Health and Wellness Devices Market
Global Industry Analysis (2018 – 2021) – Growth Trends and Market Forecast (2022 – 2026)
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Growth of Healthy Living Trend and Availability of Innovative Gadgets to Uphold Health and Wellness Devices Market
To be healthy is given and passé. What was once a luxury or add-on, wellness, is now being infused into every aspect of daily life, with an increasing number of people prioritising healthier lifestyle. Wellbeing is catching everyone and people are now becoming active participants in their (physical and mental health, and appearance) overall wellbeing. The modern obsession with fitness - preserving the body – involves disciplining, elasticising, hardening, improving, measuring and slimming. The wellness has evolved from a niche lifestyle concept into a mainstream commodity. Wellness sectors that are undergoing robust expansion include healthy eating, nutrition, and weight loss, preventative and personalised health, complementary and alternative medicine, and beauty and anti-aging. Besides investing in beauty therapists, health trainers, fitness experts, nutritionists, and personal dietitians, consumers are willing to pay a premium for health and wellness devices as well.
Technological Integration Favours Market Growth; Health and Wellness Devices to See Adoption at Home Care Settings
Wellness devices and advanced mobile apps are in demand. Digital health advancements and expedients are also helping people lead a healthier, safer, and more productive lifestyle. Modern innovations have made a huge impact on the whole health and wellness industry. The advent of the Internet of Things (IoT) and other next-generation technologies has worked to the advantage of the medical industry, delivering an array of healthcare solutions. The global health and wellness devices market is observing a progressive growth trail. The health monitoring devices and gadgets can be used at home sans a doctor's prescription. No matter what area of one’s health one is targeted for improvement, mobile applications and health and wellness devices are available on the market for assistance. These devices are user-friendly, safe, and ideal for home use.
Handy Health Monitoring - No Claims about Diagnosis/Treatment/Cure
Health and wellness devices are in a way medical-adjacent but do not fit in the conventional definition of medical devices. The devices do not make any reference to diseases or conditions and instead make general claims (help users reduce the risk of certain diseases and conditions, or may help users with disease management and cope with the condition). These devices thus never claim to diagnose or cure or treat any disease conditions but to monitor the vital stats or information whenever needed. Moreover, wellness devices have lesser regulatory requisites of the US Food and Drug Administration (FDA), which facilitates their market entry. The gadgets can help to a certain extent but do not necessarily provide a comprehensive overview of health. For an instance, fitbits or similar products are merely for monitoring purpose and do not claim any link with diabetes management.
Technology Playing out Enabler and Growth Propeller
The world of home use medical devices and systems continues to witness the entry of newer devices, following the updated regulatory standards. The nexus of IoT, growing attention to ageing, portability of devices, ease of wearable technologies, increasing costs of conventional healthcare, and the cost factor associated with regulatory approvals constitute the key growth levers for the growth of health and wellness devices market. Deepening penetration of cloud technology, and telemedicine in the medical world will also have a direct impact on the industry dynamics. Also, high-tech concepts like virtual reality (VR), Artificial Intelligence (AI), and machine learning (ML) will further transform wellness experiences. Most important is people’s awareness, knowledge, and self-management skills.
The major challenge is the security issues; data privacy - the biggest concern. Moreover, technology prompts sedentary living and social isolation. Obesity and chronic disease prevalence are escalating right alongside the fitness market’s explosive growth. With new health and wellness devices hitting the market very often, it is becoming difficult to distinguish between the two different types of devices - blurring the consumer eyes.
The US Leads Wellness Market; Asia Pacific Picking up
Most health spending is in high-income countries but middle-income countries are slowly closing the gap. Fast-developing countries such as Brazil, China, India, Malaysia, and South Africa are witnessing increasing demand for wellness products and services. According to the Global Wellness Institute, the global wellness market is three times larger than worldwide pharmaceutical industry, the US being the biggest health and wellness market. Almost half of all the Americans own a wearable fitness device. The US market is 2.5 times China, the second largest in size. Australia, the UK, and Germany follow.
Asia Pacific will highly likely overtake the North American market. China and India are expected to collectively drive nearly one-third chunk of the global market. India, known for traditional and alternative healing practices such as Ayurveda, Naturopathy, and Yoga, is fast adapting to the changes in societal and individual aspirations for a better lifestyle. From curative healthcare, the market has expanded to include health and nutrition, preventive healthcare, yoga and fitness, and even wellness tourism. The Indian government, under the flagship Make in India scheme, is opening markets for globally leading brands looking to invest in the wellness sector.
With a Strong Competitive Landscape, Health and Wellness Devices Market Holds Promising Growth potential
Supported by equipment and supplies, apparel and footwear, and technology markets, health and wellness cover sports and active recreation, fitness, and mindful movement as core segments. Strategic and financial investments continue to flood all the segmental hotspots of the wellness industry. As the health and wellness industry matures, mergers & acquisitions and corporate streamlining are all changing the landscape, bringing in all new challenges and opportunities. Fitness First and Celebrity Fitness are merging to create one of the largest fitness networks in Asia. Ava, GymWatch, KardiaMobile, Motiv, Apple Watch, FitBit, Garmin, My Skin Track UV, Owlet, TempTraq, Withings, and Misfit are some of the prominent players competing in the global health and wellness devices market.