Smart Wellness Market Size was valued at USD 72.1 Billion in 2022. The smart wellness market industry is projected to grow from USD 89.73 Billion in 2023 to USD 516.658 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 24.46% during the forecast period (2023 - 2032). Rising hospital and healthcare costs and limited access to medical facilities, are major drivers of the smart wellness market. Key market drivers influencing the market expansion are smart medical equipment's versatility and compact design. Smart wellness market growth has been significantly facilitated by the availability of less expensive options and self-help techniques to maintain a healthy lifestyle.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The market for smart wellness is partly driven by the rising incidence of chronic lifestyle disorders worldwide. Sedentary lifestyles and busy schedules have increased the prevalence of stress-related illnesses such as diabetes, high blood pressure, asthma, arthritis, cancer, and dementia. People unable to synthesize critical vitamins, amino acids, and other components and those unable to receive the nourishment they need from their meals are prescribed additional medicinal supplements. According to the International Diabetes Federation (IDF), there were 46 million persons with diabetes in North America in 2017, which is anticipated to rise to 62 million by 2045.
Smart wearables and other smart wellness products are in more demand as a result of the introduction of IoT technology to the market. The expansion of the smart wellness industry is being fueled by smartphones' growing flexibility as well as their incorporation into smart wellness software. The study aimed to find out what the public thought about emerging wellness technology. Over 91% of customers believe that advancements in smart wellness goods and services have improved their quality of life, according to a recent study by Health Line Media. More than 79% of consumers stated that the developments inspire them in the smart wellness sector.
The importance of one's health and well-being is becoming increasingly apparent to people. People are proactively managing their health by looking for technologies and tools that enable them to track and enhance their wellbeing. Tracking, managing, and optimizing many aspects of health are made easy and accessible by smart wellness solutions. Thus, driving the smart wellness market revenue.
The Smart Wellness Market segmentation, based on type includes Hospital and Individual Users. The hospital segment dominated the market because more governments throughout the world are taking steps to improve population health through primary care that is tightly integrated. However, due to the rising demand for smart devices and apps, it is anticipated that the category of individual users would increase faster during the projected period.
Figure 1: Smart Wellness Market, by Application, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Smart Wellness Market segmentation, based on connectivity, includes Wi-Fi, Bluetooth and Others. The bluetooth category generated the most income. An external and input device can be connected wirelessly using Bluetooth communication technology. Bluetooth connects many devices to monitor or manage activities, such as fitness and health. Healthcare, autos and transportation, consumer electronics, and appliances are just a few primary application sectors.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American smart wellness market area will dominate this market. These areas have highly advanced healthcare systems, high technological adoption rates, and a significant emphasis on preventive healthcare and individual wellness. Smart wellness gadgets, apps, and platforms are widely available and used by individuals, healthcare professionals, and companies to track health indicators, encourage healthy behaviors, and enhance general well-being.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Smart Wellness Market SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe smart wellness market accounts for the second-largest market share. Due to rising rates of chronic diseases and the popularity of fitness applications, the region is anticipated to maintain its leadership over the coming years. Additionally, a sizable population is adopting smart devices for wellness applications, including wearable fitness monitors that monitor caloric intake and offer real-time feedback on levels of physical activity, sleep monitoring tools, smart scales that wirelessly connect with mobile apps to track weight loss progress, and other comparable products. Further, the German smart wellness market held the largest market share, and the UK smart wellness market was the fastest growing market in the European region
The Asia-Pacific Smart wellness Market is expected to grow at the fastest CAGR from 2023 to 2032. Smart wellness solutions have drawn much interest from Asia-Pacific countries, including Australia, China, South Korea, and Japan. The use of smart wellness gadgets and apps is expanding due to the expanding middle class, rising healthcare spending, and a more tech-savvy populace. A societal focus on health and wellness is another factor driving demand for technology that promote preventive healthcare, fitness tracking, and mental wellbeing. Moreover, China’s smart wellness market held the largest market share, and the Indian smart wellness market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the smart wellness market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, smart wellness industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global smart wellness industry to benefit clients and increase the market sector. In recent years, the smart wellness industry has offered some of the most significant advantages to market. Major players in the smart wellness market attempting to increase market demand by investing in research and development operations include Apple, Samsung Electronics, Omron Healthcare, McKesson, Philips Healthcare, GE Healthcare, Draeger Medical Systems, Fitbit, Abbott, and Medtronic, among others.
