Connected Health & Wellness Devices Market Size Worth $657.8 Billion By 2025 | CAGR: 20.2%
Published Date : 13 / 09 / 17 | Report Format: PDF
The global connected health and wellness devices market is expected to grow at growth rate of 20.2% to reach USD 657.8 billion by 2025.
Connected health has become a wide term, covering broad range of remote patient monitoring, video enabled telehealth platforms, biometric sensors, and web-based mobile software solutions for applications in patient communication, engagement and education. Connected health devices can be defined as these devices are integrated with advanced technology to connect the various healthcare system tools that enables delivery of virtual care for the patient population. The market is primarily driven by the patient shift toward the adoption of value based models of care, approaches such as multi-sensor remote monitoring kits and medication apps. Growing use/demand of these devices coupled with increasing awareness will stimulate the market growth to great extent.
The global market is divided based on service type into healthcare IT, healthcare information exchange and healthcare analytics. Health information exchange segment recorded lowest revenue (USD 9.8 billion) during the year 2016. Product offered by market players are categorized into personal medical devices, wellness products and software & services. Personal medical devices are further classified into insulin pump, Blood Pressure Monitors, Glucose Monitors, Pulse Oximeter and others. Insulin pump segment is considered to be the highest revenue generating market segment and is anticipated to maintain its dominance over the future period.
Wellness products are classified into Pedometer, Heart Rate Monitor, Sleep Apnea Monitor and others. Software and service segment comprise of Fitness and Wellness Apps, Online Subscriptions and Coaching Services. End users for the market are Hospitals, Ambulatory Care Center and Clinical Research Laboratories. Use of connected health and wellness devices in hospital facilities recorded USD 55.3 billion in 2016.
Companies such as Phillips Healthcare, Omron Healthcare, Medtronic plc, Boston Scientific Corporation, AgaMatrix, Inc., and other are showing their potential in this market. Rising level of product complexities has increased the product cost eventually. This have necessitated the transformation of manufacturing process of key company to improve operational efficiencies by delivering better value to its customers. Existing companies are embracing new avenue in medical technologies to improve product quality, reduce costs by ensuring regulatory norms.
KEY BENEFITS OF THE REPORT:
- Understanding of the strategies that are being adopted by the key players in this market to stay competitive
- Extensive analysis of the key players dominating the competitive landscape of this market
- In-depth analysis of the key factors are propelling the growth of the global market
- Detailed analysis of the geographic region that will witness the strongest growth
- Granular analysis of the current market scenario and the expected market grow
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY TYPES
- Healthcare IT
- Healthcare Information Exchange
- Healthcare Analytics
MARKET, BY PRODUCTS
- Personal Devices
- Insulin Pump
- Blood Pressure Monitors
- Glucose Monitors
- Pulse Oximeter
- Wellness Products
- Heart Rate Monitor
- Sleep Apnea Monitor
- Software & Services
- Fitness and Wellness Apps
- Online Subscriptions
- Coaching Services
MARKET, BY END USE
- Ambulatory Care Center
- Clinical Research Laboratories.
MARKET, BY REGION
- North America
- Asia Pacific
- Rest of the World
MARKET, BY COUNTRY
- Further Breakdown of The North America Market
- Further Breakdown of The Europe Market
- Rest of Europe
- Further Breakdown of The APAC Market
- Rest of APAC
- Further Breakdown of The Rest of the World Market
- Middle East and Africa
- Latin America
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