Wellness & Prevention Connected Health Devices market Research Report- Segmented By Product (Personal Medical Devices, Wellness Products); Function (Clinical Monitoring, Telehealth); Application (Diagnosis & Treatment, Monitoring, Wellness and prevention, Others); End User (Hospitals & Clinics, Home Monitoring); and Region - Size, Share, Growth Analysis | Forecast (2024 2030)

Global Wellness & Prevention Connected Health Devices Market Size (2024 - 2030)

According to a comprehensive research report, the market size of global wellness & prevention connected health devices is estimated to be USD 51.26 billion in 2024, reaching USD 189.10 billion by the conclusion of 2030. This market is expected to experience a Compound Annual Growth Rate (CAGR) of 20.5% from 2024 to 2030. The expansion of this market is propelled by factors such as increased internet penetration, a rise in the incidence of chronic diseases, widespread adoption of connected health and wellness technology through smartphones and wearables, the emergence of blockchain technology, increasing patient engagement, the growth of telemedicine, and advancements in diagnostic technologies.

Connected health devices for wellness and prevention constitute a health management system utilizing technology to deliver medical services remotely to patients. This involves the utilization of mobile health tools, services, and electronic prescriptions. The increased interoperability in healthcare, research activities, digital data management, and support from government entities contribute to the heightened adoption of this technology. It enables healthcare facilities, including hospitals and clinics, to provide medical services remotely using wireless technology. Connecting patients to caregivers through an automated system using the internet, Wi-Fi, and associated technologies is a key aspect of this system. The evolution of healthcare, driven by connected healthcare, offers several advantages by synchronizing patient treatment, facilitating quick access to patient data through continuous monitoring of essential metrics, and fostering patient interaction and satisfaction. This approach combines data from the patient's health history and lifestyle, encompassing biological, medical, genetic, lifestyle, and sentiment/mood data to provide patient-centered care recommendations. Consumers concerned about their health are increasingly adopting wearable devices, connected devices, and mobile applications to monitor their progress and receive personalized wellness advice, treatment reminders, and proactive support from healthcare providers.

The demand for connected health and wellness devices is rising rapidly due to the increasing number of individuals with chronic illnesses, creating a need for solutions that can manage diseases and continually monitor patients. Advancements in technology are also reducing the cost of medical supplies and equipment, enhancing accessibility to healthcare for a broader population. The market's remarkable growth is further supported by high-speed internet availability and favorable government initiatives. Healthcare facilities, particularly hospitals, are shifting towards proactive and preventive care, utilizing connected healthcare for continuous monitoring of patients' health status, early disease detection, and measurement of various biochemical levels, blood oxygen levels, and heart rate. Increased government spending on healthcare, especially in developing nations, driven by the demand for connected healthcare, coupled with rising internet usage in both developed and emerging economies, contributes to the continuous improvement of point-of-care models.

COVID-19 Pandemic Impact on Wellness & Prevention Connected Health Devices Market:

The COVID-19 pandemic had a notable impact on the supply chain of various connected devices due to industrial shutdowns, resulting in a slight downturn in the market for connected health and wellness devices. Conversely, the pandemic is expected to lead to a long-term increase in the adoption of various connected healthcare products and services. Lockdowns implemented by governments worldwide prompted a surge in the popularity of telemedicine services. The increased patient load, the pressure on healthcare providers to offer new services, and governmental efforts to advance connectivity-based applications contributed to this trend. People embraced new methods for health monitoring and opted for virtual visits, reserving in-person doctor visits for emergencies, as healthcare facilities focused on treating COVID-19 patients. Sales of smart wearables, particularly smartwatches, witnessed a boost. The pandemic accelerated the adoption of various technologies, including telemedicine and e-prescriptions, fostering the long-term development of connected healthcare products and services. Companies faced challenges during the pandemic but responded by deploying and upgrading new technologies, laying the groundwork for a transformative standard of care.

