Major factors driving the growth of smart wellness market is the increasing adoption of smartphones with integrated smart wellness applications. Also growing urbanization and increasing population is expected to drive the growth of global smart wellness market. Apple, Inc., Samsung Electronics, Omron Healthcare, Inc., McKesson Corporation, Philips Healthcare Company, and GE Healthcare, Inc. are the few major players in the global smart wellness market.
With the advent of the internet of things and growing demand for smart wearables, the smart wellness market is anticipated to witness significant growth during the forecast period. Smart wellness refers to the use of smart devices to monitor the health of an individual. Online subscriptions and free as well as paid mobile apps are gaining immense popularity owing to the increasing health consciousness among the end users. Various market players like Apple, Samsung, and Fitbit among others are coming up with a plethora of smart wellness products and accessories to monitor the health smartly.
The hardware segment comprises personal medical devices and smart wellness products. However, personal medical devices sub-segment is expected to hold the largest market share of the global smart wellness market. This is owing to the increasing demand for smart wellness products and devices across various end users. Increasing adoption of smartphones with integrated smart wellness applications is another major factor driving the growth of smart wellness market. Furthermore, the growing demand for portable healthcare devices is another major factor driving the growth of smart wellness market.
The North American region holds the largest market share across the globe followed by Europe and Asia Pacific. The U.S. and Canada markets are dominating the North American region due to rising technological enhancements and growing adoption of smart wellness applications in the region. Moreover, the region has a well-established infrastructure, which allows faster implementation of advanced technologies. Additionally, the growing adoption of smart wellness solutions across different end users is another major factor driving the growth of the smart wellness market in the region.
A major factor driving the growth of Smart Wellness Market is the growing need for health monitoring and maintaining a balanced life with smart wellbeing. Growing popularity of fitness tracking apps available on smartphones and increasing demand for connected health and wellness devices are majorly responsible for fueling the growth of smart wellness market.
The global 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.
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Major Key Players:
- 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.),
- Jude Medical, Inc. (U.S.),
- Medtronic PLC (U.S.)
The global smart wellness market is segmented by component, type, connectivity, and end user. On the basis of the component, the market is segmented into hardware, software, and services. The hardware segment is classified as personal medical devices and wellness products. The personal medical devices segment is further segmented into diabetes monitor, insulin pump, BP monitor, portable GPS PERS, personal pulse oximeters, smart pill dispenser, personal ECG, and others. The wellness products are further segmented into body analyzer, GPS sports watch, sleep quality monitor and others.
The software sub-segment is classified into smart wellness apps, online subscriptions, and others. Whereas, the services sub-segment is further classified into professional services and managed services. Based on the type, the market is segmented into healthcare IT, health information exchange and healthcare analytics. Based on the connectivity, the market is segmented into Wi-Fi, Bluetooth, and others. Whereas, based on the end user, the market is segmented into the hospital, individual users and others.
- By component, hardware sub-segment is expected to hold the largest share of the smart wellness market and is expected to grow with 24.82% CAGR.
- By type, healthcare IT sub-segment leads with a 23.75% CAGR.
- By connectivity, Bluetooth sub-segment leads with a 24.83% CAGR.
- By end user, individual users sub-segment accounted for the largest share of the smart wellness market and is expected to grow at 25.08% CAGR.
The global smart wellness market is studied in Asia Pacific, North America, Europe, and Rest of the World. North America is estimated to account for the largest share of the market, whereas Asia Pacific is projected to grow at the fastest rate during the forecast period.
The growth of the market in North America is attributed to technological advancements and increased adoption of smart wellness devices across various end users in the region.
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- Technology Investors
- Research/Consultancy Firms
- Chip designers and fabricators
- Original equipment manufacturers (OEMs)
- Healthcare Solution Providers
- Technology Providers
- Individual Users
- Healthcare Institutions and Clinics
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