Health and Wellness Devices Market Size, Emerging Trends, Forecasts, and Analysis
Stratview Research delivers key insights on the global Health and Wellness Devices Market. According to Stratview Research, the market is segmented By Type (Healthcare IT, Health information exchange, Healthcare analytics), By Product (Personal medical devices, Wellness products, Software & Services), By End User (Hospitals, Individual Customers, Others) and Region.
The report also covers the Covid impact on the market. Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and an uptrend is witnessed from 2021.
Market Insights
The report suggests that the overall Health and Wellness Devices Market is estimated to grow from USD 394.2 billion in 2020 to USD 1351.0 billion by 2026 at a healthy CAGR of 23.3% during the forecast period.
Market Segments' Analysis
Based on end-users, the market has been classified into hospitals, individual customers, and others. The hospitals' segment accounted for a substantial market share in 2020. The growing adoption rate of EHR records as well as remote patient monitoring systems for effective management of chronic diseases and improved operational efficiency. Whereas, the rising interest of the consumers in personalized health monitoring devices is anticipated to boost the individual customers' segment within the coming years, which further bolsters the segment growth.
The market in North America accounted for the largest share in 2020 and is projected to continue its dominance during the review period. This is mainly attributed to the strong presence of well-developed healthcare infrastructure, widespread coverage of the internet, and increasing awareness levels along with the supportive regulations formulated for improved patient safety. Moreover, the presence of favorable reimbursement policies and a large population using wearable medical devices further proliferates regional growth.
Key Players
The following are some of the key players in the Health and Wellness Devices Market:
· Johnson and Johnson (US)
· General Electric Co. (US)
· Siemens AG (Germany)
· Medtronic, Inc.
· Baxter International Inc.
· Fresenius Medical Care AG & Co. KGAA (Germany)
· Koninklijke Philips Electronics NV. (Netherlands)
· Omron Healthcare (Japan)
· McKesson (US).
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