Empowering Wellness: Connected Health Solutions Market Analysis 2024-2033

The connected health and wellness solutions market size has grown exponentially in recent years. It will grow from $57.11 billion in 2023 to $69.72 billion in 2024 at a compound annual growth rate (CAGR) of 22.1%. The growth in the historic period can be attributed to aging population and chronic diseases, digital health adoption, healthcare costs and efficiency, remote patient monitoring, and pandemic-induced demand.

The connected health and wellness solutions market size is expected to see exponential growth in the next few years. It will grow to $158.62 billion in 2028 at a compound annual growth rate (CAGR) of 22.8%. The growth in the forecast period can be attributed to increasing adoption of personalized medicine, health data interoperability, value-based care models, increasing mental health and well-being focus, healthcare access and equity, growing cybersecurity and data protection, growing demand for population health management. Major trends in the forecast period include expansion of iot devices and sensors, artificial intelligence in healthcare, wearable health technology, technological advancements, and product innovations.

Market Overview -
Connected health and wellness solutions focus on maximizing healthcare resources by using technology and devices that give accurate health information. These connected health and wellness solutions include BP monitors, glucose monitors, body analyzers, heart rate monitors, and fitness devices.

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Rapid Adoption Of Mhealth Devices Drives Growth In The Connected Health And Wellness Solutions Market
The increase in the adoption of mhealth devices is driving the growth of the connected health and wellness solutions market. Applications such as telemedicine applications and mobile monitoring installed on mhealth devices help to track the health record and assist healthcare practitioners to get information. The mhealth devices include fitness trackers, smartphones, smartwatches, and more. According to Gartner, a US-based consulting firm that research on technology, in 2021, Global spending on wearable devices raised to $81.5 billion from $69 billion in 2020, or an 18.1% increase, and in 2022, estimated to grow to $93.85 billion. Therefore, the increase in spending on wearable devices will boost the demand for mhealth devices and this, in turn, drives the connected health and wellness solutions market.

Competitive Landscape -
Major companies operating in the connected health and wellness solutions market include Omron Healthcare Inc., Koninklijke Philips N.V., GE Healthcare Technologies Inc., Drägerwerk AG & Co. KGaA, Fitbit LLC, Abbott Laboratories, Apple Inc., Garmin Ltd., Boston Scientific Corporation, Medtronic PLC, Masimo Corporation, ResMed Inc., NXGN Management LLC, Allscripts Healthcare LLC, Cerner Corporation, IBM Corporation, BSN Medical Inc., AgaMatrix Inc., Microlife AG, Body Media Ltd., Aerotel Medical Systems Ltd., Mckesson Corporation, Draeger Medical Systems Inc., Avcor Medical Health Care Products Inc., BioTelemetry Inc., Honeywell International Inc., Qualcomm Life Inc., FitLinxx Inc., iHealth Labs Inc., Jawbone Inc.

Surging Adoption Of Digital Health Technologies Enhance Connected Health And Wellness Solutions Market
The increasing adoption of digital health technologies is a key trend gaining popularity in the connected health and wellness solutions market. Digital health technologies use software, computing platforms, sensors, and more, to give accurate health to patients. The demand for digital health technologies has increased in the past few years. According to a survey conducted by Rock Health, 80% of all respondents reported having accessed care via telemedicine at some point in their lives, up 8pp from 72% in 2021.

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Key Segments -
The connected health and wellness solutions market covered in this report is segmented -

1) By Product: Personal Medical Devices, Wellness Products, Software & Services
2) By Function: Clinical Monitoring, Telehealth
3) By Application: Diagnosis & Treatment, Wellness and prevention, Monitoring, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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