The global wireless health market size is predicted to succeed in USD 400 billion by 2028 from USD 73.97 billion in 2019, exhibiting a 23.5% CAGR during the forecast period. Increase in number of eHealth initiatives worldwide, increase in penetration of smartphones and Internet connectivity, and growth within the trend of self-disease management are a number of the factors boosting market growth. Growing trend toward use of wearable devices for monitoring physical parameters, like sleep, vital sign, pulse, and physical activity, is additionally driving the wireless health market. Growing geriatric population and subsequent rise in chronic disease burden is additionally driving the market. Consistent with The Wall Street Journal, there has been a rise in usage of digital medicine, which enables management of chronic conditions like diabetes, heart diseases, and respiratory diseases. Moreover, these digital medicines are cost-effective alternatives to traditional disease management. Shifting trend toward value-based care is another factor contributing to the expansion of the wireless health market. At the present, a number of the telehealth services, like consulting a doctor via video connection, are reimbursed by CMS. Use of digital services like various platforms for health management has promoted the event of varied applications for managing diabetes, heart diseases, and asthma. Use of applications for chronic disease management, fitness tracking, supporting medication adherence, preventing hospital readmissions, symptom tracking, and managing mental and behavioral health are on the increase.
Key Insights of Wireless Health Market:
- Wireless Personal Area Network (WPAN) emerged because the largest technology segment and Wireless Wide Area Network (WWAN) is anticipated to witness the fastest growth over the approaching years
- Software emerged because the largest component segment due to rise in number of research initiatives. The services segment, on the opposite hand, is anticipated to expand at the fastest CAGR
- Patient-specific applications emerged because the largest segment due to increase in adoption and rise in research initiatives for developing them to manage individual health
- The patient segment accounted for the most important revenue share in terms of end use due to increase in use of health and fitness applications by people round the world
- Themarket is very fragmented with participants like IBM; Allscripts; Cerner Corporation; Omron Corporation; Koninklijke Philips N.V.; Epic Systems Corporation; and Evolent Health, Inc.
The Wireless Health market segmentation is based on Technology, Component Type, Application, and Region.
Technology Outlook:
Wireless Personal Area Network (WPAN) emerged as the largest technology segment in 2019. This will be attributed to extend in usage of wireless technologies in healthcare, growth within the trend of mHealth and telehealth, and increase in eHealth initiatives worldwide. Penetration of technology standards, like Zigbee and Bluetooth, in healthcare applications is increasing. Due to rise in penetration of WPAN in healthcare applications and continued research during this field, this segment is anticipated to exhibit the highest CAGR over the forecast period. Wireless Local Area Network (WLAN) and Wireless Wide Area Network (WWAN) also are important technology segments in terms of revenue share. R&D concerning integration of WLAN and Worldwide Interoperability for Microwave Access (WiMAX) for healthcare applications like physiological monitoring is rising. Various regional initiatives for implementation of healthcare IT infrastructure is additionally expected to propel the market. WiFi4EU is an example of such an initiative. The European Commission announced the supply of free Wi-Fi connectivity to citizens and visitors at public places like public buildings, parks, health centers, and museums. EC has announced a planned budget of EUR 120 million for a period of two years from 2017 to 2019 for the installation of Wi-Fi equipment.
Component Type Outlook:
Software emerged because the largest component type segment in 2019. Key factors which will be attributed for this growth are increase in penetration of the web, rise in usage of IT in healthcare, and growth in number of regional eHealth initiatives. Moreover, companies are getting into strategic alliances with other market players to extend penetration of those solutions in healthcare. Continuous technological advancements in IT and software is additionally a key factor boosting the marketplace for wireless technologies. HealthSuite may be a digital platform developed by Philips Wellcentive for clinical care. It's an open cloud-based platform for collecting, compiling, and analyzing clinical also as other data from multiple sources and devices, including imaging and monitoring data, medical records, and private devices and technologies. Analytics are wont to derive insights on this platform. The services segment is predicted to punch in a lucrative CAGR due to increase in demand for health and wellness monitoring systems and growth within the need for disease management. Moreover, increase in adoption of healthcare analytics and fraud management in developed regions is driving demand for these services.
Application Outlook:
Patient-specific applications are segmented into physiological monitoring and patient communication and support. Increase in penetration of mobile phones and Internet connections, rise in number of mHealth applications, and growth in health consciousness among the population are a number of the factors liable for the expansion of wireless health among patients. The trend of ‘prescribing applications’ is additionally rising globally. Various initiatives are being undertaken for promoting and prescribing mHealth applications. Increasing number of “software as medical devices” are receiving FDA approval. Additionally, data privacy policies have enabled safe use of mHealth applications. Of these factors are increasing dependency on these applications. Number of research initiatives concerning development of patient-centered applications are increasing. MyT1D Hero is being developed by researchers at the Michigan State University to attach parents and adolescents with type 1 diabetes for promoting self-management. This research is funded by America Diabetes Association.
