Smart Wellness Market Analysis
Smart wellness comprises a range of digital solutions aimed
at well-being of the people. The evolution of technology and hectic lifestyles
of customers have beckoned the need for smart wellness solutions aimed at
promoting good mental health. The global smart wellness
market report by Market Research Future (MRFR) provides a thorough analysis
of the industry coupled with hurdles and challenges for the period of 2017 to
2023 (forecast period). The COVID-19 pandemic and its impact on the industry
are noted in the report.
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Smart Wellness Market Scope
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. The major drivers of the market are adoption of smartphones
that contain wellness applications, rising urbanization, commitment to healthy
living, and rise in disposable income levels. The emergence of internet of
things (IoT), demand for wearables, and use of smart devices for monitoring
overall health are likely to influence the market. Subscriptions to free and
paid applications for maintenance of the body through fitness regimens and
practices can drive the market growth.
Development of wearables due to investments by venture
capital firms owing to popularity of healthcare IT is likely to drive market
growth. Recently, Muse Wearables, an Indian startup has launched a personal
wellness band, Muse Cue, which can detect COVID-19 symptoms in patients at an
early stage. The health monitoring of an individual can track the progression
of the disease and help doctors as well.
Smart Wellness Market Competitive Outlook
Draeger Medical Systems, Inc., Apple, Inc., GE Healthcare,
Inc., Fitbit, Inc., Medtronic PLC, Samsung Electronics, Omron Healthcare, Inc.,
St. Jude Medical, Inc., McKesson Corporation, and Philips Healthcare Company
are key players of the global smart wellness market
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Regional Analysis
The global smart wellness market is studied in Asia Pacific
(APAC), North America, Europe, and Rest-of-the-World (RoW). North America is
estimated to account for the largest share of the market, whereas APAC 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. 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 well-established infrastructure,
faster implementation of advanced technologies, and willingness of customers
can drive the regional smart wellness market growth. In addition, 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.
Segmentation
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 into personal medical devices and wellness products. The personal medical devices segment is
further segmented into personal pulse oximeters, diabetes monitor, insulin
pump, BP monitor, smart pill dispenser, personal ECG, portable GPS PERS, and
others. On the other hand, the wellness products are further segmented into
sleep quality monitor, body analyzer, GPS sports watch, and others. The
software sub-segment is classified into online subscriptions, smart wellness
apps, and others. Whereas, the services sub-segment is further classified into
professional services and managed services. Within the hardware segment, the
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. The
rising adoption rate of smartphones with integrated smart wellness applications
is expected to drive the growth of smart wellness market. Moreover, the growing
demand for portable healthcare devices is another major factor driving the
growth of smart wellness market.
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