Connected Health and Wellness Solutions Market Size, Share, Report 2024 to 2033

Connected Health and Wellness Solutions Market Size and Growth 2024 to 2033

The global connected health and wellness solutions market size was valued at USD 55.20 billion in 2023 and is expected to hit around USD 301.90 billion by 2033, growing at a CAGR of 18.52% from 2024 to 2033.

Connected health and wellness solutions links the domain of technology and healthcare services with the intention of improving patient care, encouraging wellness, and enhancing health outcomes through continuous and precise monitoring and evaluation of health data.

The market for connected health includes various offerings: telehealth, games for therapists, mobile health applications and devices, communication applications, and artificial intelligence analytics – all intended to support interaction between patients and physicians. Consumer health technologies enhance patients’ ability to manage their health and wellness by enabling the measurement of physiological parameters, accessing health information, and providing personalized medical guidance, thereby cutting expenses. This market advances the treatment of chronic conditions, disease prevention, and radically reorients the fundamentals of health care systems, enhancing the availability and efficiency of medical services.

• According to Insight SFI Research Centre for Data Analytics, Connected Health is to move health care from the hospital and clinic into the day-to-day lives of patients using mobile technology, computers, networked devices and remote monitoring tools. Connected health will maximize healthcare resources and provide increased, flexible opportunities for consumers to engage with clinicians and better self- manage their care.It uses readily available consumer technologies based around smartphone apps and Internet services, and are largely designed to address some of the administrative burden that epitomises the modern healthcare system.
• According to National library of medicine, Ongoing rapid advances in information and communication technologies foretell an emerging paradigm in the delivery of advanced healthcare services under the connected health paradigm. Connected Health is a dynamic and fluid area of digital health and largely encompasses a sociotechnical model for healthcare delivery and management targeted to the development efficient and effective interventions for the benefit of the citizen. New sensing and actuation devices (edge devices) and point of care devices including wearables are expected to reduce the frequency of hospital visits, travel expenses, and lost work time.

Report Highlights

• North America region emerged as the leading contributor, capturing an impressive 40.10% of the total revenue share in 2023.
• Europe region accounted for approximately 30.20% of the revenue share in 2023.
• By end user, the healthcare providers held a dominant share of approximately 56% of the revenue in 2023.
• By technology, the telehealth segment leading the market in 2023.
• By product, the software & services segment has generated revenue share of 47.90% in 2023.
• By application, the wellness and prevention segment has generated market share of 42.7% in 2023.

Connected Health and Wellness Solutions Market Growth Factors

The Connected healthcare market is seeing a rapid growth due to several significant factors associated with the digital transformation involved:

• Government Initiatives and Support: Governments around the world have realized that it is now urgent to connect health care if it is to be efficient and accessible. Policies for adopting telehealth and digital health technologies foster a proactive regulatory environment with financial incentives, grants in place, and advance the use of connected health solutions by healthcare providers.
• Technological Advancements: Rapid advancement in communication technologies, including IoT, AI, and wearable devices is making connected health solutions easier to use and more functionally oriented. Such technologies allow real-time monitoring of health metrics, improve data accuracy, and allow proactive health management while transforming traditional healthcare delivery models.
• Rising Demand for Remote Patient Monitoring: An increasingly prevalent chronic disease burden and an aging population are both projected to create even more demand for the deployment of remote patient monitoring solutions. Connected health technologies may facilitate regular monitoring of patients outside of the traditional clinical setting, leading to optimal management of chronic conditions in most patients thereby reducing hospital readmission.
• Consumer Demand for Personal Health Management: New growth in health-conscious consumers seeking such tools to monitor their health and wellness. Connected health solutions empower individuals with data and insights that help them to manage health more actively and achieve greater engagement and adherence to wellness regimens.
• Collaborations and Partnerships: It is with this in mind that increased collaboration between technology companies, healthcare providers, and insurers becomes the force behind innovation in connected health solutions. Therefore, strategic partnerships are thus helping to bring on board integrated platforms and hence improve the user experience as well as streamline the healthcare processes.
• Emphasis on Preventive Healthcare: The connected health solutions are advocated towards preventive healthcare with a focus on the importance of using them as early diagnosis and intervention tools. It can easily track individual data analytics and uses AI to analyse potential health risks and get users to make healthier lifestyle choices.

