Patient engagement technology has become crucial and an essential requirement in the aftermath of the pandemic, as healthcare providers research on how to best keep patients healthy remotely, including care coordination and chronic illness management.
An increasing number of individuals afflicted with chronic illnesses create the demand for disease management & continuous patient monitoring tools thereby boosting the demand for connected health devices in the coming years.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.
The rising emphasis on the development of advanced healthcare solutions coupled with the sufficient availability of funds is expected to boost the R investments in the connected health & wellness devices market.
For instance, the government organizations, such as Healthcare Research and Quality (AHRQ), offer funds to expand the health information systems in the U.S., which is expected to further fuel the industry growth in this region.Further key findings from the study suggest:The healthcare analytics segment is expected to show lucrative growth over the forecast period owing to the rising pressure on hospitals to curb the spiraling healthcare costs, the availability of big data analytics, and the penetration of electronic health record systems in medical settings.
The growing need to improve value-based outcomes in the healthcare sector and the adoption of the patient-centric approach are the factors propelling the segment’s 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.
In addition, the rise in the preference of geriatric patients towards home healthcare creates the demand for connected health & wellness devices over the forecast periodIn 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.