Global Connected Health and Wellness Solutions Market Size, Share & Industry Trends Analysis Report By Product, By Personal Medical Devices Type, By Wellness Products Type, By Software & Services Type, By Function, By End User, By Application, By Regional

Global Connected Health and Wellness Solutions Market Size, Share & Industry Trends Analysis Report By Product, By Personal Medical Devices Type, By Wellness Products Type, By Software & Services Type, By Function, By End User, By Application, By Regional Outlook and Forecast, 2021 - 2027

The Global Connected Health And Wellness Solutions Market size is expected to reach $104.8 billion by 2027, rising at a market growth of 19.4% CAGR during the forecast period.

Connected healthcare is a type of health management system that uses technology to deliver medical services to patients remotely. It comprises the usage of mobile health equipment, services, and e-prescriptions. Factors such as increasing healthcare research and interoperability, as well as digital data management along with active government backing, all contribute to increasing the utilization of this solution.

Several consumers now place a higher value on personalization than on data privacy. Natural and clean products are becoming increasingly popular. Digital and social media platforms are gaining considerable significance. In addition, consumers who are concerned about their health are increasingly using wearable, connected devices, and mobile apps to track their progress, and they expect their doctors and insurers to provide personalized wellness tips, educational content, and treatment reminders in a timely and proactive manner. As a result, businesses must develop a worldwide wellness platform that collects data from a wide range of devices and generates actionable insights into each person's unique behavioral pattern.

As the number of people suffering from chronic illnesses rises, the requirement for disease management and continuous patient monitoring technologies also increases, hence, the demand for connected health and wellness equipment is inversely increasing. These devices are linked to computerized patient health data & records and give patients access to the information they require during the treatment. In addition, developments in technologies are also lowering the costs of medical services and equipment and making healthcare more accessible to people. The tremendous growth of the market has also been aided by high-speed internet and favorable government programs.

COVID-19 Impact

The COVID-19 outbreak caused a significant disruption to the world economy. It is considered as one of the most hazardous infections of the century with a substantial mortality rate and an extreme failure of the healthcare infrastructure across the world. In addition, the pandemic forced governments all over the world to impose lockdowns in their nations, which resulted in an industrial shut, leading manufacturing facilities to a temporary closure. Due to the industrial shut, the supply chain of various connected devices was demolished. Owing to this, the connected health and wellness device market went under a subtle loss. However, COVID-19 has the potential to result in a long-term increase in the utilization of numerous connected healthcare devices and services.

Market Growth Factors

The emerging trend of blockchain technology

Data security is still an issue in a variety of businesses, including healthcare. The healthcare industry is embracing blockchain technology as a way to more efficiently and securely handle, store, and retrieve patient records. In addition, according to a blockchain council article, blockchain-based technology protects the patient's identity and keeps track of where it came from. Moreover, Medicalchain unveiled its telemedicine website, MyClinic.com, in May 2018, where users can receive doctor consultations over video and pay with MedTokens.

Penetration of the connected health and wellness technology across smartphones and wearables

The popularity of smartphones along with smart wearable devices has considerably increased as technology continues to revolutionize. Patient care and the demand of patients for monitoring their own health has grown, bringing a new range of advantages across the market. Trackers, glucose meters, and blood pressure monitors are examples of wearable devices that can be used to track activities such as heart rate, calories burned, and distance traveled. Because patients can assess self-medical indicators with these gadgets, the expenditures of regular checks are also significantly lowered.

Market Restraining Factors

Rising patient engagement

Patients who are dedicated to achieving their own healthcare goals and save money while having better health. Using telemedicine to engage patients can help them keep their appointments as well as care schedules on track. Increased engagement activities can also help healthcare practitioners in encouraging their patients to make healthier lifestyle choices, which can assist to reduce the risk of various disorders and chronic diseases such as blood pressure, obesity, and diabetes. Virtual visits not only comfort patients that their doctors are available and active in their care, but they also make it much easier for them to ask questions, report early indications, and schedule follow-up appointments to ensure they're on track.

Product Outlook

Based on Product, the market is segmented into Personal Medical Devices, Wellness Products, and Software & Services. Based on Personal Medical Devices Type, the market is segmented into Insulin Pumps, BP Monitor, Glucose Monitor, Personal Pulse Oximeter, and Others. Based on Wellness Products Type, the market is segmented into Digital Pedometer, Heart Rate Monitor, Body Analyzer, Sleep Quality Monitor, and Others. Based on Software & Services Type, the market is segmented into Fitness & Wellness App, Online Subscription, and Others. In 2020, the personal medical device segment witnessed a significant revenue share of the connected health and wellness solution market. The rising growth of the segment is attributed to the increasing access of people to various personal medical devices such as glucometers and blood pressure monitors. In addition, these devices are being commercialized at affordable prices, due to which, the growth of the segment is being augmented.

