Asia-Pacific will exhibit the highest CAGR during the forecast period. Due to the increasing popularity of fitness apps, there is also an increasing demand for smart wellness apps across different countries in the region. A comparatively higher CAGR is expected across Asia Pacific over the review period due to massive investment inflows from leaders.
The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have reached diverse product portfolios. Companies such as Apple, Samsung Electronics, Omron Healthcare, McKesson, Philips Healthcare, and GE Healthcare dominate the market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are concentrating on supporting research and development. Furthermore, they embrace strategic growth initiatives, such as development, product introduction, joint ventures, and partnerships, to strengthen their market position and capture an extensive customer base.
Prominent players in the smart wellness market research include Apple, Samsung Electronics, Omron Healthcare, McKesson, Philips Healthcare, GE Healthcare, Draeger Medical Systems, Fitbit, Abbott, and Medtronic, among others.
The objectives of the study are summarized in 5 stages. They are as mentioned below:
To identify and estimate the market size for the smart wellness market report segmented by product type and end-users/application by value (in US dollars). Also, to understand the consumption/ demand created by consumers of smart wellness market forecast between 2022 and 2030
To identify the smart wellness market growth and infer the drivers, restraints, opportunities, and challenges.
To find out the factors which are affecting the smart wellness market size
To identify and understand the various factors involved in the market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
|Market Size||USD 520.29 billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product Type and End-Users/Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World (RoW)|
|Key Vendors||Apple, Samsung Electronics, Omron Healthcare, McKesson, Philips Healthcare, GE Healthcare, Draeger Medical Systems, Fitbit, Abbott, and Medtronic, among others.|
|Key Market Opportunities||Use of IoT technology in smart wellness product|
|Key Market Drivers||Rising prevalence of health diseases|
The smart wellness market forecast period is 2022-2030
The market is expected to register a CAGR of 24.46% over the next 10 years, according to the smart wellness market research.
Asia-Pacific is expected to register the highest CAGR during 2022-2030
North America held the largest share in 2021
The market size is expected to be USD 520.29 billion by 2030.
Apple, Samsung Electronics, Omron Healthcare, McKesson, Philips Healthcare, GE Healthcare, Draeger Medical Systems, Fitbit, Abbott, and Medtronic, among others are the major companies operating in the market.