Covid-19 Impact on Smart Wellness Market:
Like many other industries, COVID-19 badly knocked the electronic and semiconductor industries. This unprecedented event has impacted nearly 230 countries in just a few weeks, resulting in the forced shutdown of manufacturing and transportation activities within and across the countries. This has directly affected the overall sector's growth. It is estimated that COVID-19 to leave more than USD 30 billion impacts on the electronics and semiconductor industry. The sector is majorly affected due to transport restrictions on major electronics and semiconductor raw material providers. However, the emerging need for semiconductors in several industries will offer rapid market recovery over the future period.
Market Overview
The smart wellness market is presumed to expand in the conjunction with surge in incidences of various diseases coupled with expanding healthcare services across the world. The growing need for health nursing, owing to surging adoption of urbanized lifestyle can also accelerate the market growth.
Furthermore, growing advancements in the smart technology have directed to the rise of applications across variety of domains. Within healthcare sector, the escalating popularity of the smart technology offers host of growth prospects to new entrants. Recently, an Austin couple established ‘Wellbody App’ that deals with the holistic daily practices. Industry participants are presently focusing on the product inventions to capitalize on flourishing the market. For instance, company named, Samsung Electronics updated its Samsung Health app that can now provide more interactive and personalized experience to its users.
Segment Overview
Based on component the smart wellness market was segmented as hardware, software and services. Among these, the hardware has the most potential to gain top position in smart wellness market and is expected to achieve a considerable growth rate in the coming years.
Based on the types of smart wellness technology is segmented as health Information Exchange (HIE), healthcare IT, healthcare analytics. The healthcare IT is leading the market at a considerable growth rate.
Regional Overview
North America accounted for the top position in the global market during the forecast period. The market growth is largely supported by frequent technological innovations and high availability of variety of advanced solutions. High demand for the smart wellness devices amongst numerous end-users in the U.S. and Canada also supports the market growth.
The Asia Pacific market for smart wellness is expected to witness growth at fastest rate in upcoming years, the growth is attributed to the mounting awareness among people and surging internet connectivity with regard to health. The region is known for its attraction with fitness gadgets, and also to the continuous advancements in the technology that mainly take place in developing countries such as India, and China and developed country such as Japan.
Competitor overview
Huge existence of the portable and connected healthcare devices and products in market combined with rapidly increasing demand for various smartphone applications has further raised revenue generation of market participants. The market is expected to observe similar growth pattern during the forecast period of 2020 to 2026.
The leading market players of smart wellness market include Omron Healthcare, Inc., Inc., McKesson Corporation, St. Jude Medical, GE Healthcare, Inc., Draeger Medical Systems, Inc., Samsung Electronics, Fitbit, Inc., Medtronic PLC, Apple, Inc., Philips Healthcare Company, among others.
Key Players
Market Segmentation
By Component
Like many other industries, COVID-19 badly knocked the electronic and semiconductor industries. This unprecedented event has impacted nearly 230 countries in just a few weeks, resulting in the forced shutdown of manufacturing and transportation activities within and across the countries. This has directly affected the overall sector's growth. It is estimated that COVID-19 to leave more than USD 30 billion impacts on the electronics and semiconductor industry. The sector is majorly affected due to transport restrictions on major electronics and semiconductor raw material providers. However, the emerging need for semiconductors in several industries will offer rapid market recovery over the future period.
Market Overview
The smart wellness market is presumed to expand in the conjunction with surge in incidences of various diseases coupled with expanding healthcare services across the world. The growing need for health nursing, owing to surging adoption of urbanized lifestyle can also accelerate the market growth.
Furthermore, growing advancements in the smart technology have directed to the rise of applications across variety of domains. Within healthcare sector, the escalating popularity of the smart technology offers host of growth prospects to new entrants. Recently, an Austin couple established ‘Wellbody App’ that deals with the holistic daily practices. Industry participants are presently focusing on the product inventions to capitalize on flourishing the market. For instance, company named, Samsung Electronics updated its Samsung Health app that can now provide more interactive and personalized experience to its users.
Segment Overview
Based on component the smart wellness market was segmented as hardware, software and services. Among these, the hardware has the most potential to gain top position in smart wellness market and is expected to achieve a considerable growth rate in the coming years.
