The global connected health and wellness devices market is expected to reach US$612.0 billion by 2024, according to a new 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, which 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.
Further key findings from the study suggest:
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.
The wellness product segment is anticipated to grow lucratively at a CAGR of 23.8 percent due to the availability of advanced products, such as GPS smart watches, which help in the monitoring of various parameters including physical activity, respiratory rate, and pulse rate and are additionally equipped with cloud connectivity.
In addition, the introduction of technologically advanced personal medical devices is expected to contribute towards the growth of the overall market in the next seven years. For instance, the advanced ECG monitors launched by Aerotel Medical Systems Ltd. in February 2014, is a 3G cellular module, which is incorporated to enable the seamless transmission of patient ECG records directly to the doctor's email account.
The individual consumer segment is anticipated to grow profitably to reach over USD 200 billion due to the increasing preference for personal medical devices so as to reduce hospital stays, costs of the treatments, and enable continuous health monitoring. In addition, the rise in the preference of geriatric patients towards home healthcare creates the demand for connected health & wellness devices over the forecast period
In 2015, North America held a substantial share of the overall market at over 38.6%, which is attributed to the presence of favorable reimbursement policies and a large population using wearable medical devices. Moreover, the following changes in the demographic trends including the growing geriatric population and unhealthy lifestyles are anticipated to drive the industry growth.
Asia Pacific is presumed to grow at the fastest CAGR of around 27.0 percent over the forecast period due to the increasing government initiatives targeting the improvisation of the healthcare infrastructure.
Some key players of the market include Omron Healthcare, Inc., McKesson Corporation, Philips Healthcare Company, GE Healthcare, Inc., Draeger Medical Systems, Inc., Fitbit, Inc., St. Jude Medical, Inc., Medtronic Plc, Aerotel Medical Systems Ltd., Boston Scientific Corporation, Body Media, Inc, Garmin International, Inc., Microlife Corporation, Masimo Corporation, AgaMatrix, Inc., and Apple, Inc.
These market players are focusing on the development of cost efficient & technologically advanced devices, which offer comfort to the users. New product development and strategic alliances including partnership agreements, promotional activities, and acquisitions are instrumental in keeping market rivalry high.
For instance, in May 2016, Philips Healthcare announced an eHealth initiative, which offers care to patients with chronic diseases across the European region to create awareness amongst consumers and generate revenue. The aforementioned factors are expected to contribute towards the growth of the connected devices industry in the coming years.