ID: MRFR/SEM/3070-CR | May 2018 | Region: Global | 100 pages
Smart wellness market is expected to reach USD 520.29 billion by 2023 and grow at a CAGR of approximately 24.46% during the forecast period 2017-2023. The smart wellness market is highly influenced by the changing attitude of consumers and the power of the internet. The smart wellness industry is composed of hardware and software applications and components that drive the entire Smart wellness industry. The manufacturers are increasingly focusing on the ergonomic feature and reliability factor when designing the smart devices that are meant for the continuous monitoring of the health parameters. The increasing hospital and health care expenses and the minimal access to the health care centers have further boosted the Smart wellness market.
The flexibility and the miniature design of smart medical devices are considered as the primary growth stimulating factors of the Smart wellness industry. Moreover, in recent times, the awareness regarding self-help options regarding maintaining a healthy lifestyle and the availability of lower-cost options are presenting lucrative opportunities for the overall growth of the industry.
COVID 19 Analysis:
The Pandemic has affected the growth of several industries; however, the demand for the medical sector and the wellness industry was gaining momentum throughout the pandemic. The advent of Tele-medicines, at-home fitness, techniques and digital teaching of health-related practices, digital therapy are some of the factors that have increased the smart wellness market growth during the pandemic.
The market experts reported that the health and wellness industry has reached over USD 4.5 trillion during the pandemic, and the growth is primarily due to smart technologies. The power of the internet and stringent movement restrictions has also fuelled the demand for the Smart wellness industry. Some of the health-related self-care options such as digital healthcare, at-home self-testing were stimulating the overall growth of the industry.
The primary driver of the smart wellness market is that the increasing need for health monitoring devices easily and effortlessly without any medical assistance. On the other hand, the requirement for the continuous monitoring device has been increasing in recent years with the growing geriatric population across the globe. Such factors are driving the smart wellness market growth.
With the increasing demand for fitness and tracking apps in smartphones and handheld devices, the smart technologies that track the footsteps, meal, heartbeat, blood pressure, and other health parameters of the user are considered as the primary driver of smart wellness market growth. On the other hand, the increasing urbanization and integration of smart wellness applications into those smart devices are also fuelling the overall growth of the smart wellness market.
The advent of IoT technology into the smart wellness market is stimulating the demand for smart wearable and smart wellness products. On the other hand, the increasing adaptation of smartphones and the smartphones are increasingly integrated with the smart wellness applications are driving the smart wellness market growth.
Researches were conducted with the general public to acquire their opinions on the innovations in wellness technologies. A recent study conducted by Health line Media shows that over 91% of the consumers are welcoming the innovations in smart wellness products and services and believe that would improve the quality of life. Over 79% of consumers agreed that they are inspired by the current innovations in the smart wellness industry. Such factors are presenting lucrative opportunities for the overall growth of the smart wellness market. Owing to the expansion in the consumer base, the manufacturers and market players are inclined towards investing in the smart wellness industry.
Some of the surveys collected from the general consumers of the wellness applications report that there are over 69% of the respondents reported that the health and wellness technologies are expensive and are inclined towards low-cost wellness solutions such as smartphone apps.
The changing trend and the advancing technology bring frequent changes to the existing wellness systems and applications. Such factors are demanding higher costs for installing the new and updated wellness systems.
The privacy and security-related issues involved in the wellness software, moreover the advent of IoT devices have also created vulnerability to the wellness systems, applications, and services which are considered as the major challenge in the smart wellness market growth.
The maintenance of the electronic devices and poor lifespan of such electronic devices are increasing the total costs. The costs of ownership are also increasing due to the advanced technologies. Poor reliability of medical smart devices is also considered as the primary challenge for the overall growth of the market.
Cumulative Growth Analysis:
The smart wellness market is significantly transforming medical practices in recent times. The demand for diagnostics and therapeutics are increasing in recent times with the growing geriatric population and diverse prevalence of diseases across the globe. Moreover, the technologies are increasingly utilized in every form of the medical department, from pediatrics to complex surgeries; the aid of technologies has increased the quality of medical service. Therefore the market value of the smart wellness is expected to reach USD 520.29 billion by 2023 while registering a CAGR of 13.9% during the forecast period. Smart medical devices have significantly reduced the visits to hospitals and medical facilities and therefore reduced the costs incurred in the process.
Value Chain Analysis:
The advent of IoT technology in healthcare has eliminated the stress involved in gathering the health parameters. The IoT technology is gaining momentum in recent years across hospital facilities and helps them in gathering the health parameters and other information of the patients in the facility. The remote health monitoring, remote treatment, digital infrastructure of the hospital facilities are some of the pointers included with the aid of smart wellness. The increasing urbanization and industrialization have increased the demand for smart health monitoring devices such as personal ECG, Portable GPS PERS, smart pill dispensers, insulin pumps, pulse oximeter, and others. Also, the increasing urbanization has increased the awareness concerning the availability of different technologies and smart medical devices in recent years. Such factors are considered as the major market drivers of the market.
In the IT sectors and growing manufacturing sectors, factories are also deploying smart wellness devices and encouraging the staff to utilize the smart medical technologies which help them to increase productivity, as the productivity rate is highly influenced by the employees’ health factors.
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Currently, North America is holding the largest Smart wellness market share over other competitive regions. The technological advancements, favorable economic conditions, and increasing demand for smart devices in the countries like US and Canada are stimulating the overall growth of the Smart wellness industry. The well-established infrastructure and advancing medical infrastructure in U.S and Canada are highly influencing the overall growth of the Smart wellness industry.
On the other hand, the Asia-pacific region is also increasingly developing in the Smart wellness market value owing to the increasing consumer base for smart devices and handheld devices. The automotive industry is also deploying smart wellness devices in the vehicles and they continuously monitor several health parameters of the driver. Such factors are presenting lucrative opportunities for the Smart wellness market growth across the Asia-pacific region.
In the year 2018, one of the leading market players in England has introduced the Continous Glucose Monitoring device that is the size of a penny and should be implanted into the patient’s arm and roughly lasts up to 90 days. The implant is considered an excellent alternative and more suitable for patients who are suffering from mobility issues.
In the year 2020, the high-quality smart scan watch was announced which has recently gotten the FDSA approval in the year 2021, the ergonomic feature of the watch is considered as the major positive point of the product. Also, the product comes with a magnetic chargeable cable and soft fabric pouch which includes Digital time, date, notifications, heart rate, SpO2, steps, floors climbed, distance traveled, stopwatch, and so on.
This report has covered:
|Market Size||USD 520.29 billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, Connectivity, End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Apple, Inc. (U.S.), Samsung Electronics (South Korea), Omron Healthcare, Inc. (Japan), McKesson Corporation (U.S.), Philips Healthcare Company (the Netherlands), GE Healthcare, Inc. (U.S.), Draeger Medical Systems, Inc. (Germany), Fitbit, Inc. (U.S.), St. Jude Medical, Inc. (U.S.), and Medtronic PLC (U.S.)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The worldwide market of smart wellness market can thrive at 24.46% CAGR in the review period.
Philips Healthcare Company (the Netherlands), Draeger Medical Systems, Inc. (Germany), and GE Healthcare, Inc. (U.S.) are reputed companies in the smart wellness market.
By 2023, the global market of smart wellness can attain a valuation of USD 520.29 Bn.
The need to live a balanced life can cause the smart wellness market to thrive.
The expansion of the APAC smart wellness market is likely in the assessment period due to the growing patient population base.
Hospital and individual are smart wellness solution users.