The past decade has emerged as a gamechanger for the global healthcare and wellness industry. Non-medical wellness technologies have emerged as a means of acquiring satiety amongst the masses, prompting them to spend a substantial portion of their income on these technologies. More than being a healthcare imperative, the use of health and wellness devices has become a source of physiological satisfaction. The collective efforts of advertising agencies and healthcare awareness schemes have convinced the masses about the indispensability of health and wellness devices. Therefore, the next decade is expected to emerge as a period of stupendous growth across the global market.
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The use of fitness trackers has initiated a fresh revolution within healthcare monitoring. A large population of millennials is stampeding towards buying devices meant for tracking their health and fitness standards. This has led to the development of best practices and medical recommendations pertaining to the use of fitness trackers and other healthcare devices. Henceforth, the global health and wellness devices market is witnessing both qualitative and quantitative growth.
Wearable Devices to Emerge as a Key Segment within the Health and Wellness Devices Market
Wearable technologies are initiating a revolution across the healthcare industry, enabling people to track several of their health parameters. A number of wearable devices come with the feature of tracking glucose and blood oxygen levels - a pathbreaking driver of demand within the global health and wellness devices market. Moreover, the market is undergoing rapid expansion at the pretext of the introduction of new smart wearables. Some of these smart wearable technologies include smart glasses, smart belts, and smart watches. Amongst these, smart watches are expected to capture a dominant share of sales within the health and wellness devices market.
Use of Wearable Devices for Disease Management to Unlock Meridian Value
Several new applications of health and wellness devices have buoyed to the forefront of the healthcare industry. Disease management and patient management are emerging as new areas that can prove fateful for the healthcare industry. The use of wearable technologies and wellness devices for tracking patient health shall build a strong foundation for new market vendors. Furthermore, use of these devices could also improve patient outcomes at reduced costs. As the healthcare industry resolves the challenges associated with secure and ethical use of healthcare devices, the healthcare and wellness devices market shall clock in fresh revenues.
North America to Emerge as a Stellar Market for Health and Wellness Devices
The Global Wellness Institute reveals that the wellness market outsizes the worldwide pharmaceutical industry by a formidable margin. US has emerged as the largest health and wellness market, with half of the country’s population owning a wearable fitness device. Furthermore, the general acceptance of new healthcare technologies in the US has also supported regional market growth. Asia Pacific is also showing signs of accelerated market expansion on account of the sizable population of the region.
Some of the prominent names operational in the global health and wellness devices market are Owlet, Apple Watch, Garmin, FitBit, My Skin Track UV, and TempTraq.\
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