Health and Wellness Devices Market Estimated to Experience a Hike in Growth by 2021
On the basis of different types of products, health and wellness devices market can be classified into wellness software and services, wellness products and personal healthcare products. On the basis of different components, health and wellness devices market can be classified into hardware, software and services. Various hardware equipment that are included in health and wellness devices are heart rate monitor, sleep quantity monitor, digital pedometer, glucose monitor, insulin pump, personal ECG, digital weight scale, blood pressure monitor and others.
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Various types of software available for health and wellness devices are online software, device-specific mobile applications and standalone mobile applications. Various types of services offered with health and wellness devices include complimentary services, self-paid services and subsidized or insurance covered services.
North America dominates the global market for health and wellness devices due to large number of aging population and broad technical applications of health and wellness devices. Asia, followed by the Europe, is expected to experience high growth rate in the next few years in global health and wellness devices market. China and India are expected to be the fastest growing health and wellness devices markets in Asian region. Some of the key driving forces for health and wellness devices market in emerging countries are large pool of patients and rising government funding.
Some of the major factors driving the global health and wellness devices market are growing awareness for different type of health and wellness devices available, growing concern for better healthcare facilities and rising government initiatives in the field. In addition, user friendly nature of health and wellness devices and improving reimbursement scenario are driving the global health and wellness devices market. However, availability of traditional methods and less reluctance of people for switching to modern health and wellness devices are some of the major factors that are restraining the global health and wellness devices market.
Growing demographics and economies in the developing countries such as India and China are expected to offer good opportunities for health and wellness devices market. In addition, innovation of some new products with focus on patient’s comfort is expected to offer good opportunity for health and wellness devices market. Some of the latest trends that have been observed in the global health and wellness devices market are growing popularity of wireless technology including bluetooth and cloud based technology. In addition, it has been observed that companies are focussing on R&D of new products with better efficiency.
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Some of the major companies dealing in global health and wellness devices market are Johnson and Johnson, General Electric Co., Siemens AG, Medtronic, Inc., Baxter International Inc., Fresenius Medical Care AG & Co. KGAA and Koninklijke Philips Electronics NV.
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