Press Release / Technology / Smart Wellness Market is expected to reach at a USD 520 Billion by Forecast to 2023

Smart Wellness Market is expected to reach at a USD 520 Billion by Forecast to 2023

Market Highlights:
Major giants like Apple, Inc. and Samsung Electronics are investing into smart wellness market due to growing demand from healthcare sector and increasing adoption of healthcare wearables by individual users. Increasing adoption of smartphones with integrated smart wellness applications is another major factor driving the growth of smart wellness market. Growing demand for portable healthcare devices is another major factor driving the growth of smart wellness market.
North America region holds the largest market share of global smart wellness market followed by Europe and Asia Pacific regions. The growth is North America region is mainly dominated by U.S. and Canada and is attributed to the increasing demand for mobile communication and consumer electronics in the region. The region also has a well-established infrastructure which allows implementation of advanced technologies and also provides better connectivity. This is one major factor responsible for driving the smart wellness market in the region
Smart wellness market has been segmented on the basis of component, type, connectivity, device and end user. The connectivity segment is further bifurcated into bluetooth, Wi-Fi and others. Out of which, bluetooth connectivity is considered to be a wireless standard for smart wellness applications. Bluetooth technology has created huge market opportunities in the smart wellness market as it delivers wireless connection flexibility and is power efficient. Also, bluetooth smart sensors are being attached to the devices like asthma inhalers which then sends updates to an app on the connected smartphone. This helps in collecting the data on that app and also helps in maintaining a diary for the same.
Major factor driving the growth of Smart Wellness Market is the growing need for health monitoring and maintaining a balanced life with smart wellbeing. Growing popularity of fitness tracking apps available on smartphones is one major factor driving the growth of smart wellness market. Increasing demand for connected health and wellness devices are majorly responsible for fueling the growth of smart wellness market.
The global smart wellness market is expected to grow at approx. USD 520 Billion by 2023, at 24% of CAGR between 2017 and 2023.
 
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Major Key Players:

Apple, Inc. (U.S.)
Samsung Electronics (South Korea)
Omron Healthcare, Inc. (Japan)
McKesson Corporation (U.S.)
Philips Healthcare Company (Netherlands)
GE Healthcare, Inc. (U.S.)
Draeger Medical Systems, Inc. (Germany)
Fitbit, Inc. (U.S.)
Jude Medical, Inc. (U.S.)
Medtronic PLC (U.S.)

 
Regional Analysis:
The regional analysis of smart wellness market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period.
 
The major growth in smart wellness market in North America is attributed to technological advancements and increasing use of mobile devices, tablets and smartphones in that region.
 
Smart Wellness Market Segmentation
The smart wellness market has been segmented on the basis of component, type, connectivity, device and end user. The component segment is bifurcated into software and services.
 
The software segment is further bifurcated into smart wellness apps, online subscriptions and others. Out of which, the smart wellness apps segment is expected to hold the largest market share and also grow at a significant rate during the forecast period. Growing popularity of smart wellness apps and healthcare tracking apps is one major factor driving the growth of smart wellness market. This is owing to the increasing adoption of smartphones integrated with smart health tracking apps.
 
Market Research Analysis:
It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period.
 
The major growth in smart wellness market in North America is attributed to technological advancements and increasing use of mobile devices, tablets and smartphones integrated with smart wellness apps in that region.
 
Segments:
Smart wellness market can be segmented on the basis of following:
By Component:
Software

Smart Wellness Apps
Online Subscriptions
Others

 
Services:

Professional
Managed

 
By Type:

Healthcare IT
Health Information Exchange
Healthcare Analytics

 
By Connectivity:

Bluetooth
Wi-Fi
Others

 
By Device:

Insulin Pump
BP Monitor
Glucose Monitor
Smart Pill Dispenser
Personal ECG
Personal Pulse Oximeters
Body Analyzer
Sleep Quality Monitor
Heart Rate Monitor
GPS Sports Watch
Digital Pedometer

 
By End User:

Hospitals
Individual Users
Others 

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Intended Audience

Technology Investors
Research/Consultancy Firms
Chip designers and fabricators
Original equipment manufacturers (OEMs)
Healthcare Solution Providers
Technology Providers
Individual Users
Healthcare Institutions and Clinics
Pharmacies

 
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