Connected Healthcare and Wellness Solutions Market Trends

• Growth in Telehealth Services: the COVID-19 pandemic has led to rapid acceleration in the use of telehealth services, and indeed this growth continues well into the future. Connected health solutions that allow for virtual consultations and remote diagnostics become part of the delivery of health care increasingly.
• Integration of Wearable Technology: Wearable devices, such as fitness trackers and smartwatches, are increasingly driving popularity for wearables through their growth, which also enhances the ecosystem of connected health. In return, wearables give real-time health data and encourage users to take an active part in the management of their health.
• Focus on Data Interoperability: This will only increase focus as such healthcare solutions become more pervasive-to be sure, now that various health platforms can communicate with each other and share data readily, all in the name of offering the best possible care and improving outcomes for patients.
• Rise of AI-Powered Health Solutions: AI and machine learning continue to be incorporated into connected health solutions that increase the capacity of health solutions with predictive analytics and personalized health recommendations. These technologies enhance the capability of health solutions to adapt to the specific needs of individual users.

Report Scope

Connected Health and Wellness Solutions Market Dynamics

Drivers

• Increased Adoption of Digital Health Solutions: Increased acceptance of digital health technologies among both healthcare providers and patients stimulates the demand for the market.
• Healthcare Cost Trimming: Their affiliated health solutions will most certainly bring massive saving opportunities to providers and patients alike. They will reduce the utilization of face-to-face clinic visits and hospitalizations.

Restraints

• Data Privacy and Security Issues: The exchange of health information between parties calls for huge concerns on data privacy and security issues. This is a limitation that may restrict further expansion to the market if not sufficiently addressed.
• Diverse Regulatory Environment: Since regulations vary across countries, what may be deployed in one location may not apply to the other. That is a challenge connected health solutions face during the roll out to the field.

Opportunities

• Growing Markets: Increased efforts to make access to healthcare among developing markets presents a huge opportunity for connected health solutions to expand.
• Personalized Medicine: With the expansion of personalized medicine, there will be a demand for connected health solutions since more people will require specialized health insights and recommendations.

Challenges

• Legacy System Integration: Upgrading connected health solutions into existing healthcare structures and legacy systems is very challenging.
• User Engagement: To achieve desired health outcomes, users have to be engaged with the solutions provided by connected health, which entails the need to innovate constantly and provide user-friendly designs.

Connected Health and Wellness Solutions Market Segmental Analysis

Technology Analysis

Telehealth Solutions: Telehealth solutions are also new to the face of healthcare services delivery, where patients may be given advice and treatment through consultancy by remote healthcare providers over digital platforms. Such solutions allow virtual consultations in medical care where patients need not come physically, especially from remote and under-resourced areas. The communication modes supported by these platforms include video calls, audio chats, and messaging among others in ensuring timely delivery of medical expertise to patients.

Wearable Devices: Wearable devices have really changed the nature of personal health monitoring and wellness management. Fitness trackers are probably one of the most popular wearables used to monitor physical activities, heart rate, sleep patterns, or even stress levels. Such motivating wearable devices can give people feedback in real time in terms of their everyday activity levels and health metrics. This, however, is advanced by smartwatches in that they combine advanced health monitoring capabilities with smartphone connectivity where users will enjoy such things as receipt of notifications, tracking of fitness goals and even their health through different applications.

Mobile Health (mHealth) Applications: In addition to their numerous variations, mobile health applications, commonly referred to as mHealth, are increasingly becoming vital management tools for health and chronic diseases. Health management applications help users gain access to health information, track vital metrics and schedules of medication, and monitor wellness-related goals. Users are given a platform on which to access health information and receive reminders about medication, thus leading to improved medication adherence and lifestyle changes.

Artificial Intelligence and Data Analytics: Artificial intelligence (AI) and data analytics have been integrated with connected health solutions, providing new avenues for personalized healthcare. Using large amounts of data within predictive analytics tools, the trends are identified, potential health risks foreseen, and preventive measures suggested. Health providers can start early interventions that may prevent serious health issues.