Patients emerged because the largest end-use segment. Rise in prescribed applications, like mHealth, telehealth, and wellness applications, growth within the trend of self-disease management, and increase in chronic disease burden are a number of the factors promoting market growth. Increasing trend toward use of wearable sensors for monitoring health parameters is additionally a big factor driving the market. The providers segment is predicted to exhibit the highest CAGR. This will be attributed to extend in use of wireless technologies by healthcare providers. These applications, software, and platforms assist in improving operational efficiency alongside ensuring timely care management and healthcare delivery. They also reduce possible medical errors. Thus, dependency on these platforms in healthcare centers is rising. PHM platforms, which give real-time insights to healthcare providers for identifying and addressing care gaps, are an example of those platforms. They assist providers improve patient outcomes alongside cost reductions. They encompass various functions like patient engagement, care management, analytics and business intelligence, and performance evaluation.
Regional Outlook:
North America emerged because the largest market. A number of the key factors that contribute to its share are increase in disease burden and rise in healthcare expenditure that demands cost-cutting measures. Moreover, improved healthcare IT infrastructure, increase in adoption of IT-enabled services, and rise in awareness among the population regarding wireless technologies are among few factors contributing to plug growth. Increasing dependency on fitness devices by the population is positively influencing the market. Healthcare expenditure in North America is anticipated to rise by approximately 4.6% annually from 2015 to 2019 and this is often creating the necessity for cost-cutting initiatives. Payer trends shifting toward value-based payment models and emergence of platforms like PHM, care management, and point-of-care solutions are among major factors which will be attributed to the expansion of wireless health. Moreover, regional initiatives undertaken for development of eHealth and clinical interoperability are some factors reinforcing market growth. Asia Pacific is anticipated to witness the highest CAGR. A number of the key factors attributed to rapid climb during this region are improving healthcare infrastructure, increase in penetration of the web, and growth in awareness about wireless technologies. Moreover, increase in geriatric population and rising burden of chronic diseases are expected to present significant growth opportunities for market. Governments of varied countries are undertaking initiatives to market eHealth and interoperability. Additionally, various laws and standards are being introduced for securing patient information, thereby protecting patient interests.
Competitive Landscape
The market is very fragmented in nature with participants like IBM; Allscripts; Cerner Corporation; Omron Corporation; Koninklijke Philips N.V.; Epic Systems Corporation; and Evolent Health, Inc. Key players are striving to extend their market share through strategies like improvements in existing solutions and software platforms, development of latest platforms, and strategic alliances with other market players. For example, in February 2016, Cerner Corporation announced a collaborative partnership with xG Solutions, Inc. and this was expected to supply the latter company access to Cerner’s platform HealtheIntent for managing outcomes and risks as a neighborhood of PHM. On the opposite hand, xG’s clinical content was expected to assist enhance Cerner’s care management solutions HealtheCare and HealtheAnalytics. This collaboration will end in individualized patient assessment for various conditions, which may be integrated into the workflow and enable automated delivery of patient-specific medical plans for personalized care.
This report also includes the profiles of key Wireless Health market companies along with their SWOT analysis and market strategies. In addition, these competitive landscapes provide a detailed description of each company including future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launch, new product developments, and other latest industrial developments.
What Does This Report Provide?
This report provides a detailed understanding of the global Wireless Health market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market.
Market Segmentation:
By Technology
- WLAN
- WiMAX
- WWAN
By Component Type
- Software
- Hardware
- Services
By Application
- Patient
- Provider Specific
By Region:
- North America
- By Country (US, Canada, Mexico)
- By Technology
- By Component Type
- By Application
- Western Europe
- By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
- By Technology
- By Component Type
- By Application
- Eastern Europe
- By Country (Russia, Turkey, Rest of Eastern Europe)
- By Technology
- By Component Type
- By Application
- Asia Pacific
- By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
- By Technology
- By Component Type
- By Application
- Middle East & Africa
- By Country (UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa)
- By Technology
- By Component Type
- By Application
- South America
- By Country (Brazil, Argentina, Colombia, Rest of South America)
- By Technology
- By Component Type
- By Application
Reasons to Buy This Report:
- Market size estimation of the Wireless Health market on a regional and global basis
- Unique research Usage for market size estimation and forecast
- Profiling of major companies operating in the market with key developments
- Broad scope to cover all the possible segments helping every stakeholder in the market
Customization:
We provide customization of the study to meet specific requirements:
- By Segment
- By Sub-segment
- By Region/Country
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