The global connected health and wellness solutions market will reach $195,26-billion by 2030 – growing at a CAGR of 20,3% from 2024 to 2030, says research house Grand View Research.
The demand for wearable medical devices and remote patient monitoring systems is anticipated to increase over the forecast period due to shifting consumer preferences towards a healthier lifestyle – driving market growth in the coming years.
In addition, the increasing incidences of lifestyle-associated diseases requiring continuous health monitoring is expected to increase demand for connected health devices over the forecast period.
Also, the advantages associated with its usage and the availability of advanced products such as remote sensors, adapters, and connected mobile communication devices further augment the market growth.
Added to that, the advancement in technology has fueled the market growth significantly.
For instance, in March 2024, Garmin Malaysia unveiled the HRM-Fit – a new heart rate monitor specifically designed for women. With a clip-on design, it can be easily attached to medium- and high-support sports bras for optimal comfort ensuring precise tracking of realtime heart rate and workout information.
The increasing adoption of telemedicine and remote monitoring solutions is also driving the market. In addition, the rise of AI and machine learning (ML) is enabling personalised health and wellness services, which is expected to further boost the market.
The growth of the connected health and wellness solutions market is also driven by the increasing need for preventive healthcare, rising healthcare costs, and growing awareness of self-care and wellness among individuals.
Furthermore, the market is expected to grow significantly due to increased investment in digital health technologies – particularly in the areas of telemedicine, wearable devices, and mobile health.
Additional highlights from the report include:
* Software and services dominated the product segment in 2023 owing to associated benefits such as rising online subscriptions and downloading health information because of the augmented health consciousness among people.
* The wellness and prevention category in the application segment held the largest share in 2023. This can be attributed to an increase in healthcare ailments, physical exercise awareness campaigns, awareness concerning healthier lifestyles, and technological advancement in products.
* Telehealth dominated the function segment in 2023 owing to its growing usage and adoption. In addition, the Covid-19 pandemic boosted the adoption rate of telehealth technology at a larger scale among providers. The rising importance of continuous patient monitoring for older adults and the introduction of wearable remote monitoring devices are expected to propel market growth.
* Hospitals and clinics dominated the end user segment of the market in 2023 owing to the increased implementation of digital health technologies by these settings. Moreover, hospitals and clinics are investing in remote patient monitoring technologies as part of a value-based care model, further broadening the segment’s market growth. The home monitoring category in the end user segment is anticipated to show the fastest growth throughout the forecast period.
* North America was the largest market in 2023. The Asia Pacific region is anticipated to register rapid growth in coming years owing to increasing government assistance, increasing patient awareness levels, and improving healthcare infrastructure.