Smart wellness comprises a range of digital solutions aimed at well-being of the people. The evolution of technology and hectic lifestyles of customers have beckoned the need for smart wellness solutions aimed at promoting good mental health. The global smart wellness market report by Market Research Future (MRFR) provides a thorough analysis of the industry coupled with hurdles and challenges for the period of 2017 to 2023 (forecast period). The COVID-19 pandemic and its impact on the industry are noted in the report.
Market Scope
The global smart wellness market is expected to reach USD 520.29 billion by 2023 and grow at a CAGR of approximately 24.46% during the forecast period. The major drivers of the market are adoption of smartphones that contain wellness applications, rising urbanization, commitment to healthy living, and rise in disposable income levels. The emergence of internet of things (IoT), demand for wearables, and use of smart devices for monitoring overall health are likely to influence the market. Subscriptions to free and paid applications for maintenance of the body through fitness regimens and practices can drive the market growth.
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Development of wearables due to investments by venture capital firms owing to popularity of healthcare IT is likely to drive market growth. Recently, Muse Wearables, an Indian startup has launched a personal wellness band, Muse Cue, which can detect COVID-19 symptoms in patients at an early stage. The health monitoring of an individual can track the progression of the disease and help doctors as well.
Competitive Outlook
Draeger Medical Systems, Inc., Apple, Inc., GE Healthcare, Inc., Fitbit, Inc., Medtronic PLC, Samsung Electronics, Omron Healthcare, Inc., St. Jude Medical, Inc., McKesson Corporation, and Philips Healthcare Company are key players of the global smart wellness market.
Segmentation
The global smart wellness market is segmented by component, type, connectivity, and end user. On the basis of the component, the market is segmented into hardware, software, and services. The hardware segment is classified into personal medical devices and wellness products. The personal medical devices segment is further segmented into personal pulse oximeters, diabetes monitor, insulin pump, BP monitor, smart pill dispenser, personal ECG, portable GPS PERS, and others. On the other hand, the wellness products are further segmented into sleep quality monitor, body analyzer, GPS sports watch, and others. The software sub-segment is classified into online subscriptions, smart wellness apps, and others. Whereas, the services sub-segment is further classified into professional services and managed services. Within the hardware segment, the personal medical devices sub-segment is expected to hold the largest market share of the global smart wellness market. This is owing to the increasing demand for smart wellness products and devices across various end users. The rising adoption rate of smartphones with integrated smart wellness applications is expected to drive the growth of smart wellness market. Moreover, the growing demand for portable healthcare devices is another major factor driving the growth of smart wellness market.
Based on the type, the market is segmented into health information exchange, healthcare IT, and healthcare analytics. The healthcare IT segment is expected to lead in the market at 23.75% CAGR over the forecast period.
Based on connectivity, the market is segmented into Wi-Fi, Bluetooth, and others. The Bluetooth segment is expected to register 24.83% CAGR over the forecast period.
By end user, the market is segmented into hospital, individual users, and others. Individual users are expected to capture a large portion of the global smart wellness market share at 25.08% CAGR over the forecast period.
Regional Analysis
The global smart wellness market is studied in Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW). North America is estimated to account for the largest share of the market, whereas APAC is projected to grow at the fastest rate during the forecast period. The growth of the market in North America is attributed to technological advancements and increased adoption of smart wellness devices across various end users in the region. The U.S. and Canada markets are dominating the North American region due to rising technological enhancements and growing adoption of smart wellness applications in the region. Moreover, the well-established infrastructure, faster implementation of advanced technologies, and willingness of customers can drive the regional smart wellness market growth. In addition, the growing adoption of smart wellness solutions across different end users is another major factor driving the growth of the smart wellness market in the region.
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