Smart Wellness Market is Rising prevalence of health diseases | Size is projected to register a CAGR of 24.46% from 2022 to 2030
Research Reports
Mar 08, 2023
According to market research future insights analysis, the global Smart Wellness Market is expected to register a CAGR of 13.20% from 2022 to 2030 and hold a value of over USD 9602.6 billion by 2030.
The internet’s power and the shifting attitudes of customers have a significant impact on the smart wellness sector. The technology, software, and other elements that make up the smart wellness sector propel the whole sector. When creating smart gadgets for monitoring health parameters, manufacturers are paying more attention to reliability and ergonomic features. The smart wellness industry has also grown due to rising hospital and healthcare costs and limited access to medical facilities. The smart wellness business’s key growth-stimulating characteristics are the adaptability and compact design of smart medical devices. Additionally, in recent years, the availability of less expensive solutions and awareness of self-help methods for keeping a healthy lifestyle has created the profit potential for the industry’s overall growth.
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Smart Wellness Market Key Players
Some of the key market players are
- smart-Apple
- Samsung Electronics
- Omron Healthcare
- McKesson
- Philips Healthcare
- GE Healthcare
- Draeger Medical Systems
- Fitbit
- Abbott and Medtronic.
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Smart Wellness Market Regional Analysis
North America dominated the market for smart wellness in 2021. Economic expansion, technical breakthroughs, and rising consumer demand for smart gadgets in nations like the US and Canada are fueling the rise of the smart wellness sector. The developed infrastructure and expanding medical infrastructure in the United States and Canada significantly impact the overall expansion of the smart wellness sector.
Asia Pacific is expected to register lucrative growth in the market for smart wellness. Because the number of people using smart and mobile devices is growing. Smart wellness devices are also being used in automobiles by the automotive industry, and they continuously track the number of the driver’s health indicators. Such elements offer the potential for expanding the Asia-Pacific region’s Smart wellness industry.
Smart Wellness Market Segmentation
The global smart-wellness market has been segmented into product type and ends user.
Based on product type, the Smart Wellness Market has been segmented into wi-fi connectivity nd bluetooth connectivity. The bluetooth connectivity segment accounted for the largest share of the market in 2021. The introduction of Bluetooth was an important turning point in the evolution of the standard and the introduction of services based on Bluetooth beacons. Bluetooth-compatible smartphones and tablets have been introduced to the market for users. On the other hand, the wifi-connectivity segment is anticipated to be the fastest-growing segment during the forecast period. During the projection period, the market is anticipated to be driven by the rising need for improved networks, low latency, and bandwidth communications among businesses.
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Based on end-user, the Smart Wellness Market has been segmented into hospitals and individual users. The hospital’s segment accounted for the largest revenue share in 2021 in the market for smart wellness. Demand for wellness tools and services used at home has increased in response to rising health consciousness. In the US, smart connected fitness devices like wristbands and smartwatches became more popular during lockdowns to assess performance and enhance health. Besides, the individual user segment is estimated to hold a significant market share in 2021. Individual well-being includes pursuits like traveling to meditate, engaging in yoga, touring farms, and engaging in a variety of leisure pursuits.
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