Connected Health and Wellness Solutions Market Trends That Will Shape the Next Decade: Insights from Surging Adoption Of Digital Health Technologies Enhance Connected Health And Wellness Solutions Market

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How Large Will the Connected Health and Wellness Solutions Market Size By 2025?
Over the past few years, the size of the connected health and wellness solutions market has seen substantial growth. It is projected to expand from $68.1 billion in 2024 to $82.61 billion in 2025, maintaining a compound annual growth rate (CAGR) of 21.3%. The significant growth during the historical period is linked to factors like an aging demographic and chronic diseases, the adoption of digital health technologies, healTH*Care cost and efficiency concerns, increased use of remote patient monitoring, and demand spurred by the pandemic.

How Big Is the Connected Health and Wellness Solutions Market Size Expected to Grow by 2029?
In the coming years, we can expect a significant expansion in the market size of connected health and wellness solutions, projected to reach a whopping $195.75 billion by 2029 with a compound annual growth rate (CAGR) of 24.1%. A variety of factors are set to contribute to this growth during the forecast period, such as the pervasiveness of personalized medicine, a focus on health data interoperability, the implementation of value-based care models, increased awareness about mental health and well-being, efforts to improve healTH*Care access and equity, as well as an emphasis on cybersecurity and data protection. Another crucial driving force is the escalating need for population health management. The forecasted period is also likely to witness key trends such as the wider use of IoT devices and sensors, the incorporation of artificial intelligence in healTH*Care, increased adoption of wearable health technology, and ongoing technological advancements and product innovation.

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Which Key Market Drivers Powering Connected Health and Wellness Solutions Market Expansion and Growth?
The rising popularity of mhealth devices is propelling the expansion of the connected health and wellness solutions market. This growth is facilitated through mobile monitoring and telemedicine applications integrated on mhealth devices, providing healTH*Care providers with health data and support. Devices like fitness trackers, smartphones, smartwatches, among others, fall under mhealth equipment. International Data Group, a technology-based research institution based in the US, projects a surge in global wearable devices shipments, anticipating a total of 504.1 million units by 2023. This forecast signifies a 2.4% annual growth attributed mainly to the sustained interest in highly sought-after products such as earwear and smartwatches, while other product growth remains stable. Hence, increased expenditures on wearable devices spur the mhealth devices demand, thereby fuelling the connected health and wellness solutions market.

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Which Fast-Growing Trends Are Poised to Disrupt the Connected Health and Wellness Solutions Market?
The uptick in the use of digital health technologies is a significant trend making waves in the sector of connected health and wellness solutions. These digital health technologies employ software, computer platforms, sensing devices, among others, to provide precise health information to patients. The need for these technologies has seen a marked increase in recent years. As per the 2022 Digital Health Consumer Adoption Survey conducted by Rock Health, 80% of respondents indicated that they have utilized telemedicine services at least once in their lifetime, marking a rise from the 72% recorded in 2021.

What Are the Emerging Segments in the Connected Health and Wellness Solutions Market?
The connected health and wellness solutions market covered in this report is segmented -

1) By Product: Personal Medical Devices, Wellness Products, Software & Services
2) By Function: Clinical Monitoring, Telehealth
3) By Application: Diagnosis & Treatment, Wellness and prevention, Monitoring, Other Applications

Subsegments:
1) By Personal Medical Devices: Wearable Health Monitors, Remote Patient Monitoring Devices, Connected Inhalers and Medication Adherence Devices
2) By Wellness Products: Smart Scales and Body Composition Monitors, Sleep Trackers and Sleep Aids, Smart Thermometers
3) By Software & Services: Mobile Health Applications (mHealth apps), Telehealth Platforms and Services, Data Analytics and Health Management Solutions

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Who Are the Global Leaders in the Connected Health and Wellness Solutions Market?
Major companies operating in the connected health and wellness solutions market include Omron HealTH*Care Inc., Koninklijke Philips N.V., GE HealTH*Care Technologies Inc., Drägerwerk AG & Co. KGaA, Fitbit LLC, Abbott Laboratories, Apple Inc., Garmin Ltd., Boston Scientific Corporation, Medtronic PLC, Masimo Corporation, ResMed Inc., NXGN Management LLC, Allscripts HealTH*Care LLC, Cerner Corporation, IBM Corporation, AgaMatrix Inc., Microlife AG, Aerotel Medical Systems Ltd., Mckesson Corporation, BioTelemetry Inc., Honeywell International Inc., Qualcomm Life Inc., iHealth Labs Inc.

Which are the Top Profitable Regional Markets for the Connected Health and Wellness Solutions Industry?
North America was the largest region in the connected health and wellness solutions market in 2024. The Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the connected health and wellness solutions market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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