The global smart wellness market is likely to witness significant revenue growth. Rising hospital & healthcare costs and limited access to medical facilities would drive the smart wellness market growth. Market Research Future (MRFR) confirms that the global smart wellness market is poised to escalate from USD 72.1 Billion in 2022 to USD 516.658 Billion by 2032, expanding at a 24.46% CAGR throughout the assessment period (2023-2032).
Besides, advances in smart medical equipment in terms of efficiency, versatility, and design are key market drivers. The availability of cost-competitive options and self-help techniques to maintain a healthy lifestyle substantiate the smart wellness market revenues. With substantial R&D investments, the market is evolving rapidly, finding its way to prominence, especially in the volume segment.
Moreover, the augmenting demand and growing popularity of smart wearables escalate the smart wellness market value. There are significant innovations in wearable technologies, offering excellent features. Also, the availability of high-speed connectivity is a key driving force contributing to the smart wellness market shares. Furthermore, the shift in consumer preferences toward high-tech electronics and watches fosters market demands.
Leading smart wellness market players are
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Smart Wellness Market – Segments
The market is segmented into product types, connectivity, applications, and regions. The product type segment is sub-segmented into personal medical devices (diabetes monitors, BP monitors, insulin pumps, portable GPS PERS, smart pill dispensers, personal pulse oximeters, personal ECG, others) and wellness products (body analyzers, sleep quality monitors, GPS sports watches, others).
The application segment is sub-segmented into hospitals, individual users, and others. (Healthcare IT, analytics, information sharing & exchange, etc.). The connectivity segment is sub-segmented into Bluetooth, Wi-Fi, and others. By region, the smart wellness market is segmented into Asia-Pacific, Europe, North America, and rest-of-the-world.
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Global Smart Wellness Market – Regional Analysis
North America dominates the global smart wellness market, witnessing augmented demand and availability of quality smart devices. Moreover, the growing need for health monitoring and smart wellness devices boosts the region’s market shares. Also, the growing popularity of fitness and health tracking apps and increasing demand for connected health & wellness devices fuel the smart wellness market revenues.
Global Smart Wellness Market – Competitive Analysis
Highly competitive, the smart wellness market appears fragmented as many giant players form a competitive landscape with their international and regional presence. All players are fiercely competing to gain a substantial market share.
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Industry/ Innovation/ Related News
June 26, 2023 — SOS, a leading smart wellness technology provider, announced securing US$7.6 MN in a funding round from two separate strategic partnerships, wherein Wasserman Ventures would invest US$2.6 MN, while Urban US Capital would contribute US$5 MN to support machine production and expansion. The company plans to use the investment to expand the reach of its smart wellness vending machines into sports arenas, entertainment venues, and college campuses.
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