Summary - A new market study, titled “Global Connected Health & Wellness Devices Market Status (2015-2019) and Forecast (2020-2025) by Region, Product Type & End-Use” has been featured on WiseGuy Reports.
REPORT HIGHLIGHT
The connected health and wellness market is estimated to represent a global market of USD 135.8 billion by 2016 with growth rate of 20.2%. Currently, the global medical device system market is plagued by systemic inefficiency, which as per an estimates, wastes more than USD 2 trillion yearly. Inability to collect, use and share the data from different sources to support diagnosis and treatment is considered to be the major reason for inefficiency. Connected health and wellness devices are designed that enable to facilitate communication between caregivers, providers and patients.
Connected health and wellness devices are also known as technology-enabled solutions it includes convergence through digital media, health technology and mHealth. Connected care is defined as the real time electronic communication between a physician and patients. Targeted consumers for connected health and wellness devices are either chronically ill or fitness focused population. These devices offers benefits such as continuous health monitoring, health record tracking, improved healthcare outcomes and enhance the patient experience and patient engagement solution.
Increasing healthcare spending, quality and safety concerns will create a favorable environment for the uptake of connected health and wellness devices. Additionally, rising incidence of chronic disease conditions will boost the uptake of connected health and wellness devices, leading to drive the market growth. The Center for Diseases Control and Prevention stated that rising prevalence of chronic diseases is considered to be the major cause of deaths worldwide and affects near about half of the U.S. population. As of 2013, around 133 billion people had chronic health condition and cancer & heart diseases accounted for 48% of all death. It is stated that around 86% of overall healthcare spending in 2016 was on chronic disease conditions.
The rising disease burden is expected to upsurge the demand for continuous health monitoring thereby boosting the market growth during the forecast periods. However, rising attention to regulatory demand and thus quality of devices has become a critical part in the connected health device industry. Government regulatory bodies are now focusing more on regulatory check in order to minimize product recalls while meeting the patient health goals. This factor as such will hamper the market growth to some extent.
The global market is divided based on service type into healthcare IT, healthcare information exchange and healthcare analytics. Among which, healthcare IT and Analytics segments captured more than 80% share of the global market collectively. 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.
Wellness products are classified into Pedometer, Heart Rate Monitor, Sleep Apnea Monitor and others. Wellness products generated 16% revenue share in 2014 and is expected to increase to by annual growth rate of 20.8% owing to the rise in product demand. 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.
Regionally, the market is divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Among which, the U.S. pursued aggressive growth and is expected to dominated the market in near future. Regions such as Asia Pacific and Latin America exhbits strong potential to capture significant market share over the forecast period. Companies such as Phillips Healthcare, Omron Healthcare, Medtronic plc, Boston Scientific Corporation, AgaMatrix, Inc., and other are showing their potential in this market.
The market size and forecast for each segment has been provided for the period 2014 to 2025, considering 2015 as the base year. The report also provides the compounded annual growth rate (% CAGR) for the forecast period 2016 to 2025 for every reported segment.
The years considered for the study are:
Historical Year – 2014 & 2015
Base Year – 2015
Estimated Year – 2016
Projected Year – 2025
TARGET AUDIENCE
Traders, Distributors, And Suppliers
Manufacturers
Hospitals
Government and Regional Agencies and Research Organizations
Consultants
Distributors
SCOPE OF THE REPORT
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
Others
Wellness Products
Pedometer
Heart Rate Monitor
Sleep Apnea Monitor
Others
Software & Services
Fitness and Wellness Apps
Online Subscriptions
Coaching Services
MARKET, BY END USE
Hospitals
Ambulatory Care Center
Clinical Research Laboratories
MARKET, BY REGION
North America
Europe
Asia Pacific
Rest of the World
MARKET, BY COUNTRY
Further Breakdown of The North America Market
U.S.
Canada
Further Breakdown of The Europe Market
Germany
France
Rest of Europe
Further Breakdown of The APAC Market
India
China
Rest of APAC
Further Breakdown of The Rest of the World Market
Middle East and Africa
Latin America
.FOR MORE DETAILS: https://www.wiseguyreports.com/reports/5743933-connected-health-wellness-devices-market-by-types-healthcare
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An increasing number of individuals afflicted with chronic illnesses create the demand for disease management & continuous patient monitoring tools thereby boosting the demand for connected health devices in the coming years.The global connected health and wellness devices market is expected to reach USD 612.0 billion by 2024, according to a new report by Grand View Research, Inc.
The demand for wearable medical devices and remote patient monitoring systems is anticipated to increase over the forecast period due to the shifting consumer preferences towards a healthier lifestyle thus driving the market growth in the coming years.
The rising emphasis on the development of advanced healthcare solutions coupled with the sufficient availability of funds is expected to boost the R investments in the connected health & wellness devices market.
For instance, the government organizations, such as Healthcare Research and Quality (AHRQ), offer funds to expand the health information systems in the U.S., which is expected to further fuel the industry growth in this region.Further key findings from the study suggest:The healthcare analytics segment is expected to show lucrative growth over the forecast period owing to the rising pressure on hospitals to curb the spiraling healthcare costs, the availability of big data analytics, and the penetration of electronic health record systems in medical settings.
The growing need to improve value-based outcomes in the healthcare sector and the adoption of the patient-centric approach are the factors propelling the segment’s growth.The wellness product segment is anticipated to grow lucratively at a CAGR of 23.8% due to the availability of advanced products, such as GPS smart watches, which help in the monitoring of various parameters including physical activity, respiratory rate, and pulse rate and are additionally equipped with cloud connectivity.In addition, the introduction of technologically advanced personal medical devices is expected to contribute towards the growth of the overall market in the next seven years.
In addition, the rise in the preference of geriatric patients towards home healthcare creates the demand for connected health & wellness devices over the forecast periodIn 2015, North America held a substantial share of the overall market at over 38.6%, which is attributed to the presence of favorable reimbursement policies and a large population using wearable medical devices.
