Press Release / Technology / Smart Wellness Market Research Report by Forecast to 2023

Smart Wellness Market Research Report by Forecast to 2023

Smart Wellness Market Highlights:
Major factors driving the growth of smart wellness market is the increasing adoption of smartphones with integrated smart wellness applications. Also growing urbanization and increasing population is expected to drive the growth of global smart wellness market. Apple, Inc., Samsung Electronics, Omron Healthcare, Inc., McKesson Corporation, Philips Healthcare Company, and GE Healthcare, Inc. are the few major players in the global smart wellness market.
With the advent of the internet of things and growing demand for smart wearables, the smart wellness market is anticipated to witness significant growth during the forecast period. Smart wellness refers to the use of smart devices to monitor the health of an individual. Online subscriptions and free as well as paid mobile apps are gaining immense popularity owing to the increasing health consciousness among the end users. Various market players like Apple, Samsung, and Fitbit among others are coming up with a plethora of smart wellness products and accessories to monitor the health smartly.
A 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 and 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 reach USD 520.29 billion by 2023 and grow at a CAGR of approximately 24.46% during the forecast period 2017-2023.
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Competitive Analysis:
Leading players in the global smart wellness market include Apple Inc., Omron Healthcare Inc., Philips Healthcare Company, Draeger Medical Systems Inc., St. Jude Medical Inc., Medtronic PLC, Fitbit Inc., GE Healthcare Inc., McKesson Corporation, and Samsung Electronics.
Segmentation:
The hardware segment comprises personal medical devices and smart wellness products. However, 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.
Increasing adoption of smartphones with integrated smart wellness applications is another major factor driving the growth of smart wellness market. Furthermore, the growing demand for portable healthcare devices is another major factor driving the growth of smart wellness market.
Regional Analysis:
The North American region holds the largest market share across the globe followed by Europe and Asia Pacific. 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 region has a well-established infrastructure, which allows faster implementation of advanced technologies. Additionally, 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.
Industry Updates:
In January 2019, home builder KB Home announced a collaboration with Delos, a technology provider, for the use of the company’s ‘Darwin’ platform in KB Home’s residential construction projects. The platform monitors parameters such as air quality, circadian lighting rhythms, water filtration, and the owners’ sleep cycles to provide basic to moderate wellness monitoring. The platform will be introduced in California and rolled out across the U.S. over time.
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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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