Wellness & Prevention Connected Health Devices Market 2024 [Latest Trends]: Analysis Future Opportunity and Demand Forecast Year 2030

The Latest Research Report on Wellness & Prevention Connected Health Devices Market 2024 outlines the key factors influencing the growth of this area in terms of the competitive and geographic environment. In addition, the research discusses the obstacles to market growth and provides information on unexplored prospects that will promote company progress in the 2024-2030 forecast period.

Major Major Players are:

GE Healthcare, Acceture 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

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Wellness & Prevention Connected Health Devices Market Overview:

Global Wellness & Prevention Connected Health Devices Market Size (2024 - 2030)

According to a comprehensive research report, the market size of global wellness & prevention connected health devices is estimated to be USD 51.26 billion in 2024, reaching USD 189.10 billion by the conclusion of 2030. This market is expected to experience a Compound Annual Growth Rate (CAGR) of 20.5% from 2024 to 2030. The expansion of this market is propelled by factors such as increased internet penetration, a rise in the incidence of chronic diseases, widespread adoption of connected health and wellness technology through smartphones and wearables, the emergence of blockchain technology, increasing patient engagement, the growth of telemedicine, and advancements in diagnostic technologies.

Connected health devices for wellness and prevention constitute a health management system utilizing technology to deliver medical services remotely to patients. This involves the utilization of mobile health tools, services, and electronic prescriptions. The increased interoperability in healthcare, research activities, digital data management, and support from government entities contribute to the heightened adoption of this technology. It enables healthcare facilities, including hospitals and clinics, to provide medical services remotely using wireless technology. Connecting patients to caregivers through an automated system using the internet, Wi-Fi, and associated technologies is a key aspect of this system. The evolution of healthcare, driven by connected healthcare, offers several advantages by synchronizing patient treatment, facilitating quick access to patient data through continuous monitoring of essential metrics, and fostering patient interaction and satisfaction. This approach combines data from the patient's health history and lifestyle, encompassing biological, medical, genetic, lifestyle, and sentiment/mood data to provide patient-centered care recommendations. Consumers concerned about their health are increasingly adopting wearable devices, connected devices, and mobile applications to monitor their progress and receive personalized wellness advice, treatment reminders, and proactive support from healthcare providers.

The demand for connected health and wellness devices is rising rapidly due to the increasing number of individuals with chronic illnesses, creating a need for solutions that can manage diseases and continually monitor patients. Advancements in technology are also reducing the cost of medical supplies and equipment, enhancing accessibility to healthcare for a broader population. The market's remarkable growth is further supported by high-speed internet availability and favorable government initiatives. Healthcare facilities, particularly hospitals, are shifting towards proactive and preventive care, utilizing connected healthcare for continuous monitoring of patients' health status, early disease detection, and measurement of various biochemical levels, blood oxygen levels, and heart rate. Increased government spending on healthcare, especially in developing nations, driven by the demand for connected healthcare, coupled with rising internet usage in both developed and emerging economies, contributes to the continuous improvement of point-of-care models.

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

The COVID-19 pandemic had a notable impact on the supply chain of various connected devices due to industrial shutdowns, resulting in a slight downturn in the market for connected health and wellness devices. Conversely, the pandemic is expected to lead to a long-term increase in the adoption of various connected healthcare products and services. Lockdowns implemented by governments worldwide prompted a surge in the popularity of telemedicine services. The increased patient load, the pressure on healthcare providers to offer new services, and governmental efforts to advance connectivity-based applications contributed to this trend. People embraced new methods for health monitoring and opted for virtual visits, reserving in-person doctor visits for emergencies, as healthcare facilities focused on treating COVID-19 patients. Sales of smart wearables, particularly smartwatches, witnessed a boost. The pandemic accelerated the adoption of various technologies, including telemedicine and e-prescriptions, fostering the long-term development of connected healthcare products and services. Companies faced challenges during the pandemic but responded by deploying and upgrading new technologies, laying the groundwork for a transformative standard of care.

MARKET DRIVERS:

The expansion of the market for wellness and prevention connected health devices is driven by factors such as high internet penetration, the adoption of connected health and wellness technology across smartphones and wearables, and the emerging trend of blockchain technology:

Advancements in technology have led to an increased focus on health and fitness among patients. Connected healthcare applications have engaged the patient population, with wearable technology, cost-effectiveness, and patient convenience contributing to the development of personalized healthcare solutions. The combination of high internet penetration and increased government spending on healthcare services to promote diverse healthcare solutions influences the market's growth positively. Blockchain technology is gaining traction in the healthcare sector as a means to manage, store, and retrieve patient records more efficiently and securely. The market benefits from the heightened patient care demands and increased interest in health monitoring.