Omron Healthcare Co Ltd (Omron Healthcare), a division of Omron Corp, offers medical equipment for health monitoring and therapy. The business sells electric toothbrushes, nebulizers, body composition monitors, pedometers, blood pressure monitors, and digital thermometers. It creates, markets, and offers services for health promotion. Omron Healthcare has industrial facilities in Dalian, China, Matsusaka, Mie, Italy, Binh Duong, Vietnam, Sao Paulo, Japan, Lonato Del Garda, Brazil, as well as research and development centers in Kyoto, Japan, and Dalian, China.
Drug distribution, healthcare services, and information technology solutions are all offered by McKesson Corp (McKesson). The business sells medicines, medical supplies, and cosmetics. Additionally, it provides pharmacy operations, alternate site pharmacy solutions, drug purchasing management, pharmacy group purchasing, pharmacy automation solutions, audit risk mitigation, pharmacy claims reimbursement, patient adherence and wellness, pharmacy consulting, and pharmacy technology.
Apple
Samsung Electronics
McKesson
Philips Healthcare
GE Healthcare
Draeger Medical Systems
Fitbit
Abbott
Medtronic
February 2023: Leading consumer health company Jamieson Wellness Inc. has joined forces with DCP Capital, a top global private equity firm, to assist its strategic expansion plan in China and deepen its presence in Asian countries. Through the cooperation, Jamieson will be able to expand its quickly expanding customer base in China and offer them additional premium vitamins, minerals, and supplements.
Hospital
Individual Users
Wi-Fi
Bluetooth
Others
North America
Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 72.1 Billion |
| Market Size 2023 | USD 89.73 Billion |
| Market Size 2032 | USD 516.658 Billion |
| Compound Annual Growth Rate (CAGR) | 24.46% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, Product Type and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Apple, Samsung Electronics, Omron Healthcare, McKesson, Philips Healthcare, GE Healthcare, Draeger Medical Systems, Fitbit, Abbott, and Medtronic |
| Key Market Opportunities | Use of IoT technology in smart wellness product |
| Key Market Dynamics | Rising prevalence of health diseases |
Frequently Asked Questions (FAQ) :
The Smart Wellness Market size was valued at USD 72.1 Billion in 2022.
The global market is projected to grow at a CAGR of 24.46% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Apple, Samsung Electronics, Omron Healthcare, McKesson, Philips Healthcare, GE Healthcare, Draeger Medical Systems, Fitbit, Abbott, and Medtronic.
The hospital category dominated the market in 2022.
The Bluetooth category had the largest share in the global market.
Research Analyst Level II With a technical background in information technology & semiconductors, shubham has 4.5+ years of experience in market research and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the ict/semiconductor domain. shubham holds a bachelor’s in information and technology and a master of business administration (mba). shubham has executed over 150 research projects for our clients under the brand name market research future in the last 2 years. his core skill is building the research respondent relation for gathering the primary information from industry and market estimation for niche markets. he is having expertise in conducting secondary & primary research, market estimations, market projections, competitive analysis, analysing current market trends and market dynamics, deep-dive analysis on market scenarios, consumer behaviour, technological impact analysis, consulting, analytics, etc. he has worked on fortune 500 companies' syndicate and consulting projects along with several government projects. he has worked on the projects of top tech brands such as ibm, google, microsoft, aws, meta, oracle, cisco systems, samsung, accenture, vmware, schneider electric, dell, hp, ericsson, and so many others. he has worked on metaverse, web 3.0, zero-trust security, cyber-security, blockchain, quantum computing, robotics, 5g technology, high-performance computing, data centers, ai, automation, it equipment, sensors, semiconductors, consumer electronics and so many tech domain projects.
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