The global connected health and wellness devices market is expected to reach USD612 billion by 2024, according to a report by Grand View Research, Inc.
The demand for wearable medical devices and remote patient monitoring systems is anticipated to increase over the forecast period due to the shifting consumer preferences towards a healthier lifestyle thus driving the market growth in the coming years.
In addition, the increasing incidences of lifestyle-associated diseases requiring continuous health monitoring is expected to lead to an upsurge in the demand for connected health devices over the forecast period.
In addition, the advantages associated with its usage and the availability of advanced products, such as remote sensors, adapters, and connected mobile communication devices are the factors further augmenting the market growth.
Moreover, the rising demand for greater access to patient health information is the key factor contributing towards the market growth. In addition, the raised awareness levels as a result of the supportive initiatives undertaken by government and non-profit organizations, such as Healthcare Information and Management Systems Society (HIMSS), are anticipated to serve this industry with future growth opportunities.
The rising emphasis on the development of advanced healthcare solutions coupled with the sufficient availability of funds is expected to boost the R&D investments in the connected health & wellness devices market.
For instance, the government organizations, such as Healthcare Research and Quality (AHRQ), offer funds to expand the health information systems in the U.S., which is expected to further fuel the industry growth in this region.
The healthcare analytics segment is expected to show lucrative growth over the forecast period owing to the rising pressure on hospitals to curb the spiraling healthcare costs, the availability of big data analytics, and the penetration of electronic health record systems in medical settings.
The growing need to improve value-based outcomes in the healthcare sector and the adoption of the patient-centric approach are the factors propelling the segment’s growth.
Extensive research carried out by the analysts at Technavio has shown that the increasing cost of healthcare services and facilities is one of the key factors driving the growth of this market globally.
The rising prices for medical services, payment for volume over value, use of new technology in treatment without analyzing its effectiveness, defensive medicine, and a severe lack of information and clarity on the prices and quality are some of the primary reasons spurring the growth prospects of this market in the coming years.
With the rise in healthcare costs, people have started focusing on preventive healthcare measures to avoid expensive treatment and medications if the need arises due to health negligence.
For example, the demand for vitamin supplements has increased as they help in preventing scurvy, beriberi, night blindness, poor immunity, dementia, pellagra, and acne, among others.
The global health and wellness market is extremely fragmented due to the presence of several international and regional vendors. The providers in this market compete in terms of price, quality, product differentiation, distribution, and promotion to gain maximum market prominence during the forecast period.
The competitive environment is likely to intensify with an increase in product or service extensions, product innovations, and M&A. Key vendors in this market are Cybex International, Danone, General Mills, Omron Healthcare and Procter & Gamble.