Application Analysis

Chronic Disease Management: The connected health and wellness solutions market is one of the largest markets in chronic disease management. In this category, diabetes management solutions are at the top, which perhaps do provide equipment for the monitoring of blood sugar, guiding patients as to what they could do with this information to have a better control over their condition. Such technologies combine devices in the form of glucose monitoring devices together with mobile applications wherein alerts notify the concerned individuals of the level of variation and also recommend changes in diet.

Fitness and Wellness: Applications and devices within the fitness and wellness segment of connected health solutions are designed to help the individual reach his/her fitness goals and support a healthy lifestyle. Exercise tracking applications will allow a user to see how active they have been physically by tracking the number of steps taken, distance covered, and workout plans.

Mental Health: Related health applications for mental health are increasingly coming to the front as knowledge about the area of mental health issues continues to grow. Teletherapy platforms bring mental health professionals directly in contact with the users for remote therapy and counselling sessions. This provides increased access to help reduce the barriers that people face when helping themselves.

Preventive Healthcare: These are the reasons why, in the connected health solution, this plays an essential role in the detection of risks at an early stage. Normally, the tool for a health risk assessment is an integral service that helps evaluate certain risks of health related to a specific individual based on their lifestyle, family history, and biometric data. This is personalized advice on preventive measures. 

End-User Analysis

Healthcare providers: The healthcare providers segment has captured 56% of the total revenue share in 2023. Hospitals and clinics make up the largest group of adopting connected health solutions that promote patient care while fostering efficiency in operations. Institutional health settings can reach more patients with integrated telehealth services and remote monitoring technologies if needed by patients to be accessed in any other way.

Patients and Consumers: The patients and consumers segment has accounted revenue share of 44% in 2023. Connected health solutions are emphasized through increasing awareness in patients and consumers about personal health management. Health-conscious people seek technologies that help them control their health and wellness by monitoring and self-improvement of health and wellness. These solutions provide personalized insights and tools to support lifestyle decisions.

Connected Health and Wellness Solutions Market Regional Analysis

What makes the North America region a leader in the connected health and wellness solutions market?

The North America connected health and wellness solutions market size was valued at USD 22.14 billion in 2023 and is projected to reach around USD 121.06 billion by 2033. It has well-developed health infrastructure and high penetration of digital health technologies. Government initiatives relating to telehealth and remote monitoring are driving its growth in this region.

Europe is growing rapidly

The Europe connected health and wellness solutions market size was estimated at USD 16.67 billion in 2023 and is predicted to surpass around USD 91.17 billion by 2033. The Europe is growing rapidly, because there is an added emphasis put on healthcare digitization, and support from the government. Connection health solutions are key investments that have been made by countries such as Germany and the UK to enhance healthcare deliverable and improvement in patient outcome.

Asia-Pacific region expected to see healthy growth

The Asia-Pacific connected health and wellness solutions market was valued at USD 11.76 billion in 2023 and is expanding to USD 64.30 billion by 2033. The Asia-Pacific region is expected to see healthy growth, pegged primarily on the trend of increasing healthcare expenditure and penetration of smartphones. Considering the population size and unfolding healthcare demands, China and India are turning out to be leaders in adopting connected health solutions.

LAMEA Market Trends

The LAMEA connected health and wellness solutions market is aniticipated to reach around USD 25.36 billion by 2033, from valued at USD 4.63 billion in 2023. In Latin America, Middle East, and Africa, connected health solutions are increasingly being adopted for better healthcare access and management within the region. Emerging technologies are introduced to solve various local healthcare challenges; therefore, it can be very promising for future growth in this area of the market.

Connected Health and Wellness Solutions Market Top Companies

• Apple Inc.
• Google (Alphabet Inc.)
• Samsung Electronics
• Fitbit 
• Philips Healthcare
• Omron Healthcare
• Medtronic
• Cerner Corporation
• IBM Watson Health
• Microsoft Corporation
• Qualcomm Life
• Athenahealth
• Allscripts Healthcare Solutions
• Teleflex Incorporated
• DarioHealth Corp.

