According to Arizton’s latest research report, the digital health and wellness market will grow at a CAGR of 22% from 2022 to 2028.
The global digital health and wellness market size was valued at USD 335 billion in 2022 and is expected to reach USD 1.103 trillion by 2028.
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Data-driven decision-making is becoming the need of the hour, and daily health, physical and mental wellness is being reimagined. As the health & wellness industry has evolved beyond measuring healthcare costs to becoming more focused on healthy lifestyles, data analytics, and technology play a bigger role. Digital health or digital healthcare is a broad, multidisciplinary model incorporating concepts from a connection between technology and healthcare. It includes digital care programs and technologies with health, healthcare, living, and society to improve healthcare delivery competence and make medicine more personalized and precise.
Furthermore, digital health utilizes digital transformation in healthcare, integrating software, hardware, and services. Digital technologies offer significant opportunities for preventing diseases by promoting lifestyle changes and adherence to healthy behaviors. Several players are investing in technologies and expanding their capabilities to measure their initiatives using big data.
Arizton’s 285 pages report on digital health & wellness includes a detailed analysis of the Digital Health and Wellness Industry Size, Share, & Trends, Regional Outlook, Growth Potential, Price Trends, and Competitive Market Share & Forecast 2023–2028.
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The following factors are likely to contribute to the growth of the digital health and wellness market.
- Increasing Smartphone Penetration & mhealth Application
- Incorporation of Technology for Rising Self-Care
- Rising Development in Wearable Devices
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Wearable Devices’ Role in the Wellness & Digital Healthcare Revolution
The digital health & wellness market is expected to grow faster due to the onset of wellness-friendly smart devices, rising healthcare awareness, and increasing concern for the continuous monitoring of real-time health parameters of patients, both pre and post-surgery.
Wearable technology refers to smart IoT devices that track biometric data such as sleep patterns and heart rates. Consumers use wearable to accurately transmit vital exercise, biological, and medical data to a database.
Wearable electronics are used by approximately 30% of adults in the United States to track their health and well-being. Wearable devices have a wide range of applications in the healthcare industry, including heart rate and blood pressure monitoring, daily step tracking, fitness reminders, and sleep pattern analysis.
Fitness trackers such as the Fitbit Charge, VR headsets, smart jewelry, web-enabled glasses, smartwatches, and Bluetooth headsets are examples of wearable technology. Smart glasses and smartwatches are the most common types of wearables. These wearable devices gather information in real-time. They also have motion sensors that can take screenshots of everyday activities and sync them with mobile devices or laptops.
The COVID-19 pandemic and the subsequent global lockdowns sparked a slew of changes across the entire healthcare and wellness industry. Stress, a sedentary lifestyle, overeating, limited access to high-quality fresh produce and medical services, and other factors eventually prompted people to pay more attention to their health and make lifestyle changes, thereby increasing the demand for smart healthcare trackers.
The pandemic highlighted the value of smartwatches for monitoring health. More than 10% of US consumers who own smartwatches are now using them to detect COVID-19 symptoms. The pandemic may even have encouraged smartwatch sales: Fifteen percent of US consumers who own a smartwatch purchased it after the onset of COVID-19.
Smartwatch innovation is progressing rapidly, driven by sensors, semiconductors, and AI advances. For example, some smartwatches now feature optical sensors that continuously measure blood volume and composition variations using photoplethysmography (PPG). Algorithms produced and continually improved via machine learning use data from these sensors to provide insights into users’ activity levels, stress, heart pattern anomalies, and more.
According to Arizton, the adoption of wearable ECG devices to gain popularity in the upcoming years. For instance, the rising adoption of advanced sensor & AI-based wearable ECG devices with widely available clinical data is expected to drive the market growth of the global wearable ECG devices market. Apple, Alphabet, Samsung Electronics, Withings, Boston Scientific, Koninklijke Philips, GE Healthcare, OSI Systems, Hill-Rom Services, and iRhythm technologies are the leading players in the global wearable ECG devices market. The market is concentrated, with key players accounting for significant market shares in the overall market. However, as the industry offers tremendous growth opportunities for vendors, especially in long-term supporting devices, several start-ups and small MedTech investigating companies plan to develop next-generation devices.
