Wireless Health Market

Wireless Health Market Size (2023 to 2028)

The global wireless health market size is projected to be worth USD 306.1 billion in 2028 from USD 107.8 billion in 2023, with a remarkable CAGR of 23.21% between 2023 to 2028.

DRIVING FACTORS:

The growing progress of wireless communication technologies, the rising penetration of the Internet, the growing use of connected devices for chronic disease management, a patient-centered approach by healthcare providers, an active penetration of 3G and 4G networks in healthcare, and the integration of cloud computing are promoting the global wireless health market growth. Additionally, the demand for portable fitness equipment is increasing worldwide due to the availability of state-of-the-art products and their use for health monitoring. They are used to track all types of physical movements as they are increasingly used to improve physical performance, which is estimated to support the growth of the wireless health market.

The emergence of wearable devices, such as smartwatches, which control sleep patterns, blood sugar levels, heart rate, etc., has revolutionized the management of people's health. This type of portable device and its presence in the market drive the wireless health market. Due to the ease of access and the output's accuracy, people are attracted by these technologies. The low cost associated with such devices is also responsible for their appearance in developing regions.

MARKET RESTRAINTS:

However, wireless healthcare systems are relatively more expensive than traditional medical solutions, which cannot be affordable by healthcare providers in under-developed countries, which is considered a significant restraint factor for market growth. Another factor, such as network issues in rural areas in underdeveloped countries, diminishes the market growth. Moreover, matters about cybersecurity and privacy concerns impede the market growth. The high volume of data is generated through hospital providers, which requires data security; there may be a chance of breaching.

Impact of COVID-19 on the global wireless health market:

The recent novel coronavirus causes the Global pandemic SARS-COV-2. It is an infectious disease that transmits quickly from person to person. The Virus was first identified in Wuhan, China. Covid-19 in China arrived as a regional pandemic and became a global pandemic, leading to many deaths worldwide. The World health organization declared COVID-19 as the emergence of the healthcare sector and announced specific guidelines to contain the Virus. The COVID-19 pandemic has affected the global economy and kept many people at risk. During the first quarter of 2020, the wireless health market experienced a little growth decline. Due to nationwide the market's supply chain had been disrupted due to the ban on transportation and nationwide lockdown. However, after the uplift of lockdown and prohibition, the market experienced market growth. The wireless health market has witnessed significant market growth during the COVID-19 period. The demand for the wireless market has increased due to the strict COVID-19 guidelines and social distancing. Healthcare providers are restricted to the home, and limited operations are performed. Healthcare professionals are using wireless communication systems for monitoring patient conditions. Moreover, the increase in the utilization of mobiles and the rise in the usage of wireless healthcare systems fuelled the demand for wireless health services. They witnessed significant market growth during the COVID-19 pandemic. Wireless has gained momentum and is expected to strengthen its market growth in the coming years.

REPORT COVERAGE:

This market research report on the global wireless health market has been segmented and sub-segmented based on technology, component, application, and region.

Wireless Health Market – By Technology:

• WPAN
• WLAN/Wi-fi
• WiMAX

Based on technology, the market segment for WPAN technology represents the largest market share in 2022. WPAN technologies are highly secure and affordable, making them one of the most widely adopted wireless health technologies. The WPAN technology segment is also segmented into Bluetooth, RFID, Ant +, Zigbee, Z-Wave, and UWB.

Wireless Health Market – By Component:

• Hardware
• Software
• Services

Based on the components, the software sector accounted for most of the market in 2022. The increasing adoption of IT solutions for the healthcare industry and the growing need to update existing software are the main drivers of growth.

Wireless Health Market – By Application:

• Patient-Specific    
• Specific Provider
• Payer applications

Based on the application, Patient-specific applications represent an essential part of the market in 2022 due to the growing adoption of wireless devices and the increasing need for quality care. Based on end-users, the wireless health market is still segmented into providers, payers, and patients/individuals.

Wireless Health Market – By End Users:

• Providers
• Payers
• Patients

Wireless Health Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

The global wireless health market is expected to be dominated by North America, followed by Europe, Asia-Pacific, and the rest of the world. The Asia-Pacific region is expected to experience the highest growth during the forecast period.

The market is expected to grow fastest in the Asia-Pacific region in the coming years. Growth in the Asia-Pacific region can be attributed to factors such as population growth, increasing internet penetration, growing medical tourism, growing government initiatives for e-health, and growing demand for health care medical quality.

KEY MARKET PLAYERS:

Noteworthy companies leading the global wireless health market profiled in this report are Healthcare Solutions, Inc. (United States), AT & T, Inc. (United States), Cerner Corporation (United States), Omron Corporation (United States), Philips Healthcare (United States), Verizon Communications, Inc. (United States), Qualcomm, Inc. (United States), Aerohive Networks, Inc. (United States), Vocera Communications, Inc. (United States) and Alcatel-Lucent (United States)

KEY HAPPENINGS IN THIS MARKET IN THE RECENT PAST:

• January 2018: GE Healthcare has established a long-term strategic partnership with Roche to develop and commercialize digital clinical decision support solutions jointly.
• March 2018: GE Healthcare launches a new visual analytics solution based on Microsoft Power BI. As a result, data collected from wireless devices can be analyzed and better used to help patients.
• March 2018: Nihon Kohden launches the NK-HIQ wireless patient monitoring system. This system provides a secure platform for data acquisition and management using Wi-Fi technology to enable patients and security monitoring in the hospital environment.
• At the University of Illinois at Urbana-Champaign and Northwestern University, engineers showed adhesive patches that can be used daily to monitor the patient's ECG. Besides, the patient's record is easily accessible via a mobile phone or wireless computer.