Global Smart Wellness Market, By Component (Hardware, Software, Services), By Type (HIE, Healthcare Analytics, Healthcare IT) By Connectivity (Bluetooth, WI-Fi, Others) opportunities and forecast 2020-2027
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
- 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
- Health Information Exchange
- Healthcare Analytics
- Healthcare IT
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Saudi Arabia
- Rest of LAMEA