Growing patient engagement, telemedicine, and advancements in diagnostics contribute to the market's expansion:

Telemedicine availability has increased the demand for illness diagnosis and treatment, facilitating the transmission of health informatics, diagnostic data, and imaging data between locations. The development of new telemedicine techniques, enhanced diagnostics, and video telephony is expected to accelerate the market's growth in the coming years. Virtual visits offer patients the convenience of asking questions, reporting early warning signs, and scheduling follow-up consultations, providing assurance that their healthcare providers are actively involved in their care.

The increasing prevalence of chronic diseases is a key driver of market growth:

The rise in the geriatric population and continuous changes in the point-of-care model contribute to the growing demand for connected healthcare devices, enabling real-time tracking and sharing of patient-related data. Wearable technology, including trackers, glucose meters, and blood pressure monitors, allows individuals to monitor activities such as heart rate, calories burned, and distance walked. These devices significantly reduce the costs of routine tests, as individuals can use them to self-examine medical indicators.

MARKET RESTRAINTS:

The market's expansion for wellness and prevention connected health devices is limited by growing threats from cyberattacks:

The absence of security standards and the risk of data loss pose significant challenges expected to impede the market's growth. While connected healthcare is revolutionary, it introduces various issues related to the security of sensitive health data. Cyberattack threats, data protection risks, a shortage of qualified personnel to manage large volumes of data, and a lack of understanding of health apps could hamper the growth of the connected healthcare market.

Technological obstacles and high capital investment present challenges to the market's expansion:

Despite the immense potential of connected healthcare products and services, technological and infrastructure limitations impede market growth. The high costs associated with implementing the necessary tools, systems, and equipment for real-time healthcare data assessment pose a significant constraint. Additionally, many developing nations lag in the adoption of these technologies due to issues related to high-speed internet availability with sufficient bandwidth, storage integration, and data transmission, further limiting market growth.

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Market Segmentation are:

Segmented By Product (Personal Medical Devices, Wellness Products); Function (Clinical Monitoring, Telehealth); Application (Diagnosis & Treatment, Monitoring, Wellness and prevention, Others); End User (Hospitals & Clinics, Home Monitoring)

Wellness & Prevention Connected Health Devices insights, overview and deep study of factors are considered to have greater influence over future course of the industry such as market size, market share, different dynamics of the industry, Wellness & Prevention Connected Health Devices market companies, regional analysis of the domestic markets, value chain analysis, consumption, demand, key application areas and more.

NOTE: Our report highlights the major issues and hazards that companies might come across due to the unprecedented outbreak of COVID-19.

How will this report benefit potential stakeholders?

-Comprehensive assessment of all opportunities and risks in the Wellness & Prevention Connected Health Devices market.
-The detailed study of business strategies for the growth of the Wellness & Prevention Connected Health Devices market-leading players.
-Conclusive study about the growth plot of the Wellness & Prevention Connected Health Devices market for forthcoming years.
-In-depth understanding of Wellness & Prevention Connected Health Devices market-particular drivers, constraints, and major micro markets.
-Favorable impression inside vital technological and market latest trends striking the Wellness & Prevention Connected Health Devices market.

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What Wellness & Prevention Connected Health Devices Market report offers:

Wellness & Prevention Connected Health Devices Market share assessments for the regional and country-level segments
Market share analysis of the top industry players
Wellness & Prevention Connected Health Devices Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
Strategic recommendations in key business segments based on the market estimations
Competitive landscape covering following points: Company Overview, Product Portfolio, Financial Performance, Recent Highlights, Strategies

COVID-19 has had a major impact on the world economy in addition to that on the public health. This particular pandemic had caused severe economic destruction and not a single country has been left unaffected. The virus has forced businesses around the globe to change the way they operate. This report gives an analysis of the COVID-19 aftermath on Wellness & Prevention Connected Health Devices market.

Competitive Rivalry:

The report highlights vital details based on the leading players in the global Industrial Wellness & Prevention Connected Health Devices market. It features their details such as product/business portfolio, market share, financial status, regional share, segment revenue, SWOT analysis, manufacturing base, capacities, production volume, major vendors, raw material sourcing strategies, organizational structure. Their latest corporate deals, joint ventures, mergers and acquisitions, product launches, and other brand promotions are other facts about the market players included in the report.

We also offer customization on reports based on specific client requirement:

1- country-level analysis for any 5 countries of your choice.

2- Competitive analysis of any market players.

3- 40 analyst hours to cover any other data points

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Finally, Wellness & Prevention Connected Health Devices Market is a valuable source of guidance for individuals and companies in decision framework.

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Cognate Lifesciences is a specialized hub for all market research reports related to Lifesciences Market. Some of the sub domains covered by our team are Pharmaceuticals, Medical Devices and Supplies, Healthcare, Diagnostics, Biotech, Therapeutics, Healthcare IT etc. We offer syndicated/customized market research studies along with advisory and consulting services.

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