Published Date: 30-Apr-22
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According to a new report, published by KBV research, The Global Connected Health And Wellness Solutions Market size is expected to reach $104.8 billion by 2027, rising at a market growth of 19.4% CAGR during the forecast period.
The Software & Services segment acquired maximum revenue share in the Global Connected Health And Wellness Solutions Market by Product in 2020, thereby, achieving a market value of $43.6 billion by 2027. The adoption of a value-based healthcare providing system is attributed to the rapid growth of the market. In addition, the increasing number of online memberships and health information downloads as a result of improved health awareness among individuals is also boosting the adoption of connected health and wellness solutions. Increasing demand for customized and accessible healthcare services would encourage users to leverage connected health and wellness solutions over the forecast period.
The Clinical Monitoring market has shown high growth rate of 19% during (2021 - 2027). Rapidly developing healthcare infrastructure, as well as an increase in healthcare spending in emerging nations, is likely to drive this segment's growth. Moreover, the rising need for constant patient monitoring for adults, as well as the launch of wearable remote monitoring technologies, are likely to drive segment growth.
The Home Monitoring market is showcasing a CAGR of 19.9% during (2021 - 2027). This growth can be ascribed to various factors, such as the constantly rising geriatric population, the rising incidence of chronic illnesses, the increasing demand for cost-effective healthcare delivery due to rising healthcare expenses, and advancements in-home care equipment technology.
The Wellness & Prevention segment is leading the Global Connected Health And Wellness Solutions Market by Application in 2020, thereby, achieving a market value of $42.9 billion by 2027. The segment is expected to grow as people become more aware of their entire health and well-being. The convergence of health and medical technology is known as connected healthcare, and it is becoming a more important aspect of the social wellness and care sectors. According to NCBI, in October 2019, about 70% of mHealth applications targeted the consumer fitness and wellness category, which is majorly encouraging the market's growth.
North America is the fastest growing region in the Global Connected Health And Wellness Solutions Market by Region in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $39.8 billion by 2027. The Europe market is experiencing a CAGR of 19% during (2021 - 2027). Additionally, The Asia Pacific market would witness a CAGR of 20.3% during (2021 - 2027).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Abbott Laboratories, Apple, Inc., Garmin Ltd., Boston Scientific Corporation, General Electric (GE) Co., Dragerwerk AG & Co. KGaA, Medtronic PLC, Koninklijke Philips N.V., Omron Corporation, and Google LLC.
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