Market Size and Overview:

As per our research report, the global wellness & prevention connected health devices market size is valued at USD 51.26 billion in 2023 to USD 189.10 Billion by the end of 2030. This market is anticipated to witness a CAGR of 20.5% from 2024 - 2030. 

Factors such as widespread internet accessibility, an uptick in chronic ailment occurrences, the integration of connected health and wellness technologies across smartphones and wearables, the emergent trend of blockchain technology, an increase in patient engagement, telemedicine utilization, and the advancement of state-of-the-art diagnostics are propelling the expansion of the market.

Industry Overview:

The domain of wellness and prevention connected health devices encompasses a system for health management employing technology to furnish medical services to patients remotely. This system encompasses the utilization of mobile health tools, services, and e-prescriptions. Enhanced healthcare interoperability and research, alongside digital data management and robust governmental support, contribute to heightened utilization of this technology. It facilitates hospitals, clinics, and similar healthcare establishments in dispensing medical services wirelessly. By leveraging internet connectivity, Wi-Fi, and related technologies, it establishes automated connectivity between patients and caregivers. This evolving landscape of healthcare presents various advantages through connected healthcare. By synchronizing patient treatment and ensuring swift access to patient data via continuous monitoring of key metrics, connected healthcare facilitates patient engagement and satisfaction. It amalgamates data from the patient's health history and lifestyle, encompassing biological, medical, lifestyle, genetic, and mood/sentiment data, to provide patient-centric care recommendations. Consumers exhibiting concern for their health increasingly resort to wearable devices, connected gadgets, and mobile applications to monitor progress, receive personalized wellness counsel from caregivers, and promptly receive treatment reminders.

The burgeoning demand for connected health and wellness equipment correlates with the rising count of individuals afflicted with chronic maladies, which fuels the need for solutions capable of disease management and continuous patient monitoring. Technological strides are concurrently lowering the cost of medical provisions and equipment, thereby enhancing healthcare accessibility. Furthermore, widespread high-speed internet access and favorable governmental initiatives contribute to the market's remarkable ascent. Healthcare institutions such as hospitals are progressively embracing proactive and preventive care approaches. The adoption of connected healthcare for continuous patient health monitoring facilitates early disease detection and assessment of various biochemical markers, alongside blood oxygen levels and heart rate. Increased governmental healthcare expenditure, particularly in developing nations, reflects the imperative for connected healthcare. Moreover, factors like escalating internet usage in both developed and emerging economies and ongoing enhancements in point-of-care models bolster the market's trajectory.

COVID-19 Pandemic Impact on Wellness & Prevention Connected Health Devices Market:

The COVID-19 pandemic induced disruptions across the supply chains of numerous connected devices due to industrial shutdowns. Consequently, the market for connected health and wellness devices experienced a marginal setback. Nevertheless, the pandemic might engender a sustained uptick in the adoption of diverse connected healthcare products and services over the long term. Lockdown measures implemented worldwide prompted a surge in the popularity of telemedicine services. This surge stems from heightened patient volumes, the imperative for healthcare providers to offer novel healthcare services, and governmental initiatives aimed at advancing connectivity-driven applications. Individuals are acquiring new skills to monitor their health, reserving visits to healthcare professionals solely for critical situations, as hospitals prioritize the treatment of COVID-19 patients. Sales of smart wearables, notably smartwatches, surged in response. The pandemic catalyzed the adoption and deployment of various technologies, including telemedicine and e-prescriptions, among healthcare practitioners and the populace. It is anticipated that extensive adoption of mHealth devices and the advent of technologically sophisticated product designs will propel the market in the forecast period. The sector's growth is further expected to be fueled by targeted IoT device adoption and wearable medical equipment, encompassing sensors and mobile communication devices. In August 2020, Validic, a developer of health data platforms and solutions, unveiled a primary update to "Validic impact," a remote patient monitoring service. This advanced standalone version of Validic Impact can operate independently without necessitating EHR integration. The company also introduced a COVID-19 rapid response solution, facilitating the registration of numerous individuals by clinicians and HR managers through alerts and self-reported data to monitor COVID-19 symptoms. Several connected healthcare products and services stand to witness sustained development in the wake of the pandemic. The COVID-19 pandemic has compelled numerous enterprises to swiftly adopt and upgrade new technologies, laying the groundwork for a transformative standard of care.

