The global connected health and wellness devices market is expected to grow at phenomenal CAGR during the forecast period (2018 to 2025), according to a report available on Radiant Insights, Inc. Growing requirement for remote and cost-effective healthcare services is anticipated to propel demand for connected health and wellness devices. Such devices are likely to maximize healthcare services by enabling healthcare professionals and patients to easily access essential information and improve quality of healthcare. In addition, it can include programs in remote care such as home care, lifestyle & disease management, and telehealth.
High prevalence of chronic and lifestyle associated diseases is expected to influence growth of market. Shifting consumer preference towards healthy lifestyle coupled with rising healthcare awareness can fuel market growth in the forthcoming years. Growing adoption of devices that can continuously monitor health of individuals suffering from diseases such as hypertension and diabetes can augment growth of market. Supportive initiatives from governments globally to promote availability of advanced health monitoring devices can foster market growth during the forecast period (2018 to 2025).
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To cater to rising demand for connected health and wellness devices, most companies are predicted to focus on R&D activities to develop advanced devices. For instance, Apple recently filled patent application for its new device that can monitor blood pressure in humans. This device is expected to look like cuff equipped with sensor, which can measure user’s blood pressure and notify them when it goes to low or too high. In addition, this device is expected to have touchscreen and Bluetooth technology too.
In another instance, Apple recently announced that its upcoming software update iOS 12 is likely to enable iPhone users to share their location automatically with emergency service providers by simply dialing 911. This new facility is aimed to reduce emergency response time across United States (U.S.). The company is likely to utilize RapidSOS’s internet protocol (IP) based data pipeline to securely and quickly share hybridized emergency location (HELO) data with 911 centers.
The connected health and wellness devices market can be segregated on the basis of type, application, and region. Based on type, the market can be categorized into wellness products, personal medical devices, and software & services.
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Based on application, the connected health and wellness devices market can be classified into individual customers, hospitals, and others. In recent years, hospitals segment is anticipated to dominate the market owing to growing adoption rate of electronic health records (EHR) and remote patient monitoring systems for effective management of chronic disorders. However, increasing adoption of personalized health monitoring devices among consumers can drive individual customers segment during the forecast period.
Regional segmentation includes Europe, North America, Japan, China, India, Southeast Asia, Central & South America, and Middle East & Africa. In North America, the market is expected to account for largest market share during the forecast period owing to well established healthcare facilities, high awareness among population, and better internet coverage in the region.
In Asia Pacific, the market is likely to witness significant market share attributed to rising demand for wearable health monitoring devices. In addition, increasing disposable income of middle class population coupled with continual development of healthcare infrastructure in the region can influence growth of market. Moreover, growing adoption of virtual healthcare systems such as m-health, e-health, and tele health applications can impel market growth in the region.
Some of the leading companies offering connected health and wellness devices are McKesson Corporation; Philips Healthcare Company; Apple, Inc.; Medtronic Plc; and Boston Scientific Corporation. This market is expected to be monopolistic in nature and most companies are likely to get involved in development of technologically advanced devices.
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