Market Research Future highlights that Monitoring of COVID-19 Disease to Fuel Global Smart Wellness Market. Market Expected to Grow Exponentially, Securing a Significant Market Valuation USD 520.29 billion by 2023
Smart wellness comprises a range of digital solutions aimed at well-being of the people. The evolution of technology and hectic lifestyles of customers have beckoned the need for smart wellness solutions aimed at promoting good mental health. The global smart wellness market report by Market Research Future (MRFR) provides a thorough analysis of the industry coupled with hurdles and challenges for the period of 2017 to 2023 (forecast period). The COVID-19 pandemic and its impact on the industry are noted in the report.
The global smart wellness market is expected to reach USD 520.29 billion by 2023 and grow at a CAGR of approximately 24.46% during the forecast period. The major drivers of the market are adoption of smartphones that contain wellness applications, rising urbanization, commitment to healthy living, and rise in disposable income levels. The emergence of internet of things (IoT), demand for wearables, and use of smart devices for monitoring overall health are likely to influence the market. Subscriptions to free and paid applications for maintenance of the body through fitness regimens and practices can drive the market growth.
Development of wearables due to investments by venture capital firms owing to popularity of healthcare IT is likely to drive market growth. Recently, Muse Wearables, an Indian startup has launched a personal wellness band, Muse Cue, which can detect COVID-19 symptoms in patients at an early stage. The health monitoring of an individual can track the progression of the disease and help doctors as well.
Draeger Medical Systems, Inc., Apple, Inc., GE Healthcare, Inc., Fitbit, Inc., Medtronic PLC, Samsung Electronics, Omron Healthcare, Inc., St. Jude Medical, Inc., McKesson Corporation, and Philips Healthcare Company are key players of the global smart wellness market.
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The global smart wellness market is segmented by component, type, connectivity, and end user.
The global smart wellness market is studied in Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW). North America is estimated to account for the largest share of the market, whereas APAC is projected to grow at the fastest rate during the forecast period. The growth of the market in North America is attributed to technological advancements and increased adoption of smart wellness devices across various end users in the region.
The U.S. and Canada markets are dominating the North American region due to rising technological enhancements and growing adoption of smart wellness applications in the region. Moreover, the well-established infrastructure, faster implementation of advanced technologies, and willingness of customers can drive the regional smart wellness market growth.
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