MARKET DRIVERS:

Elevated internet penetration, the embrace of connected health and wellness technologies across smartphones and wearables, and the burgeoning trend of blockchain technology are pivotal drivers propelling the market's expansion:

Advancements in technology have heightened patient awareness concerning health and fitness, fostering increased engagement with connected healthcare applications. The surge in chronic ailments, augmented adoption of wearable technology, cost efficiencies, and enhanced patient convenience collectively fuel the evolution of personalized healthcare solutions. Additionally, heightened internet penetration, coupled with escalating governmental healthcare expenditure to promote diverse healthcare services, influences market expansion positively. Blockchain technology is gaining traction in the healthcare sector as a tool for efficient and secure handling, storage, and retrieval of patient records. Enhanced patient care and heightened demand for health monitoring contribute to a fresh array of market advantages.

Escalating patient engagement, telemedicine adoption, and advanced diagnostics development are instrumental in driving market expansion:

The proliferation of telemedicine has amplified the demand for illness diagnosis and treatment by facilitating the transmission of health informatics, diagnostics, and imaging data across locations. Ongoing advancements in telemedicine, encompassing video telephony and enhanced diagnostics, are poised to accelerate the sector's growth in the forthcoming years. Virtual consultations afford patients ease in querying, reporting early warning signs, and scheduling follow-up appointments, instilling confidence in their healthcare providers' active involvement.

The surging prevalence of chronic ailments underpins market growth:

The burgeoning geriatric population and continual shifts toward point-of-care models propel demand for connected healthcare devices capable of real-time tracking and sharing of patient-related data. Wearable technology facilitating activity tracking, including heart rate, calorie expenditure, and distance covered, encompasses trackers, glucose meters, and blood pressure monitors. Additionally, the affordability of routine tests is heightened as individuals utilize these devices for self-assessment.

MARKET RESTRAINTS:

Escalating cyberattack threats pose constraints on market expansion for wellness and prevention connected health devices:

The absence of standardized security protocols and the specter of data breaches constitute significant impediments poised to hinder market expansion. Despite the groundbreaking nature of connected healthcare, it engenders myriad challenges concerning the security of sensitive health data. Cyberattack threats, data security vulnerabilities, dearth of adequately trained personnel to manage voluminous data, and limited comprehension of health applications collectively pose obstacles to the growth of the connected healthcare market.

Technological barriers and substantial capital investment serve as constraints to the expansion of the wellness and prevention connected health devices market:

Limitations in technology and infrastructure impede market expansion despite the considerable potential of connected healthcare products and services. High expenses associated with deploying requisite tools, systems, and equipment for real-time healthcare data assessment severely constrain market growth. Moreover, numerous developing nations lag in technology and product adoption due to challenges pertaining to high-speed internet availability, bandwidth constraints, data storage, and transmission, thereby impeding market expansion.

Wellness & Prevention Connected Health Devices Market – By Product

Personal Medical Devices

- Blood Glucose Monitor

- Insulin Pump

- Blood Pressure Monitor

- Personal Pulse Oximeter

- Other Devices

Wellness Products

- Digital Pedometer

- Sleep Quality Monitor

- Body Analyzer

- Heart Rate Monitor

- Other Products

Software & Services

- Fitness & Wellness App

- Online Subscription Services

- Other Services

The Wellness & Prevention Connected Health Devices Market is categorized into Personal Medical Devices, Wellness Products, and Software & Services based on product segmentation. Among these, the Software & Services segment emerged as the top revenue generator, accounting for over 46% in 2021. This growth is attributed to the shift towards value-based healthcare delivery, the increasing prevalence of online subscriptions, a surge in demand for personalized medical care, and the heightened accessibility to health information driven by growing health consciousness. The Wellness Products segment is projected to witness the fastest growth during the forecast period, propelled by consumer medical devices and personal health trackers. The escalating concern for physical fitness, particularly in emerging economies, is fostering overall market expansion as consumers demonstrate willingness to pay premium prices for health and wellness products.

Wellness & Prevention Connected Health Devices Market – By Function

Clinical Monitoring

Telehealth

The Wellness & Prevention Connected Health Devices Market is segmented into Clinical Monitoring and Telehealth based on function. Telehealth dominated the market in 2021, capturing over 55% of the global revenue due to the increased utilization of telehealth services. Key drivers for market expansion include a surge in healthcare spending in emerging markets and the rapid growth of healthcare infrastructure. Additionally, the adoption of wearable remote monitoring technologies and the growing significance of continuous patient monitoring among older populations are anticipated to fuel the segment's growth.

Wellness & Prevention Connected Health Devices Market – By Application

Diagnosis & Treatment

Monitoring

Wellness and Prevention

Other Applications

The Wellness & Prevention Connected Health Devices Market is segmented into Diagnosis & Treatment, Monitoring, Wellness and Prevention, and Other Applications based on function. The Wellness and Prevention segment accounted for 42.5% of global revenue in 2021 and is expected to grow further due to heightened awareness regarding general health and wellbeing, coupled with the increasing popularity of digital health trends.

