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Connected Health And Wellness Devices Market Analysis By Type By Product By End-Use And Segment Forecasts To 2024NEW YORK, Sept. 29, 2016 /PRNewswire/ -- The global connected health and wellness devices market is expected to reach USD 612.0 billion by 2024, according to a new report by Grand View Research, Inc. The demand for wearable medical devices and remote patient monitoring systems is anticipated to increase over the forecast period due to the shifting consumer preferences towards a healthier lifestyle thus driving the market growth in the coming years. In addition, the increasing incidences of lifestyle-associated diseases requiring continuous health monitoring, which is expected to lead to an upsurge in the demand for connected health devices over the forecast period. In addition, the advantages associated with its usage and the availability of advanced products, such as remote sensors, adapters, and connected mobile communication devices are the factors further augmenting the market growth. The wellness product segment is anticipated to grow lucratively at a CAGR of 23.8% due to the availability of advanced products, such as GPS smart watches, which help in the monitoring of various parameters including physical activity, respiratory rate, and pulse rate and are additionally equipped with cloud connectivity. In addition, the introduction of technologically advanced personal medical devices is expected to contribute towards the growth of the overall market in the next seven years. For instance, the advanced ECG monitors launched by Aerotel Medical Systems Ltd. in February 2014, is a 3G cellular module, which is incorporated to enable the seamless transmission of patient ECG records directly to the doctor's email account. The individual consumer segment is anticipated to grow profitably to reach over USD 200 billion due to the increasing preference for personal medical devices so as to reduce hospital stays, costs of the treatments, and enable continuous health monitoring. In addition, the rise in the preference of geriatric patients towards home healthcare creates the demand for connected health & wellness devices over the forecast period In 2015, North America held a substantial share of the overall market at over 38.6%, which is attributed to the presence of favorable reimbursement policies and a large population using wearable medical devices. Moreover, the following changes in the demographic trends including the growing geriatric population and unhealthy lifestyles are anticipated to drive the industry growth. Asia Pacific is presumed to grow at the fastest CAGR of around 27.0% over the forecast period due to the increasing government initiatives targeting the improvisation of the healthcare infrastructure. Some key players of the market include Omron Healthcare, Inc., McKesson Corporation, Philips Healthcare Company, GE Healthcare, Inc., Draeger Medical Systems, Inc., Fitbit, Inc., St. Jude Medical, Inc., Medtronic Plc, Aerotel Medical Systems Ltd., Boston Scientific Corporation, Body Media, Inc, Garmin International, Inc., Microlife Corporation, Masimo Corporation, AgaMatrix, Inc., and Apple, Inc. These market players are focusing on the development of cost efficient & technologically advanced devices, which offer comfort to the users. New product development and strategic alliances including partnership agreements, promotional activities, and acquisitions are instrumental in keeping market rivalry high. For instance, in May 2016, Philips Healthcare announced an eHealth initiative, which offers care to patients with chronic diseases across the European region to create awareness amongst consumers and generate revenue. The aforementioned factors are expected to contribute towards the growth of the connected devices industry in the coming years. Read the full report: http://www.reportlinker.com/p04144268-summary/view-report.html To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/connected-health-and-wellness-devices-market-analysis-by-type-by-product-by-end-use-and-segment-forecasts-to-2024-300337009.html SOURCE Reportlinker |