Health And Wellness Devices Market Report
Health and Wellness Devices Market Trends, Dynamics & Market Insights
The 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.
The medical devices market is growing at a healthy rate due to rising awareness and improvement in the healthcare sector. Health and wellness devices are medical devices, which are widely used for improving healthcare facilities. These devices enable the collection of healthcare information easily and securely.
Key players operating in the health and wellness devices market are-
A growing number of individuals afflicted with chronic illnesses create the demand for disease management & continuous patient monitoring tools thereby spurring the demand for health devices in the following years. Health and wellness devices market is growing at a healthy rate due to rising concern among the population for good health and wellness. Moreover, mass adoption of mHealth devices as well as the introduction of technologically developed product designs are expected to augment the demand over the review period.
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.
The COVID-19 outbreak positively influenced the growth of the health and wellness devices market. Rising cases of coronavirus across the globe put a heavy strain on the healthcare sector. Senior adults and people suffering from chronic diseases were at higher risk of getting infected, which, in turn, boosted the demand for health and wellness devices for monitoring the health conditions and parameters.
Here is the list of the group of customers that the health and wellness devices market hopes to have the greatest opportunity to convert-
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The health and wellness devices market is expected to witness an impressive growth of 23.3% CAGR in the coming years.
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), and McKesson (US) are among the key players in the health and wellness devices market.
The health and wellness devices market size is expected to USD 1351.0 billion in the foreseeable future.
The hospitals' segment accounted for the substantial share in the health and wellness devices market in 2020.
North America is expected to remain dominant in the health and wellness devices market in the next five years.
Health and Wellness Devices distributors, Health and Wellness Devices suppliers, Health and Wellness Devices manufacturers, Hospitals, Government bodies are the target audience in the health and wellness devices market.