The global smart wellness market is projected to witness a rapid growth during the forecast period owing to increasing demand for smart wellness devices and applications. Major factor driving the smart wellness market is the increasing adoption of smartphones which allow easy access to fitness and wellness apps through app stores. Growing awareness about health monitoring and increasing demand for portable healthcare devices is another major factor driving the growth of smart wellness market.
The global Smart Wellness Market by geography is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The North America market is expected to witness significant growth and hold the largest share of the global market during the forecast period. The U.S and Canada are anticipated to drive the growth of the smart wellness market in North America owing to the presence of a large number of established key players such as Kohler Co. and Bradley Corporation among others in this region. Due to sustainable and well-established economies in the region, the market is likely to show immense growth in the coming future. Additionally, North America also has a well-established infrastructure, which allows a higher penetration of devices and ultimately provides better connectivity.
Growing adoption of smartphones which allow easy tracking of daily activities and in turn help in monitoring health is another major factor driving the growth of smart wellness market in the region. Growing demand for fitness apps is another major factor driving the growth of smart wellness market in the region. In the global smart wellness market, Asia Pacific is anticipated to witness a relatively faster adoption at the highest CAGR during the forecast period as compared to other regions owing to increasing demand for smart wellness applications across different countries in the region.
The global smart wellness market is projected to reach USD 520 billion at a CAGR of over 24.46% by the end of the forecast period 2017-2023.
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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 (the Netherlands)
- GE Healthcare, Inc. (U.S.)
- Draeger Medical Systems, Inc. (Germany)
- Fitbit, Inc. (U.S.)
- St. Jude Medical, Inc. (U.S.)
- Medtronic PLC (U.S.)
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 as personal medical devices and wellness products. The personal medical devices segment is further segmented into diabetes monitor, insulin pump, BP monitor, portable GPS PERS, personal pulse oximeters, smart pill dispenser, personal ECG, and others. The wellness products are further segmented into body analyzer, GPS sports watch, sleep quality monitor and others.
The software sub-segment is classified into smart wellness apps, online subscriptions, and others. Whereas, the services sub-segment is further classified into professional services and managed services. Based on the type, the market is segmented into healthcare IT, health information exchange and healthcare analytics. Based on the connectivity, the market is segmented into Wi-Fi, Bluetooth, and others. Whereas, based on the end user, the market is segmented into the hospital, individual users and others.
- By component, hardware sub-segment is expected to hold the largest share of the smart wellness market and is expected to grow with 24.82% CAGR.
- By type, healthcare IT sub-segment leads with a 23.75% CAGR.
- By connectivity, Bluetooth sub-segment leads with a 24.83% CAGR.
- By end user, individual users sub-segment accounted for the largest share of the smart wellness market and is expected to grow at 25.08% CAGR.
The global smart wellness market is studied in Asia Pacific, North America, Europe, and Rest of the World. 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 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.
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- Technology Investors
- Research/Consultancy Firms
- Chip designers and fabricators
- Original equipment manufacturers (OEMs)
- Healthcare Solution Providers
- Technology Providers
- Individual Users
- Healthcare Institutions and Clinics
Table of Contents
1 Market Introduction
1.2 Scope of Study
1.2.1 Research Objective
1.3 Market Structure
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