The global smart wellness market is expected to reach USD 520.29 billion by 2023 and grow at a CAGR of approximately 24.46% during the forecast period. The major drivers of the market are adoption of smartphones that contain wellness applications, rising urbanization, commitment to healthy living, and rise in disposable income levels. The emergence of internet of things (IoT), demand for wearables, and use of smart devices for monitoring overall health are likely to influence the market. Subscriptions to free and paid applications for maintenance of the body through fitness regimens and practices can drive the market growth.
Development of wearables due to investments by venture capital firms owing to popularity of healthcare IT is likely to drive market growth. Recently, Muse Wearables, an Indian startup has launched a personal wellness band, Muse Cue, which can detect COVID-19 symptoms in patients at an early stage. The health monitoring of an individual can track the progression of the disease and help doctors as well.
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Segmentation
The global smart wellness market is segmented by component, type, connectivity, and end user. On the basis of the component, the market is segmented into hardware, software, and services. The hardware segment is classified into personal medical devices and wellness products. The personal medical devices segment is further segmented into personal pulse oximeters, diabetes monitor, insulin pump, BP monitor, smart pill dispenser, personal ECG, portable GPS PERS, and others. On the other hand, the wellness products are further segmented into sleep quality monitor, body analyzer, GPS sports watch, and others. The software sub-segment is classified into online subscriptions, smart wellness apps, and others. Whereas, the services sub-segment is further classified into professional services and managed services.
Within the hardware segment, the personal medical devices sub-segment is expected to hold the largest market share of the global smart wellness market. This is owing to the increasing demand for smart wellness products and devices across various end users. The rising adoption rate of smartphones with integrated smart wellness applications is expected to drive the growth of smart wellness market. Moreover, the growing demand for portable healthcare devices is another major factor driving the growth of smart wellness market.
