The global smart wellness market is projected to reach USD 520 billion at a CAGR of over 24.46% by the end of the forecast period 2017-2023.
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The global smart wellness market is projected to witness a rapid growth during the forecast period owing to increasing demand for smart wellness devices and applications. Major factor driving the smart wellness market is the increasing adoption of smartphones which allow easy access to fitness and wellness apps through app stores. Growing awareness about health monitoring and increasing demand for portable healthcare devices is another major factor driving the growth of smart wellness market.
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Smart Wellness Market Segmentation
The global smart wellness market is segmented on the basis of the component, type, connectivity, and end user. The connectivity segment is classified into Bluetooth, wi-fi and others. However, the Bluetooth sub-segment is expected to hold the largest market share of the global smart wellness market during the forecast period. This is owing to the increasing popularity of Bluetooth applications in order to connect two devices in the same room. Also, growing popularity of internet of things plays a major role in the growth of smart wellness market.
Some of the prominent players in the global smart wellness market: Apple, Inc. (U.S.), Samsung Electronics (South Korea), Omron Healthcare, Inc. (Japan), McKesson Corporation (U.S.), Philips Healthcare Company ( the Netherlands), GE Healthcare, Inc. (U.S.), Draeger Medical Systems, Inc. (Germany), Fitbit, Inc. (U.S.), St. Jude Medical, Inc. (U.S.), and Medtronic PLC (U.S.) among others.
North America is estimated to account for the largest share of the market, whereas Asia Pacific is projected to grow at the fastest rate during the forecast period. The market in North America is witnessing rapid growth due to technological advancements and rise in demand for smart wellness applications across different industry verticals in the region. The U.S. holds a major share both in terms of revenue and demand and this demand is increasing due to smart and innovative solutions in the region .