Function Outlook

Based on function, the market is segmented into Telehealth and Clinical Monitoring. In 2020, the telehealth segment witnessed the largest revenue share of the connected health and wellness market. The growth of the segment is attributed to the availability of vast information from a broad variety of healthcare and medical experts. Moreover, the convenience that telehealth techniques offer is another major factor that is playing a key role in the growth of this segment of the market.

End User Outlook

Based on End User, the market is segmented into Hospitals & Clinics and Home Monitoring. In 2020, the hospitals and clinics segment recorded the maximum revenue share of the connected health and wellness market. Hospitals and clinics are widely employing connected health and fitness solutions in order to expand their reach. These solutions allow healthcare practitioners to treat and consult numerous patients, irrespective of their distance.

Application Outlook

Based on Application, the market is segmented into Wellness & Prevention, Monitor, Diagnosis & Treatment, and Others. In 2020, the monitor segment witnessed a significant revenue share of the connected health and wellness market. The emerging trend of digital health trends would contribute to the segment's overall growth. Moreover, digital health devices are increasingly becoming more efficient, due to which, these devices are widely being utilized around the world. Hence, the market is estimated to grow over the forecast period.

Regional Outlook

Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In 2020, North America registered the largest revenue share of the connected health and wellness solution market. The rising growth of the regional market can be ascribed to the prevalence of well-developed healthcare infrastructure, ubiquitous internet access, and high consumer awareness, as well as supportive policies imposed for increased patient safety.

The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Google LLC, Apple, Inc. are the forerunner in the Connected Health and Wellness Solutions Market. Companies such as Garmin Ltd., Boston Scientific Corporation and General Electric (GE) Co. are some of the key innovators in the Market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Abbott Laboratories, Apple, Inc., Garmin Ltd., Boston Scientific Corporation, General Electric (GE) Co., Dragerwerk AG & Co. KGaA, Medtronic PLC, Koninklijke Philips N.V., Omron Corporation, and Google LLC.

Recent strategies deployed in Connected Health and Wellness Solutions Market

Partnerships, Collaborations and Agreements:

Dec-2021: Medtronic came into a partnership with Virtua Health, a non-profit healthcare system in southern New Jersey. Under this partnership, the companies aimed to expand their following project over time such as Community Health, the Cherry Hill Free Clinic, Food Access, Heart Health, Outpatient Care Continuity.

Dec-2021: OMRON Healthcare came into a partnership with Doctor Anywhere (DA), a regional omnichannel healthcare platform. Under this collaboration, OMRON's offering of smart health monitoring devices would merge with DA's telehealth platform and allow accurate and timely access to health records of patients, to manage and provide the best treatment to the patients.

Nov-2021: Royal Philips teamed up with MedChat, a modern Patient Access & Messaging platform utilized by hundreds of healthcare organizations. This collaboration focused on merging MedChat’s live chat and AI-driven chatbot services into Philips Patient Navigation Manager to allow consumers in North America to generate automatic interaction workflow that provides access to patients and call center operations.

Sep-2021: India Medtronic, a subsidiary of Medtronic came into a partnership with Stasis Health, a monitoring platform that collects data to deliver insights for improved patient recovery. Under this acquisition, the combination of Stasis Monitor to the Medtronic offerings expand the company's capability to handle patients inside the hospital with the option to calmly monitor their patients.

Jul-2021: Royal Philips joined hands with Cognizant, a world-leading professional services firm. This collaboration aimed to design end-to-end digital health solutions that would help life sciences companies and healthcare organizations to propel clinical trials and enhance patients' health. Additionally, Cognizant would deploy, implement, operate, and build applications specific to clients on Philips HealthSuite. Moreover, the solution combines advanced data analytics, to refine clinical and patients experience by delivering correct data.

May-2021: Alphabet’s Google came into a partnership with HCA Healthcare, an American for-profit operator of health care facilities. Together, the company's engineers would work to design algorithms to enhance monitor patients, guide doctors’ decisions, and operating efficiency stated by the enterprises.

Feb-2021: Royal Philips formed a partnership with Dutch SAZ, a group of 28 hospitals. Through this partnership, the companies aimed to encompass the observation, self-management, and monitoring of patients outside and inside the hospitals, supported by Philips advanced population health management as well as patient monitoring throughout the recovery period.

Jul-2020: OMRON Healthcare partnered with Mount Sinai Health System, New York City’s largest academic medical system. Together, the companies aimed to deliver a new blood pressure monitoring solution, VitalSight for the patients. Additionally, it provides privacy to patients to use VitalSight at their home, while connected to a physician.

