Smart Wellness Market is estimated to grow at a CAGR of 24% by Forecast to 2023

Market Highlights:

In this rapidly changing world of technology, smart wellness market is projected to show major growth prospects during the forecast period. Major factor driving the smart wellness market is the increasing adoption of smartphones which allow easy access to fitness and wellness apps through app stores. Growing awareness about health monitoring and increasing demand for portable healthcare devices is another major factor driving the growth of smart wellness market.

 

The global Smart Wellness market, by geography, has been segmented into North America, Europe, Asia Pacific and Rest of the World. As compared to other regions, the Smart Wellness market in North America is expected to witness significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of smart wellness market. This is owing to the presence of large number of established key players like Apple, Inc. in that region. In addition to this, the region also has a well-established infrastructure which allows higher penetration of devices and ultimately provides better connectivity. This is expected to be a major factor for the growth of smart wellness market. Growing adoption of smartphones which allow easy tracking of daily activities and in turn help in monitoring health is another major factor driving the growth of smart wellness market in the region. Growing demand for fitness apps is another major factor driving the growth of smart wellness market in the region.

 

The Smart Wellness Market is growing rapidly over 24% of CAGR and is expected to reach at approx. USD 520 Billion by the end of forecast period.

 

Major Key Players:

  • Apple, Inc. (U.S.)
  • Samsung Electronics (South Korea)
  • Omron Healthcare, Inc. (Japan)
  • McKesson Corporation (U.S.)
  • Philips Healthcare Company (Netherlands)
  • GE Healthcare, Inc. (U.S.)
  • Draeger Medical Systems, Inc. (Germany)
  • Fitbit, Inc. (U.S.)
  • Jude Medical, Inc. (U.S.)
  • Medtronic PLC (U.S.)

 

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Smart Wellness Market Segmentation

The smart wellness market has been segmented on the basis of component, type, connectivity, device and end user. The component segment is bifurcated into software and services.

 

The software segment is further bifurcated into smart wellness apps, online subscriptions and others. Out of which, the smart wellness apps segment is expected to hold the largest market share and also grow at a significant rate during the forecast period. Growing popularity of smart wellness apps and healthcare tracking apps is one major factor driving the growth of smart wellness market. This is owing to the increasing adoption of smartphones integrated with smart health tracking apps.

 

Market Research Analysis:

It has been observed that 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 major growth in smart wellness market in North America is attributed to technological advancements and increasing use of mobile devices, tablets and smartphones integrated with smart wellness apps in that region.

 

Segments:

Smart wellness market can be segmented on the basis of following:
By Component:

Software

  • Smart Wellness Apps
  • Online Subscriptions
  • Others

 

Services:

  • Professional
  • Managed

 

By Type:

  • Healthcare IT
  • Health Information Exchange
  • Healthcare Analytics

 

By Connectivity:

  • Bluetooth
  • Wi-Fi
  • Others

 

By Device:

  • Insulin Pump
  • BP Monitor
  • Glucose Monitor
  • Smart Pill Dispenser
  • Personal ECG
  • Personal Pulse Oximeters
  • Body Analyzer
  • Sleep Quality Monitor
  • Heart Rate Monitor
  • GPS Sports Watch
  • Digital Pedometer

 

By End User:

  • Hospitals
  • Individual Users
  • Others 

 

Regional Analysis:

The regional analysis of smart wellness market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that 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 major growth in smart wellness market in North America is attributed to technological advancements and increasing use of mobile devices, tablets and smartphones in that region.

 

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Intended Audience

  • Technology Investors
  • Research/Consultancy Firms
  • Chip designers and fabricators
  • Original equipment manufacturers (OEMs)
  • Healthcare Solution Providers
  • Technology Providers
  • Individual Users
  • Healthcare Institutions and Clinics
  • Pharmacies

 

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