Wellness & Prevention Connected Health Devices Market – By End User

Hospitals & Clinics

Home Monitoring

The Wellness & Prevention Connected Health Devices Market is segmented into Hospitals & Clinics and Home Monitoring based on end user. Hospitals & Clinics dominated the market in 2021, capturing over 54.5% of global revenue. The adoption of connected healthcare systems for remote patient monitoring, including blood pressure monitoring, has contributed to improved clinical outcomes, increased patient and physician satisfaction, and the integration of new technologies within healthcare institutions. Another factor driving market expansion in this segment is the proliferation of hospitals and clinics aimed at enhancing healthcare accessibility. The Home Monitoring segment is poised for rapid growth during the forecast period, driven by factors such as the growing geriatric population, the prevalence of chronic diseases, the increasing demand for cost-effective healthcare delivery, and advancements in home care equipment technology.

Wellness & Prevention Connected Health Devices Market - By Region

North America

Europe

Asia Pacific

South America

Middle East and Africa

North America led the global Wellness & Prevention Connected Health Devices Market in 2021, capturing over 41% of total revenue. The region is expected to maintain its dominant position and continue growing, driven by a well-developed healthcare infrastructure, widespread internet coverage, high levels of consumer awareness, and supportive regulatory frameworks aimed at enhancing patient safety.

Europe is anticipated to witness profitable growth in the Wellness & Prevention Connected Health Devices Market due to the high prevalence of internet usage, a growing elderly population, and increasing demand for integrated healthcare services.

The Asia Pacific region is poised to experience the fastest growth during the forecast period. This growth can be attributed to rising demand for wearable medical devices, increasing government funding for healthcare infrastructure development, and the expanding adoption of mHealth, telehealth, and eHealth applications in countries like China and India. Telehealth services were particularly utilized in Australia as an alternative mode of patient care delivery during the COVID-19 pandemic.

The Middle East and Africa region are expected to exhibit limited growth due to poor internet penetration and a shortage of skilled technicians. Conversely, the Latin America market for connected wellness and prevention health devices is projected to witness rapid growth.

Major Key Players in the Market

Leading companies in the global Wellness & Prevention Connected Health Devices Market include:

- GE Healthcare

- Accenture Plc.

- Abbott

- SAP SE

- Omron Healthcare, Inc.

- Boston Scientific Corporation

- Koninklijke Philips N.V.

- Garmin International, Inc.

- Apple, Inc.

- IBM Corporation

- Fitbit LLC

- Oracle Corporation

- Airstrip Technology

- Microsoft Corporation

- Medtronic

- Allscripts

The market is highly competitive, with players focusing on cutting-edge technology and user-friendly equipment. Industry leaders engage in strategic partnerships, mergers, acquisitions, collaborations, agreements, and regional expansions to outperform competitors.

Recent Developments in the Global Wellness & Prevention Connected Health Devices Market:

Product Launch: In January 2022, Garmin introduced a hybrid smartwatch featuring real watch hands that slide to reveal a hidden touchscreen display. The product offers various tools for enhancing health and wellbeing, including all-day stress tracking, advanced sleep monitoring with integrated GPS, Body Battery energy monitoring, among others, catering to customers seeking a stylish approach to monitoring their fitness and health.

Product Launch: In January 2022, OMRON Healthcare, Inc. unveiled the first connected Blood Pressure (BP) monitors and advanced mobile apps for remote patient monitoring.

Partnership: In February 2021, Royal Philips partnered with Dutch SAZ, a network of 28 hospitals, to enhance population health management and patient monitoring throughout the care continuum, both inside and outside hospitals.

Collaboration: In July 2021, Cognizant and Royal Philips announced a collaboration to develop end-to-end digital health solutions, leveraging cloud-based platforms and digital engineering expertise to deliver advanced connectivity and insights.

Partnership: In December 2021, Doctor Anywhere (DA) and OMRON Healthcare partnered to integrate OMRON's smart health monitoring devices with DA's telehealth platform, enhancing access to patient health records for better care delivery.

Product Launch: In March 2020, Fitbit LLC unveiled the Fitbit Charge 4, a state-of-the-art health and fitness tracker featuring a GPS chip, Active Zone Minutes, sleep tracking capabilities, Spotify integration, among other features.

Partnership: In July 2020, Mount Sinai Health System and OMRON Healthcare, Inc. partnered to offer the VitalSightTM home blood pressure monitoring solution to patients, enabling remote monitoring outside care facilities.

Product Launch: In September 2020, Roche introduced a remote patient monitoring system for diabetic patients, enabling medical practitioners to monitor patients remotely.