New York, US, Feb. 28, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Smart Wellness Market Research Report: By Type, Connectivity, Usage, Distribution Channel and Region - Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 520.29 billion by 2030. The reports further predict the market to flourish at a robust CAGR of over 24.46% during the assessment timeframe.
Smart Wellness Market Overview:
Smart wellness technology providers focus on improving ergonomics and reliability to help continuous monitoring of health parameters. Growing healthcare expenses and government funding, alongside the lack of easy access to healthcare centers, create significant market demand. Over recent years, increased awareness of the availability of self-help options in maintaining a healthy lifestyle and low-cost alternatives have created lucrative opportunities.
Furthermore, the smart wellness market is largely driven by rising hospital & healthcare costs and limited access to medical facilities. The adaptability and compact design of smart medical equipment are key driving forces behind the market growth. The availability of less-expensive solutions and self-help methods to maintain a healthy lifestyle has created significant opportunities for smart wellness market growth.
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Leading players in the market are
- Samsung Electronics (South Korea)
- Apple, Inc. (US)
- Omron Healthcare Inc. (Japan)
- Philips Healthcare Company (the Netherlands)
- McKesson Corporation (US)
- GE Healthcare, Inc. (US)
- Fitbit, Inc. (US)
- Draeger Medical Systems, Inc. (Germany)
- Medtronic PLC (US)
- St. Jude Medical, Inc. (US)
Smart Wellness Market Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 520.29 Billion |
| Growth Rate | CAGR of 24.46% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Use of IoT technology in smart wellness product |
| Key Market Drivers | Rising prevalence of health diseases |
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Industry Trends
The growing demand for smart wellness devices and apps supports the growth of the global smart wellness market. The proliferation of smartphones that allow easy access to fitness and wellness apps through app stores influences the smart wellness market rise. Health monitoring awareness and the growing need for portable healthcare devices are major market trends. Governments of all regions support new technology development.
The augmenting demand and growing popularity of smart wearables fuel the market value. There are significant innovations in wearable technologies, offering excellent features. The availability of high-speed connectivity is a key driving force contributing to the market shares. Also, the shift in consumer preferences toward high-tech electronics and watches fosters market demands.
The increasing adoption of healthy lifestyles drives the global market for smart wellness. The growing prevalence of diabetes, asthma, blood pressure, arthritis, dementia, cancer, and other stress-related disorders, resulting from sedentary lifestyles & hectic schedules, influences the market growth positively. The emergence of IoT technology in smart wellness devices stimulates the demand for smart wearables and wellness products.
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Smart Wellness Market Segments
The market is segmented into components, connectivity, applications, end-users, and regions. The component segment is sub-segmented into hardware, software, and services. The sub-segment hardware is bifurcated into personal medical devices and wellness products. The sub-segment personal medical device is bifurcated into diabetes monitors, BP monitors, insulin pumps, portable GPS PERS, smart pill dispensers, personal pulse oximeters, personal ECG, and others.
The sub-segment wellness product is bifurcated into body analyzers, sleep quality monitors, GPS sports watches, and others. The sub-segment software is bifurcated into smart wellness apps, online subscriptions, and others. Similarly, the sub-segment service is bifurcated into professional services and managed services.
The application segment is sub-segmented into healthcare IT, healthcare analytics, health information exchange, and others. The connectivity segment is sub-segmented into Bluetooth and Wi-Fi. The end-user segment is sub-segmented into hospitals, individual users, and others. The region segment is sub-segmented into Asia-Pacific, Europe, North America, and rest-of-the-world.
Geographical Analysis
North America dominates the global smart wellness market with the largest market share. The growth is predominantly driven by the region's augmented demand and availability of quality smart wellness devices. Moreover, the growing need for health monitoring and smart wellness devices boosts the region's market shares. Also, the growing popularity of fitness and health tracking apps and increasing demand for connected health & wellness devices fuel the growth of the smart wellness market.
The Asia-Pacific region is another promising market for smart wellness. The increasing popularity of fitness apps and demand for smart wellness apps across different countries in the region boosts the market value. Additionally, massive investments by global leaders in the region substantiate the market shares. The APAC smart wellness market is likely to register a higher CAGR over the review period.
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Competitive Analysis
Highly competitive, the smart wellness market appears fragmented as many giant players form a competitive landscape with their international and regional presence. The rising demand for new products would help manufacturers accelerate smart wellness production and increase their performance & power efficiency.
Smart wellness device manufacturers and technology providers strive to build a procurement strategy. They accelerate their production to bring more wellness products to the market, supporting the industry as it scales up and fulfilling its rapid growth ambitions. They incorporate strategic approaches, such as acquisition, partnership, collaboration, expansion, and product/technology launch, to gain a competitive advantage and stay at the market forefront.
For instance, on Feb. 23, 2023, Jamieson Wellness Inc., a leading consumer health brand, announced a partnership with DCP Capital, a leading global private equity firm, to support its strategic growth plan in China and expand its footprints into Asian markets. The partnership will enable Jamieson to accelerate its rapidly growing business in China, bringing more high-quality vitamins, minerals, & supplements to a broader Chinese consumer base.
It will combine Jamieson's premium product portfolio, high-quality manufacturing, and R&D expertise with DCP's enrooted footprints and proven operational capabilities to enhance the Company's strong organic growth in China. DCP has a long-term track record in Greater China and will purchase a minority interest in Jamieson's Chinese operations. DCP will also subscribe for warrants to purchase a certain number of common shares of the Company.
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