Innovation from not only emerging companies but established players is changing the scenario in healthcare and a part of this market. There are quite several notable emerging players such as Zebra Medical Vision, DarioHealth employing complex technologies, for instance, AI and ML, to manage health delivery issues, patient engagement, among others. Zebra Medical Vision offers high-end imaging analytics. It will help clinicians diagnose diseases at an early stage and increase the accuracy of diagnosis. DarioHealth focuses on digital therapeutics, which provides a personalized health management solution for improving patient control over chronic conditions.

Traditional leaders Philips Healthcare and IBM Watson Health retain their position due to strong research and development activities. Philips Healthcare is enhancing the monitoring of patients and real-time data analysis with connected devices and telehealth platforms without any hiccup. IBM Watson Health is leveraging the potential of AI and big data to provide actionable insights to its users, thereby empowering them towards more informed decision-making. Together, these players are driving the digital transformation in health care and promoting innovative solutions that enhance patient outcomes and streamline health care management.

CEO Statements

Robert Morcos, founder and CEO of Social Mobile:

"We are excited to work with KORE to showcase our combined solutions at the HLTH tradeshow,". "Together, we're addressing the critical needs of the healthcare industry with purpose-built mobile devices and seamless connectivity, enabling advancements in remote patient monitoring and clinical trials. Our collaboration underscores a shared commitment to innovation and improving patient outcomes through cutting-edge technology."

KORE President and CEO, Ronald Totton,

"People have always been at the heart of what we do at KORE, and the company is proud to blaze the trail when it comes to improving patient outcomes. KORE's connectivity, combined with healthcare-specific solutions made by Social Mobile, helps patients get better, more accessible care. We're excited to continue enabling innovative Connected Health solutions for our customers."

Recent Developments

Strategic Launches and Expansions highlight the rapid advancements and collaborative efforts in the market. Industry players are involved in various aspects of Connected Health and Wellness Solutions, including technology, component, and AI, play a significant role in advancing the market. Some notable examples of key developments in the market include:

• In August 2024, KORE, a global leader in Internet of Things ("IoT") solutions and pioneering IoT hyperscaler, and provider of IoT Connectivity, Solutions and Analytics, and Social Mobile, a leading provider of enterprise-grade, purpose-built hardware, jointly announce their groundbreaking collaboration in the Connected Health arena. This collaboration is set to deliver cutting-edge solutions designed to meet the rigorous demands of Connected Health and Remote Patient Monitoring (RPM).
• In May 2024, Johnson Health Tech Retail, Inc., the U.S.-based retail subsidiary of Johnson Health Tech, Co., Ltd, continues its five-decade long track record of investing in the fitness industry with the recent acquisition of residential fitness brands BowFlex and Schwinn Fitness, as well as the JRNY digital fitness platform. These strategic additions to Johnson’s respected lineup of residential and commercial fitness brands – including Matrix, Horizon, and Vision – expand the fitness and wellness leader’s consumer business across the globe.
• In February 2024, Hamilton Beach Brands Holding Company today announced that, through its Hamilton Beach Health subsidiary, it has acquired HealthBeacon PLC, a medical technology firm and strategic partner of the company. HealthBeacon develops connected devices that enable patients with chronic conditions to manage their injectable medication regimens at home and provides other health services.  

Market Segmentation

By Product

• Personal Medical Devices
  
  • Insulin Pump
  • Glucose Monitor
  • BP Monitor
  • Personal Pulse Oximeter
  • Others
• Wellness Products
  
  • Body Analyzer
  • Digital Pedometer
  • Heart Rate Monitor
  • Sleep Quality Monitor
  • Others
• Software & Services
  
  • Fitness & Wellness App
  • Online Subscription
  • Others

By Technology

• Telehealth Solutions
• Wearable Devices
• Mobile Health (mHealth) Applications
• Artificial Intelligence and Data Analytics

By Application

• Chronic Disease Management
• Fitness and Wellness
• Mental Health
• Preventive Healthcare 

By End-User

• Healthcare providers
• Patients and Consumers

By Region

• North America
• APAC
• Europe
• LAMEA