MARKET DRIVERS:

The expansion of the market for wellness and prevention connected health devices is driven by factors such as high internet penetration, the adoption of connected health and wellness technology across smartphones and wearables, and the emerging trend of blockchain technology:

Advancements in technology have led to an increased focus on health and fitness among patients. Connected healthcare applications have engaged the patient population, with wearable technology, cost-effectiveness, and patient convenience contributing to the development of personalized healthcare solutions. The combination of high internet penetration and increased government spending on healthcare services to promote diverse healthcare solutions influences the market's growth positively. Blockchain technology is gaining traction in the healthcare sector as a means to manage, store, and retrieve patient records more efficiently and securely. The market benefits from the heightened patient care demands and increased interest in health monitoring.

Growing patient engagement, telemedicine, and advancements in diagnostics contribute to the market's expansion:

Telemedicine availability has increased the demand for illness diagnosis and treatment, facilitating the transmission of health informatics, diagnostic data, and imaging data between locations. The development of new telemedicine techniques, enhanced diagnostics, and video telephony is expected to accelerate the market's growth in the coming years. Virtual visits offer patients the convenience of asking questions, reporting early warning signs, and scheduling follow-up consultations, providing assurance that their healthcare providers are actively involved in their care.

The increasing prevalence of chronic diseases is a key driver of market growth:

The rise in the geriatric population and continuous changes in the point-of-care model contribute to the growing demand for connected healthcare devices, enabling real-time tracking and sharing of patient-related data. Wearable technology, including trackers, glucose meters, and blood pressure monitors, allows individuals to monitor activities such as heart rate, calories burned, and distance walked. These devices significantly reduce the costs of routine tests, as individuals can use them to self-examine medical indicators.

MARKET RESTRAINTS:

The market's expansion for wellness and prevention connected health devices is limited by growing threats from cyberattacks:

The absence of security standards and the risk of data loss pose significant challenges expected to impede the market's growth. While connected healthcare is revolutionary, it introduces various issues related to the security of sensitive health data. Cyberattack threats, data protection risks, a shortage of qualified personnel to manage large volumes of data, and a lack of understanding of health apps could hamper the growth of the connected healthcare market.

Technological obstacles and high capital investment present challenges to the market's expansion:

Despite the immense potential of connected healthcare products and services, technological and infrastructure limitations impede market growth. The high costs associated with implementing the necessary tools, systems, and equipment for real-time healthcare data assessment pose a significant constraint. Additionally, many developing nations lag in the adoption of these technologies due to issues related to high-speed internet availability with sufficient bandwidth, storage integration, and data transmission, further limiting market growth.

Wellness & Prevention Connected Health Devices Market – By Product

Personal Medical Devices

• Blood Glucose Monitor
• Insulin Infusion Pump
• Blood Pressure Monitor
• Personal Pulse Oximeter
• Other Personal Medical Devices

Wellness Products

• Digital Pedometer
• Other Wellness Products
• Sleep Quality Monitor
• Body Analyzer
• Heart Rate Monitor

Software & Services

• Other Software & Services
• Fitness & Wellness App
• Online Subscription

The Wellness & Prevention Connected Health Devices Market is categorized by Product into Personal Medical Devices, Wellness Products, and Software & Services. In 2021, the Software & Services segment emerged as the top revenue generator, surpassing 46%. Factors contributing to this include the increasing adoption of value-based healthcare delivery, a rise in online subscriptions, a growing preference for personalized medical care, and heightened health consciousness leading to the download of health-related information. The Wellness Products segment is expected to experience the highest growth during the forecast period, fueled by the demand for consumer medical devices and personal health trackers. Emerging economies witness a willingness to pay higher prices for health and wellness items, driven by a growing concern for physical fitness, thereby fostering overall market expansion.

Wellness & Prevention Connected Health Devices Market – By Function

• Clinical Monitoring
• Telehealth

The Wellness & Prevention Connected Health Devices Market, categorized by Function, comprises Clinical Monitoring and Telehealth. Telehealth dominated the market in 2021, contributing to over 55% of global revenue, owing to increased utilization of telehealth services. Factors such as a surge in healthcare spending in emerging nations, rapid expansion of healthcare infrastructure, wearable remote monitoring technologies, and the growing importance of continuous patient monitoring for older adults are anticipated to drive the continued growth of the Telehealth segment.

