Connected Health and Wellness Devices Market Sees an Upsurge Thanks to the Tech Developments, says Market.us

Market expansion will spur demand for wearable medical devices and remote monitoring systems, due to consumers’ desire to lead a healthier lifestyle. Furthermore, this growth will be fuelled by an increasing prevalence of lifestyle-associated diseases that necessitate constant monitoring.

According to Market.us, “The Connected Health and Wellness Devices Market is projected to reach a valuation of USD 218.17 Billion by 2032 at a CAGR of 20.5%, from USD 33.8 Billion in 2021.” 

Asia Pacific will experience the fastest growth rate due to the increasing use of smartwatches and rising demand for mHealth services, according to Health Catalyst. Market growth is being spurred on by factors like telemedicine and virtual care transitioning away from low-income nations where there is still low awareness about connected healthcare usage. 

Therefore, countries such as Latin America, the Middle East, and Africa are expected to experience slower expansion rates due to lower awareness levels regarding connected healthcare in these regions.

Anurag Sharma, a senior research analyst at Market.us, said,” The healthcare market is primed for new technology in system management. With an ever-increasing number of patients and various diseases, security must be provided to protect their records. This technology offers high levels of security and presents a great opportunity within the Connected Healthcare Market.”

Further, the market for connected health technology is being driven by increased consumer interest and technological advances such as adapters and remote sensors. 

A COVID-19 rapid response solution was also adopted by the corporation, enabling clinicians and HR managers to register thousands of patients using self-reported data and be alerted about symptoms related to COVID-19. By adopting these services more rapidly, businesses will benefit from increased patient information. Further growth opportunities will arise due to increased awareness within government and non-profit organizations like Healthcare Information and Management Systems Society.

The growing need for advanced healthcare solutions and the availability of funds are likely to spur R&D investments in the connected health-&-wellbeing device market. Healthcare Research and Quality (AHRQ), a government agency that funds U.S. healthcare information systems expansion, is one such example that could act as an impetus for growth within this industry.

All industries face data security challenges, even healthcare. Blockchain technology is being utilized by the healthcare sector to safeguard patient records and make them simpler to access store, and manage. 

According to the Blockchain Council, this platform protects patient identities while keeping track of origin. MyClinic.com – the telemedicine platform operated by MyClinic Medical Chain – launched in May 2018. Patients can have consultations via video from their doctor while paying with MedTokens.

Many companies employ blockchain technology to protect patient data. BurstIQ, for example, is a software and big data company that offers a platform that enables healthcare organizations to safely manage large amounts of patient information safely. 

Blockchain allows data to be shared, licensed, or licensed in an organization while still abiding by HIPAA regulations. You have the right to control your disclosures of health information.

Personalized healthcare is made possible by combining genomics and clinical medicine, offering solutions to chronic conditions and lifestyle issues. Roche was the first company to introduce remote monitoring of diabetes patients – enabling healthcare professionals to monitor patients from anywhere.

Global companies have seen the advantages of personalized healthcare solutions for their employees and profits, prompting McKinsey to report a surge in activity within this space, including higher venture funding. 

Teladoc Health recently announced it had acquired Livongo for USD 18.5 million, allowing it to increase remote monitoring and virtual care delivery while creating a solid foundation for connected healthcare that will continue its rapid expansion.

As technology revolutionizes patient care, smartphones, and other wearable devices have become more prevalent. Devices such as glucose meters, blood pressure monitors, and trackers can keep track of activities like calories burned, heartbeat, and distance covered – helping reduce costs associated with regular checkups while giving patients insight into their medical conditions. 

In May 2020 the U.S. Food and Drug Administration approved Philips Biosensor BX100 (a wearable biosensor) which will enable hospitals to treat COVID-19-confirmed or suspected patients using this technology.

Connected Health and Wellness Devices Market Key Players:

• Omron Healthcare, Inc.
• Koninklijke Philips N.V.
• Ge Healthcare
• Drägerwerk AG & Co. Kgaa
• Fitbit LLC
• Medtronic
• Abbott
• Boston Scientific Corporation
• Garmin International, Inc.
• Apple, Inc.
• Masimo Corporation