Acquisitions and Mergers:

Feb-2022: Boston Scientific Corporation completed the acquisition of Baylis Medical Company, a provider of advanced transseptal access solutions. This acquisition aimed to combine Boston Scientific into Baylis platforms with actual structural heart and electrophysiology suite to build up position among highest cardiology growth markets. Additionally, the company provides guidewires, sheaths, and dilators as well as advanced transseptal access solutions to support catheter-based left-heart procedures.

Jan-2022: Medtronic took over Affera, a Boston area-based, privately held medical technology company. Through this acquisition, the company aimed to expand its offering of accessories to fulfill physician needs along with advanced cardiac ablation products due to the growing patient population. In addition, this acquisition aimed to strengthen its capability to deliver therapies and Medtronic entry towards EP technology segments such as navigation, and mapping.

Jan-2021: Royal Philips completed the acquisition of Capsule Technologies, a leading global provider of medical device integration, clinical surveillance, and patient monitoring for hospitals. Under this acquisition, the company aimed to merge Philips’ offerings with Capsule’s Medical Device Information Platform through a safe vendor neutral cloud-based HealthSuite platform that would improve and scale patient care management along with remote patients for all precautions in the hospitals.

Jan-2021: Boston Scientific acquired Preventice Solutions, the developer of wearable patches that monitor cardiac arrhythmias. This acquisition aimed to deliver extreme growth of ambulatory electrocardiography space, with a recent step-up in the implantable cardiac monitor market and would present as a crucial component in the category of cardiac diagnostics and services leadership strategy.

Jun-2020: Garmin took over Firstbeat Analytics Oy, a privately-held provider of physiological analytics and metrics for consumer devices. This acquisition aimed to provide the consumer with incomparable technology for great recovery, performance, and overall health with the help of engineers, physiologists, and scientists.

Product Launches and Product Expansions:

Jan-2022: Garmin International, a unit of Garmin introduced Vívomove, a Sport hybrid smartwatch with real ticking watch hands that move to reveal a hidden touchscreen display. The product delivers a portfolio of health and wellness tools, such as all-day stress tracking, Body Battery energy monitoring, advanced sleep monitoring with connected GPS, and more. Moreover, it is designed for consumers who seek a fashionable approach while tracking fitness and health.

Nov-2021: Garmin India, a unit of Garmin introduced Index S2 Smart Scale, a connected health and wellness tool with advanced technology. The product features a slim and sleek design with a high-resolution colored display with advanced features such as a new weight trend graph that tracks down bodyweight with better accuracy for a longer period of time.

Jul-2021: Garmin India, a unit of Garmin introduced Venu 2 along with Venu 2S GPS smartwatches. The series offers a complete offer bright AMOLED display with improved interface design along with health monitoring features to help users with more workout and enhanced muscle map graphics and strength training profile.

Apr-2021: OMRON Healthcare introduced OMRON Hypertension Plus in the UK, a remote patient monitoring platform. The product offers an organized medication plan suggested directly by the doctors to the patients, which can be modified according to the update and informed to patients immediately over their mobile apps.

Oct-2020: GE Healthcare launched Edison HealthLink, a new edge computing technology designed specifically for the needs of healthcare providers. The product offers Edison Health Services software stack using GE’s healthcare expertise, would deliver healthcare-specific services such as advanced visualization, connectivity, AI and non-AI algorithm orchestration, and HIPAA-compliant data aggregation to developers to deploy and build clinical workflow and applications.

Sep-2020: Apple introduced Apple Watch Series 6. The Product offers new features such as a Blood Oxygen sensor and other features that make it more essential by providing insight for overall well-being.

Apr-2020: GE Healthcare released The Mural Virtual Care, a new software solution to support clinicians and health systems in the treatment of COVID-19 patients. The solution provides a wide insight across to the hospital, around their ventilated patient population also helps to recognize patients at its worsening, information to trusted and secured Microsoft Azure cloud platform.

Scope of the Study

Market Segments covered in the Report:

By Product

• Personal Medical Devices
• Insulin Pumps
• BP Monitor
• Glucose Monitor
• Personal Pulse Oximeter
• Others
• Wellness Products
• Digital Pedometer
• Heart Rate Monitor
• Body Analyzer
• Sleep Quality Monitor
• Others
• Software & Services
• Fitness & Wellness App
• Online Subscription
• Others

By Function

• Telehealth
• Clinical Monitoring

By End User

• Hospitals & Clinics
• Home Monitoring

By Application

• Wellness & Prevention
• Monitor
• Diagnosis & Treatment
• Others

By Geography

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA

Companies Profiled

• Abbott Laboratories
• Apple, Inc.
• Garmin Ltd.
• Boston Scientific Corporation
• General Electric (GE) Co.
• Dragerwerk AG & Co. KGaA
• Medtronic PLC
• Koninklijke Philips N.V.
• Omron Corporation
• Google LLC

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