Connected Health and Wellness Solutions Market Growth Accelerates: Strategic Forecast Predicts $193.03 Billion by 2029

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What Will the Connected Health and Wellness Solutions Industry Market Size Be by 2025?
The market size for connected health and wellness solutions has witnessed exponential growth over the past few years. It is anticipated to rise from $68.1 billion in 2024 to $82.06 billion in 2025, with a compound annual growth rate (CAGR) of 20.5%. Factors contributing to this growth during the historic period include an ageing population and prevalence of chronic illnesses, adoption of digital health measures, issues related to healthcare costs and efficiency, remote patient monitoring, and demand instigated by the pandemic.

What's the Long-Term Growth Forecast for the Connected Health and Wellness Solutions Market Size Through 2029?
The market for connected health and wellness solutions is predicted to experience a significant surge in the coming years, expanding to $193.03 billion by 2029 with a compound annual growth rate (CAGR) of 23.8%. Factors driving this growth during the forecast period include the rise of personalized medicine, the fluidity of health data, the adoption of value-based healthcare models, an increased focus on mental health and well-being, accessibility and fairness in healthcare, heightened concern for cybersecurity and data safety, and a higher demand for population health management. The forecast period also anticipates trends such as the proliferation of IoT devices and sensors, the integration of artificial intelligence in healthcare settings, the spread of wearable health technology, progress in technological capabilities, and innovation in products.

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What Are the Key Growth Drivers Fueling the Connected Health and Wellness Solutions Market Expansion?
The growth of the connected health and wellness solutions market is being propelled by an upsurge in the usage of mhealth devices. These devices come equipped with applications such as telemedicine and mobile monitoring which allow medical practitioners to access and track health records. The range of mhealth devices includes smartphones, fitness trackers, smartwatches, among others. Forecasts from the International Data Group, an American research firm focusing on technology, predict that in 2023, global shipments of wearable devices will experience a resurgence, hitting a total of 504.1 million units, signifying a year-over-year growth of 2.4%. This growth is primarily due to the continued demand for widely popular products like smartwatches and earwear, while other products maintain their current demand levels. Consequently, the surge in expenditure on wearable devices is predicted to enhance mhealth devices' demand, which subsequently fuels the connected health and wellness solutions market.

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What Trends Will Shape the Connected Health and Wellness Solutions Market Through 2029 and Beyond?
The growth in acceptance of digital health technologies is an emerging trend that is gaining momentum in the connected health and wellness solutions market. These technologies employ software, computation platforms, sensors, among others, to provide precise health data to patients. Over the past few years, there has been a surge in the demand for digital health technologies. As per Rock Health's 2022 Digital Health Consumer Adoption Survey, there has been a rise in the use of telemedicine- from 72% in 2021 to 80% in 2022, indicating that around 80% of the respondents have availed telemedicine services at least once in their lifetime.

How Is the Connected Health and Wellness Solutions Market Segmented?
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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Which Companies Are Leading the Charge in Connected Health and Wellness Solutions Market Innovation?
Major companies operating in the connected health and wellness solutions market include Omron Healthcare Inc., Koninklijke Philips N.V., GE Healthcare 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 Healthcare 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 Regions Are Leading the Global Connected Health and Wellness Solutions Market in Revenue?
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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