Smart Wellness Market Research Report by Forecast to 2023


Smart Wellness Market Scope:
The global market for smart wellness can attain a valuation of USD 520.29 billion by 2023, says Market Research Future (MRFR). The market is all set to achieve a growth rate of close to 24.46% during the forecast period (2017-2023), adds MRFR.

The smart wellness market size is presumed to expand in conjunction with the surge in incidences of diseases coupled with the expanding healthcare facilities across the globe. The rising need for health monitoring, owing to the surging adoption of an urbanized lifestyle can also expedite the market growth in the following years.

Increasing advancements in smart technology have led to the proliferation of applications across a variety of domains. Within the healthcare sector, the rising popularity of smart technology offers a host of growth opportunities to the new entrants. Citing a reference, recently, an Austin couple developed ‘Wellbody App’, which deals with holistic daily practices. The industry participants are currently focusing on product innovations to capitalize on the flourishing Smart Wellness Market. For instance, Samsung Electronics has updated its Samsung Health app, which can now provide a more personalized and interactive experience to its users.

Large-scale presence of connected and portable healthcare devices in the market coupled with the skyrocketing demand for smartphone applications has raised the revenue generation of the market participants. The market can observe a similar growth pattern in the years to come as well.

But the market growth rate can hit a roadblock in the form of technical complexities in the near future. However, a number of players are working on simplifying these issues to make their products more user-friendly and innovative, which can boost not only the product demand but also the market demand in the ensuing years.

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Major Leading Vendors:
The leading vendors in the worldwide market for smart wellness include Omron Healthcare, Inc. (Japan), St. Jude Medical, Inc. (U.S.), McKesson Corporation (U.S.), GE Healthcare, Inc. (U.S.), Samsung Electronics (South Korea), Draeger Medical Systems, Inc. (Germany), Fitbit, Inc. (U.S.), Apple, Inc. (U.S.), Medtronic PLC (U.S.), Philips Healthcare Company (the Netherlands), to mention a few.

Smart Wellness Market Segmentation:
The global market for smart wellness has been segmented with respect to component, type, connectivity, and end user.

Depending on the component, the market segments are software, services and hardware. The hardware segment can be split into personal medical devices as well as wellness products. The personal medical devices segment consists of insulin pump, diabetes monitor, portable GPS PERS, BP monitor, personal ECG, smart pill dispenser, personal pulse oximeters, and others.

The wellness products are sleep quality monitor, GPS sports watch, body analyzer, and others. The software sub-segments listed in the report are online subscriptions, smart wellness apps, and others. The types of services in the market are managed services and professional services. Among all these, the hardware segment has the most potential to gain the top position in the smart wellness market and can possibly achieve a growth rate of 24.82% in the forthcoming years.

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Smart Wellness Market Regional Insight:
Asia Pacific (APAC), North America, Europe, as well as the Rest of the World (RoW) have been recognized as the primary markets for smart wellness in the MRFR report.

North America stands the highest chance of attaining the top position in the global smart wellness market during the given period. The market growth is mainly supported by the frequent technological advancements and the high availability of a variety of innovative solutions. High demand for smart wellness devices among numerous end-users in the United States (US) and Canada also assists with the market growth. Mexico has been identified as the third-most profitable market for smart wellness in the region.

About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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