Wellness & Prevention Connected Health Devices Market – By Application

• Diagnosis & Treatment
• Monitoring
• Wellness and Prevention
• Others

Categorized by Application, the Wellness & Prevention Connected Health Devices Market includes Diagnosis & Treatment, Monitoring, Wellness and Prevention, and Others. The Wellness and Prevention segment accounted for 42.5% of global revenue in 2021, with projections indicating further growth. This growth is attributed to increased awareness of general health and well-being and the growing popularity of digital health trends.

Wellness & Prevention Connected Health Devices Market – By End User

• Hospitals & Clinics
• Home Monitoring

Segmented by End User, the Wellness & Prevention Connected Health Devices Market includes Hospitals & Clinics and Home Monitoring. The Hospitals & Clinics segment dominated in 2021, contributing over 54.5% of global revenue. The connected healthcare system's ability to remotely monitor patient health, coupled with an increase in the number of hospitals and clinics to enhance healthcare accessibility, drives this dominance. The Home Monitoring segment is expected to exhibit the fastest growth, attributed to factors such as a growing geriatric population, the prevalence of chronic diseases, increased demand for cost-effective healthcare, and advancements in home care equipment technology.

Wellness & Prevention Connected Health Devices Market - By Region

• North America
• Europe
• Asia-Pacific
• Rest of the World

North America led the Wellness & Prevention Connected Health Devices Market, contributing more than 41% of global revenue in 2021. The region is expected to maintain its dominant position due to a highly developed healthcare infrastructure, extensive internet coverage, high consumer awareness, and supportive regulations ensuring patient safety. The European market is predicted to grow at a profitable rate, driven by high internet usage, an aging population, and increasing demand for integrated healthcare services. The Asia Pacific market is anticipated to experience the fastest growth, propelled by rising demand for wearable medical equipment and increased government funding for healthcare infrastructure in developing nations. Limited growth is projected for the Middle East and Africa, while Latin America is expected to witness rapid expansion.

Major Key Players in the Market

Leading global players in the wellness & prevention connected health devices market include:

1. GE Healthcare
2. Accenture Plc.
3. Abbott
4. SAP SE
5. Omron Healthcare, Inc.
6. Boston Scientific Corporation
7. Koninklijke Philips N.V.
8. Garmin International, Inc.
9. Apple, Inc.
10. IBM Corporation
11. Fitbit LLC
12. Oracle Corporation
13. Airstrip Technology
14. Microsoft Corporation
15. Medtronic
16. Allscripts

The market is competitive, with players focusing on cutting-edge technology and user-friendly equipment. Strategic partnerships, mergers, acquisitions, collaborations, agreements, and regional growth are employed by industry leaders to outperform rivals.

Notable Developments in the Global Wellness & Prevention Connected Health Devices Market

Product Launches, Partnerships, and Collaborations:

• In January 2022, Garmin unveiled a hybrid smartwatch with innovative health features.
• In January 2022, OMRON Healthcare, Inc. introduced the first connected Blood Pressure monitors and mobile apps for remote patient monitoring.
• In February 2021, Royal Philips partnered with Dutch SAZ for advanced patient monitoring.
• In July 2021, Cognizant and Royal Philips collaborated to develop digital health solutions.
• In December 2021, Doctor Anywhere and OMRON Healthcare partnered to integrate smart health monitoring devices with a telehealth platform.
• In March 2020, Fitbit LLC launched the Fitbit Charge 4, a feature-rich health and fitness tracker.
• In July 2020, Mount Sinai Health System and OMRON Healthcare collaborated to provide home blood pressure monitoring.
• In September 2020, Roche introduced a remote patient monitoring system for diabetic patients.

These developments underscore the dynamic nature of the wellness & prevention connected health devices market, with companies striving for innovation and partnerships to enhance patient care and advance technology.