Based on the types of smart wellness technology is segmented as health Information Exchange (HIE), healthcare IT, healthcare analytics. The healthcare IT is leading the market at a considerable growth rate.
Regional Overview
North America accounted for the top position in the global market during the forecast period. The market growth is largely supported by frequent technological innovations and high availability of variety of advanced solutions. High demand for the smart wellness devices amongst numerous end-users in the U.S. and Canada also supports the market growth.
The Asia Pacific market for smart wellness is expected to witness growth at fastest rate in upcoming years, the growth is attributed to the mounting awareness among people and surging internet connectivity with regard to health. The region is known for its attraction with fitness gadgets, and also to the continuous advancements in the technology that mainly take place in developing countries such as India, and China and developed country such as Japan.
Competitor overview
Huge existence of the portable and connected healthcare devices and products in market combined with rapidly increasing demand for various smartphone applications has further raised revenue generation of market participants. The market is expected to observe similar growth pattern during the forecast period of 2020 to 2026.
The leading market players of smart wellness market include Omron Healthcare, Inc., Inc., McKesson Corporation, St. Jude Medical, GE Healthcare, Inc., Draeger Medical Systems, Inc., Samsung Electronics, Fitbit, Inc., Medtronic PLC, Apple, Inc., Philips Healthcare Company, among others.
Key Players
- Omron Healthcare, Inc.
- St. Jude Medical, Inc.
- McKesson Corporation
- GE Healthcare, Inc.
- Samsung Electronics
- Draeger Medical Systems, Inc.
- Fitbit, Inc., Apple, Inc.
- Medtronic PLC
- Philips Healthcare Company
Market Segmentation
By Component
- Hardware
- Software
- Services
- Health Information Exchange
- Healthcare Analytics
- Healthcare IT
- Bluetooth
- WIFI
- Others
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- UAE
- Rest of LAMEA
1 Executive Summary 15
2 Scope of the Report 17
- 2.1 Market Definition 18
- 2.2 Scope of the Study 18
- 2.2.1 Research Objectives 18
- 2.2.2 Assumptions 18
- 2.2.3 Limitations 18
- 2.3 Market Structure 19
3 Research Methodology 21
- 3.1 Research Process 22
- 3.2 Primary Research 22
- 3.3 Secondary Research 22
- 3.4 Market Size Estimation 23
- 3.5 Forecast Model 23
4 Market Dynamics 24
- 4.1 Introduction 25
- 4.2 Drivers 26
- 4.2.1 Shifting Consumer Preferences Towards A Healthier Lifestyle 26
- 4.2.2 Growing Demand For Portable and Connected Healthcare Devices 27
- 4.2.3 Increased Demand For Remote Monitoring Of Health Conditions 28
- 4.3 Restraints 29
- 4.3.1 High Costs 29
- 4.3.2 Technological Complexities 29
- 4.4 Opportunity 29
- 4.4.1 Rising Emphasis On The Development Of Advanced Healthcare Solutions 29
- 4.5 Challenges 30
- 4.5.1 High Technical Complexity 30
5 Market Factor Analysis 31
- 5.1 Supply Chain Analysis 32
- 5.2 Porter’s Five Force Analysis 33
- 5.2.1 Threat of New Entrants 33
- 5.2.2 Threat of Rivalry 33
- 5.2.3 Threat of Substitute 33
- 5.2.4 Bargaining Power of Supplier 33
- 5.2.5 Bargaining Power of Buyer 33
