Subscriptions to paid and free applications to maintain the body through fitness regimes & practices will offer robust opportunities for the smart wellness market in the forecast period.
Besides, increasing adoption of smartphones with integrated smart wellness applications, increasing population, growing urbanization, rising popularity of fitness tracking apps accessible on smartphones, and growing need for health monitoring & maintaining balanced life with smart well-being are also adding market growth. Also, the shifting consumer preference for a healthier lifestyle, growing demand for remote monitoring of health conditions, and growing need for portable and connected healthcare devices are also fuelling market growth.
Dominant Key Players on Smart Wellness Market Covered are:
- 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.)
- Jude Medical Inc. (U.S.)
- Medtronic PLC (U.S.)
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Market USP Exclusively Encompassed:
Development of Wearables to Boost Market Growth
The development of wearables for the investments by venture capital firms for the popularity of healthcare IT will boost smart wellness market growth over the forecast period.
High Costs of Smart Wellness Solutions to act as Market Restraint
The high costs of smart wellness solutions may act as market restraint over the forecast period.
Technological Complexities to act as Market Challenge
Various technological complexities of smart wellness solutions may act as market challenge over the forecast period.
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Segmentation of Market Covered in the Research:
The global smart-wellness market is bifurcated based on end user, connectivity, and component.
By component, the hardware segment will lead the market over the forecast period.
By connectivity, the Bluetooth segment will dominate the market over the forecast period.
By end user, the individual users will spearhead the market over the forecast period.
North America to Command Smart Wellness Market
North America will command the smart wellness market over the forecast period. Growing adoption in Canada and the US, rising technological enhancements, the growing adoption of smart wellness application, the presence of a well-established infrastructure that enables faster implementation of advanced technologies, the increasing adoption of smart wellness solutions across various end users, and technological advances are adding to the global smart wellness market growth in the region. Besides, the presence of large number of established key players such as Apple, Inc, growing adoption of smartphones that allow easy tracking of daily activities and thus help in monitoring health, and growing need for fitness apps are adding to the global smart wellness market growth in the region.
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APAC to Have Favorable Growth in Smart Wellness Market
The APAC region will have favorable growth in the smart wellness market over the forecast period. Surging internet connectivity, the mounting awareness among people regarding health, the region’s fascination with fitness gadgets, constant technological advances which mainly take place in China, India, and Japan, and growing need for smart wellness apps across various countries are adding to the global smart wellness market growth in the region.
COVID-19 Impact on the Global Smart Wellness Market
Supply chain disruptions, economic situations, fluctuations in demand share, along with long term and immediate effect of the novel coronavirus possessed a negative impact on the smart wellness market growth. This outbreak has slowed the economic activity, thus pushing the economy in a steep recession. With the roots originating in China, supply chains across the globe are facing shutdown and unprecedented disruption. Following the relaxation of lockdowns, this market is likely to get back to normal in the days to come.
The global smart wellness market is both fragmented and also competitive for the presence of numerous international and also domestic industry players. Such key players have incorporated various innovative strategies for remaining at the vanguard and also catering to the burgeoning need of the esteemed clients including, partnerships, contracts, collaborations, new product launches, geographic expansions, joint ventures, and more. Besides, they are also investing in numerous research & development activities.
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