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The union of wireless patient monitoring technologies and smart wearables leading the rise of virtual healthcare surveillance system
The use of wireless patient monitoring systems to monitor vital signs is becoming more popular. The ability to escalate home care for both chronic and acute conditions is one of several benefits brought to healthcare services by wireless patient monitoring through smart devices.
The development of wireless vital signs monitoring devices and wearables for care management is receiving increased attention as a tool for streamlining chronic care and assisting patients in better managing their diseases at a low cost. These devices provide data that allows doctors to make real-time treatment decisions.
In 2020, the adoption of single-device wireless patient monitoring systems was rapid and fast. Their application accelerated significantly during the COVID-19 pandemic as there was a need to reduce contact between patients and healthcare providers. However, the application continued to increase in 2021 and is further anticipated to rise during the forecast period 2023-2028. In addition, the COVID-19 pandemic has catalyzed medical care at home.
As people seek ways to monitor their health without visiting hospitals, vendors are focusing on developing home-based smart devices. Vendors are attempting to link preventive healthcare with digital health through the medium of a large population of smart device users. Vendors are concentrating their efforts on devices that can be linked to smartphones/smartwatches.
A new generation of devices is shifting the paradigm away from the static model, in which patients must remember to take their blood pressure or measure their blood sugar, and towards something more dynamic. Wireless vital signs monitoring devices feed patient data into the patient record system. It can be described as a virtual healthcare surveillance system in which doctors can send patients home while keeping a medical eye on them. One of the most significant advantages of home patient monitoring is the ability to predict a patient’s susceptibility to negative health events. The data stream aids in establishing a baseline.
Healthcare facilities can safeguard patients, staff members, visitors, and medical professionals against security lapses and artificial disasters by utilizing virtual monitoring systems. Today’s cutting-edge hospitals use a virtual monitoring system with an HD CCTV camera to capture crucial video evidence and stop fraudulent insurance claims. With remote video monitoring and strong cloud storage capabilities, virtual monitoring gives hospitals more freedom. You may improve hospital operations with virtual monitoring, which can also strengthen your provider-patient relationship.
The latest report by Arizton on the digital health & wellness market analyses various companies operating in the market.
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- Vivify Health
- Teladoc Health
Other Prominent Companies
- Amelia Virtual Care
- CuraLinc Healthcare
- Global Kinetics
- Healthy Hero
- Koa Health
- Rani Therapeutics
- Digital Health & Wellness: Digital Health and Digital Wellness
- Type: Software & Services and Wearables
- Software & Services: eHealth and mHealth
- Wearables: Ear-worn, Smartwatches, Smart Patches, Head-mounted Displays, Wristbands, and Smart Clothing
- Age Group: Pediatric, Adults, and Geriatric
- Care Providers: Hospitals, Home Care Settings & Individuals, Clinics & Ambulatory Surgical Centers (ASC), and Others
- Geography: North America, Europe, APAC, Latin America, and Middle East & Africa
- Countries Covered: The US, Canada, Germany, the UK, Italy, France, Spain, China, Japan, South Korea, India, Australia, Brazil, Mexico, Argentina, Turkey, South Africa, and Saudi Arabia
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Arizton’s Expertise in The Healthcare Industry
Arizton offers syndicate and custom market intelligence & competitive intelligence solutions across MedTech, pharmaceuticals, and life sciences & biotechnology markets within the healthcare industry. Arizton’s healthcare vertical provides unbiased research and evidence-based analysis to support business decisions and comprehensive end-to-end solutions to its customers, covering all dimensions of the healthcare value chain. We track a diverse array of devices (equipment, implants, and hospital supplies) and drugs (patented, generic, & OTC) across North America, Europe, APAC, Latin America, and the Middle East & Africa regions. The healthcare reports provide historic and forecast data for 20+ key countries worldwide. We track product approvals/launches, M&A activities, and collaboration/partnership activities among pharma/biotech, medical device, and life sciences companies. Our pharmaceutical portfolio tracks 15+ therapy areas with a major focus on immunology, oncology, rare & genetic diseases, dermatology, and metabolic diseases. Our medical devices and life sciences portfolio covers in-vitro diagnostics, healthcare IT, patient monitoring, cardiovascular devices, medical imaging, personal protective equipment, clinical laboratory services, and CMO/CDMO services.
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