The Global Health and Wellness Devices Market size is projected to grow from $1.6 billion in 2018 to $2.5 billion by 2028, at a CAGR of 4.9%. The healthcare IT segment will continue to dominate the market with over 40% share, followed by healthcare analytics and personalized health monitoring devices segments which are expected to grow at an accelerated pace during the forecast period owing to a growing focus on preventive care and population management programs globally among governments and private sector organizations.
North America will be the biggest contributor towards growth due to its aging population coupled with the high prevalence of chronic conditions such as diabetes, heart disease, cancer, etc., whereas the Asia Pacific region is expected to witness the fastest growth due to increasing awareness about preventive care practices among people in urban areas.
Health and Wellness Devices are the equipment used in healthcare settings for improving health status. Health and wellness devices include, but not limited to: fitness trackers, blood glucose monitors, therapeutic shoes, or orthotics. These products automate a process such as measuring body fat percentage, tracking steps taken on foot, or monitoring heart rate every day.
On the basis of Type, the market is segmented into Healthcare IT, Health Information Exchange, and Healthcare Analytics. Healthcare IT was dominant with a market share of 65% during 2017. It is estimated that this segment will continue as the leading industry type throughout the forecast period owing to factors such as increased demand for more advanced clinical software solutions and apps for patient monitoring which require expensive hardware investment on part of hospitals.
Healthcare IT (HIT) is a term that encompasses the use of technology in healthcare, to improve quality and reduce costs. For example, Electronic Health Records or EHRs are used by hospitals to collect data about patient's symptoms, diagnoses, treatments, and outcomes across different departments. This information can then be shared with other relevant stakeholders as well as uploaded into an electronic patient record system for easier access by clinicians at all levels.
Health Information Exchange (HIE) is a concept that facilitates the exchange of electronic health information among healthcare providers, patients, and their caregivers across disparate organizations. The goal is to bring together all stakeholders with relevant data for medical treatment in order to improve the quality of care. HIEs are designed based on three components – interoperability, access, and security.
Healthcare providers can share electronic health records and lab results; patients have access to their medical history, test results, or appointment dates. Security of the data is ensured by encrypting it so that only subscribers with appropriate clearance can see them.
HIEs help in reducing errors due to duplication of tests as well as wait times – not just for people who live far from hospitals but those who do need urgent care too. It also allows physicians to refer patients to specialists more efficiently - which saves time and money on healthcare costs. HIEs are especially beneficial where populations face language barriers, geography hindrances, or cultural differences like different approaches towards treating chronic conditions such as diabetes mellitus type II.
Healthcare Analytics is defined as the use of data from electronic medical records (EMR) to analyze patterns and trends in healthcare. EMRs could include information about a patient's demographics, treatments provided by physicians or other health care professionals, medications prescribed, lab test results, and more. Healthcare Analytics is increasingly adopted among hospitals as it can help them understand which interventions are most effective for their patients with various conditions.
On the basis of Application, the market is segmented into Hospitals, Personalized Health Monitoring Devices, and Others. The hospitals' segment accounted for about 50% of the total healthcare IT in 2017 owing to an increase in the adoption of electronic medical records (EMR) software among hospital systems globally. There has been a major push by governments across continents to adopt EMRs as it can help them save time and money spent on claims processing due to its ability to automate billing procedures.
Personalized health monitoring devices include any device that helps monitor your personal data such as weight, blood pressure, etc., at home or with access through mobile applications. Different types of personalized health monitoring devices are being launched every year which include wearables like smartwatches and fitness trackers as well as more innovative technologies such as digital health devices.
On the basis of Region, the market is segmented into North America, Europe, Asia Pacific, and the Middle East & Africa.
In 2017, North America commanded the largest market share in terms of revenue and is expected to retain its dominance through 2028. The rapid adoption and use of health information exchange systems, such as structured data interchange formats (SDIF) have led to an increase in demand for these technologies. Furthermore, advances are being made with regards to predictive analysis technology which has improved efficiency and accuracy when analyzing large volumes of patient data across multiple institutions within a geographic area.
Europe commanded the second largest market share due mainly to their strong pharmaceutical industry base coupled with the top-ranked position amongst major players that manufacture healthcare products in this region. In addition, there was keen interest from manufacturers into entering European markets in the future
Latin American markets are expected to be on an upward trend from 2021-2028, due mainly to its strong economic growth coupled with a high population base and rising awareness of health conditions.
Up Market Research published a new report titled “Health and Wellness Devices Market research report which is segmented by Types (Healthcare IT, Health Information Exchange, Healthcare Analytics), By Applications (Hospitals, Personalized Health Monitoring Devices, Others), By Players/Companies Omron Healthcare, McKesson, Philips Healthcare, GE Healthcare, Draeger Medical Systems, Fitbit, Abbott, Medtronic, Aerotel Medical Systems, Boston Scientific, Body Media, Garmin, Microlife, Masimo, AgaMatrix”.
|Report Attributes||Report Details|
|Report Title||Health and Wellness Devices Market Research Report|
|By Type||Healthcare IT, Health Information Exchange, Healthcare Analytics|
|By Application||Hospitals, Personalized Health Monitoring Devices, Others|
|By Companies||Omron Healthcare, McKesson, Philips Healthcare, GE Healthcare, Draeger Medical Systems, Fitbit, Abbott, Medtronic, Aerotel Medical Systems, Boston Scientific, Body Media, Garmin, Microlife, Masimo, AgaMatrix|
|Regions Covered||North America, Europe, APAC, Latin America, MEA|
|Historical Year||2018 to 2019 (Data from 2010 can be provided as per availability)|
|Number of Pages||235|
|Number of Tables & Figures||165|
|Customization Available||Yes, the report can be customized as per your need.|
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type Healthcare IT, Health Information Exchange, Healthcare Analytics and By Application Hospitals, Personalized Health Monitoring Devices, Others.
Some of the companies that are profiled in this report are:
Health and Wellness Devices Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Health and Wellness Devices Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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