6 Global Smart Wellness Market, By Component 35
- 6.1 Introduction 36
- 6.1.1 Hardware 37
- 6.1.1.1 Personal Medical Devices 38
- 6.1.1.1.1 Diabetes Monitor 39
- 6.1.1.1.2 Insulin Pump 39
- 6.1.1.1.3 BP Monitor 39
- 6.1.1.1.4 Portable GPS PERS 39
- 6.1.1.1.5 Personal Pulse Oximeters 39
- 6.1.1.1.6 Smart Pill Dispenser 40
- 6.1.1.1.7 Personal ECG 40
- 6.1.1.2 Wellness Products 40
- 6.1.1.2.1 Body Analyzer 41
- 6.1.1.2.2 GPS Sports Watch 41
- 6.1.1.2.3 Sleep Quality Monitor 41
- 6.1.1.1 Personal Medical Devices 38
- 6.1.2 Software 41
- 6.1.2.1 Smart Wellness Applications 42
- 6.1.2.2 Online Subscriptions 42
- 6.1.3 Service 43
- 6.1.3.1 Professional Service 43
- 6.1.3.2 Managed Service 43
- 6.1.1 Hardware 37
7 Global Smart Wellness Market, By Type 44
- 7.1 Introduction 45
- 7.1.1 Healthcare IT 45
- 7.1.2 Healthcare Information Exchange 46
- 7.1.3 Healthcare Analytics 46
8 Global Smart Wellness Market, By Connectivity 47
- 8.1 Introduction 48
- 8.1.1 Bluetooth 48
- 8.1.2 Wi-Fi 48
9 Global Smart Wellness Market, By End-User 49
- 9.1 Introduction 50
- 9.1.1 Hospitals 50
- 9.1.2 Individual Users 50
10 Global Smart Wellness Market, By Region 51
- 10.1 Introduction 52
- 10.2 North America 53
- 10.2.1 PESTL Analysis 54
- 10.2.2 U.S. 61
- 10.2.3 Canada 64
- 10.2.4 Mexico 67
- 10.3 Europe 70
- 10.3.1 PESTL Analysis 71
- 10.3.2 The U.K 79
- 10.3.3 Germany 81
- 10.3.4 France 84
- 10.3.5 Rest of Europe 86
- 10.4 Asia Pacific 89
- 10.4.1 PESTL Analysis 90
- 10.4.2 China 98
- 10.4.3 Japan 100
- 10.4.4 India 103
- 10.4.5 Rest of Asia Pacific 105
- 10.5 Rest of the World 108
- 10.5.1 PESTL Analysis 109
- 10.5.2 The Middle East & Africa 116
- 10.5.3 Latin America 118
11 Competitive Landscape 121
- 11.1 Market Evolution 122
- 11.2 Global Market Share Analysis 122
12 Company Profiles 123
- 12.1 Apple Inc. 124
- 12.1.1 Company Overview 124
- 12.1.2 Financials 124
- 12.1.3 Products 124
- 12.1.4 Strategy 124
- 12.1.5 Key Developments 124
- 12.2 Samsung Electronics. 125
- 12.2.1 Company Overview 125
- 12.2.2 Financials 125
- 12.2.3 Products 125
- 12.2.4 Strategy 125
- 12.2.5 Key Developments 125
- 12.3 Omron Healthcare, Inc. 126
- 12.3.1 Company Overview 126
- 12.3.2 Financials 126
- 12.3.3 Products 126
- 12.3.4 Strategy 126
- 12.3.5 Key Developments 126
- 12.4 McKesson Corporation 127
- 12.4.1 Company Overview 127
- 12.4.2 Financials 127
- 12.4.3 Products 127
- 12.4.4 Strategy 127
- 12.4.5 Key Developments 127
- 12.5 Philips 128
- 12.5.1 Company Overview 128
- 12.5.2 Financials 128
- 12.5.3 Products 128
- 12.5.4 Strategy 128
- 12.5.5 Key Developments 128
- 12.6 GE 129
- 12.6.1 Company Overview 129
- 12.6.2 Financials 129
- 12.6.3 Products 129
- 12.6.4 Strategy 129
- 12.6.5 Key Developments 129
- 12.7 Dräger Inc. 130
- 12.7.1 Company Overview 130
- 12.7.2 Financials 130
- 12.7.3 Products 130
- 12.7.4 Strategy 130
- 12.7.5 Key Developments 130
- 12.8 Fitbit, Inc. 131
- 12.8.1 Company Overview 131
- 12.8.2 Financials 131
- 12.8.3 Products 131
- 12.8.4 Strategy 131
- 12.8.5 Key Developments 131
- 12.9 Abbott. 132
- 12.9.1 Company Overview 132
- 12.9.2 Financials 132
- 12.9.3 Products 132
- 12.9.4 Strategy 132
- 12.9.5 Key Developments 132
- 12.10 Medtronic PLC. 133
- 12.10.1 Company Overview 133
- 12.10.2 Financials 133
- 12.10.3 Products 133
- 12.10.4 Strategy 133