Wireless Health Market to Register a CAGR of 23.5% over the Forecast Period
The Wireless Health Market is expected to reach a valuation of USD 400 billion by 2028 from USD 73.97 billion in 2019, registering a 23.5% CAGR over the forecast period.
The global demand for wireless health solutions has increased due to the development of internet infrastructure, availability of smartphones and devices, and government initiatives focusing on healthcare. It is worth noting that wireless health systems are known to be a cost-effective alternative to traditional disease management strategies.
One of the main factors which is driving the growth of the market is the increased acceptance of patient-centric approaches for disease management. In high-income countries, a gradual shift towards value-based care has been observed in recent times, which is also a key growth factor for the global wireless health market.
The market growth can also be attributed to increasing vulnerable geriatric population and a rise in the prevalence of chronic diseases. To enhance the treatment of these diseases, key market players have built various software, hardware, and facilities, ensuring that patients are involved in the overall healthcare management process. However, the current product adoption in emerging markets can be hampered by the high cost of devices and a lack of knowledge about these devices. This can become a major hindrance for the market.
Wireless Health Market, by Technology
Based on technology, the global market for wireless health is divided into WiMAX, WLAN, and WWAN. The convergence of WLAN and Worldwide Interoperability for Microwave Access (WiMAX) for healthcare applications such as physiological monitoring is gaining traction. The segments are also expected to benefit from several regional initiatives aimed at implementing healthcare IT infrastructure. It will increase wireless technology's use in healthcare, growth in the mHealth and telehealth trends, and eHealth initiatives around the world, which in turn will provide a major boost to the global market.
Wireless Health Market, by Component Type
Based on component type, the wireless health market is segmented into hardware, software, and services. In 2019, the software segment overtook the hardware segment as the largest component segment. Increased web penetration, increased use of IT in healthcare, and an increase in regional eHealth initiatives are all expected to contribute to the growth of this segment.
Wireless Health Market, by Application
Based on application, the market is categorized into provider-specific and patient. The provider-specific segment is expected to become the largest segment during the forecast period. It is due to the increased use of wireless technology by healthcare providers. These applications, tools, and platforms increase operating productivity while also ensuring timely management and delivery of healthcare. They also lower the risk of medical errors. As a result, healthcare facilities are becoming increasingly reliant on these service providers.
Wireless Health Market, by Region
Region-wise, the global wireless health market has been segmented as North America, Western Europe, Eastern Europe, Asia Pacific, the Middle East & Africa, and South America. North America has emerged as the most important region for the global market for wireless health. The growth of this regional market can be attributed to increased disease prevalence and healthcare expenditures, which have helped North America capture a major market share. Furthermore, improved healthcare IT infrastructure, increased adoption of IT-enabled services, and increased adoption of wireless technologies are also expected to drive the regional market growth.
The Asia Pacific wireless health market is expected to register the largest CAGR during the forecast period. Improving healthcare infrastructure, developing internet infrastructure, and advanced wireless technology are some of the main factors in driving this region's rapid growth. An increase in geriatric population and increasing prevalence of chronic diseases is also expected to contribute to the market growth of this region.
Europe also holds a significant share in the global market. Historically, the major EU countries have always been at the forefront of healthcare technology adoption, which has helped the region in holding an important place in the global market.
Major Developments Observed in the Global Wireless Health Market in Recent Times
- In February 2019, Nihan Kohden, a company which offers the next-generation platform that incorporates data from patient tracking devices and consolidates numerous applications into a single powerful platform, launched the NK-HIQ enterprise portal. The company's wireless health monitoring market share is driven by the introduction of innovative medical devices and software solutions.
- In April 2020, GE Healthcare and Microsoft launched COVID-19 wireless health patient management program for health systems and hospitals.
Highlights of the Wireless Health Market Analysis include:
- The report includes historical, forecast data, which is used to make future predictions and industry analysis.
- The report includes information on regional and global trade, as well as consumption value and production capacity for each country.
- Additional essential metrics used for market growth research include Porter's five forces analysis, value chain analysis, and SWOT analysis.
- Key challenges in wireless-based solutions in the healthcare system.
- For 2020 and 2021, the study provides concise insights into how the pandemic has affected demand.
- Profiles of some of the major players in the global wireless health industry, which include Allscripts, IBM, Cerner Corporation, Koninklijke Philips N.V., Omron Corporation, Evolent Health, Inc., and Epic Systems Corporation.
By Component Type
- Provider Specific
- North America
- Western Europe
- Eastern Europe
- Asia Pacific
- The Middle East and Africa
- South America