The Wireless Health Market size is forecast to reach $139.6 billion by 2026, growing at a CAGR of 21.4% during the forecast period 2021-2026. Wireless technology is used in wireless health to perform diagnosis monitoring and treatment of illness using wireless medical equipment. It improves the patient experience while supporting patient care by tracking health parameters including blood pressure and glucose level monitoring. Increasing advancements in wireless communication technologies and growing internet penetration along with the increasing utilization of connected wearable devices in the management of chronic diseases are the major factors driving the growth of the market. Rising adoption of the patient-centric approach by healthcare providers and mainstreaming of cloud computing is set to further enhance the overall market demand for the Wireless Health Market for the period 2021-2026.
Wireless Health Market Segment Analysis – By Technology
WPAN (Wireless Personal Area Network) held the largest share in the Wireless Health Market in 2020 and is estimated to grow at a CAGR of 19.8% during the forecast period 2021-2026. WPAN interconnects medical devices centered around an individual person’s workspace in which the connection are wireless. It is becoming the choice for patient monitoring, electrocardiograms, and hospital wireless networks to improve information flow and the quality of care. It is the most effective way to reduce the cost by real-time inventory management. WPAN enables hospitals to control the movement of their assets and maximize the utility of stock locations or the used prescription drugs count. Wireless wide area network provides better security and global wireless coverage including regional and nationwide. It utilize cellular technology to securely transfer data. Wireless Wide Area Network is set to be the highest growing segment and is estimated to register the highest CAGR over the period 2021-2026.
Wireless Health Market Segment Analysis – By Application
Physiological Monitoring held the largest share in the Wireless Health Market in 2020 and is estimated to grow at a CAGR of 22.7% during the forecast period 2021-2026. WPAN helps in physiological monitoring systems to measure specified physiological data and also provide location-based information. It involves monitoring of patients remotely by means of devices that transfers patient data to remote locations wirelessly. It helps to alleviate the difficulty experience by the medical experts in monitoring multiple patient’s simultaneously and enables them to observe patients without having to be physically present. It removes the geographical barriers in getting specialist care. Physiological Monitoring is set to be the highest growing segment and is estimated to register the highest CAGR over the period 2021-2026.
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Wireless Health Market Segment Analysis – By Geography
North America dominated the Wireless Health Market with a major share of 40.8% in 2020. This is attributed to government initiatives such as the Affordable Care Act and favourable reimbursement scenario along with the high purchasing power of advanced equipment. Increasing preference toward value-based care and increasing use of digital services for health management is also increasing the growth of the market in this region.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the increasing population and growing internet penetration. Rising medical tourism, increasing governmental penetration initiatives for eHealth and growing demand for quality healthcare is also increasing the growth of the market in this region.
Wireless Health Market Drivers
Technological advancements is increasing the growth of the Wireless Health Market. Technological advancements has enabled manufacturers to develop pharmaceutical dosage forms that contains an ingestible sensor inside the pill to transfer the data after consumptions. Increasing advancements in wireless technologies has provided an opportunity to monitor the condition of patients, sends reminders to adhere to the respective prescribed treatment, and also notifies the healthcare status reports. Thus, increasing the growth of the Wireless Health Market during the forecast period 2021-2026.
Increasing Application of Internet of Things in Medical and Increasing Cardio Vascular Diseases
Increasing application of internet of things in medical and increasing cardiovascular diseases is increasing the growth of the Wireless Health Market. This is attributed to the fact that heart patients require continuous monitoring of certain vital body parameters such as heart rate, pulse rate, and electrocardiograms that shows current health status clearly. With the help of wireless network, the healthcare industry are able to access files remotely to direct diagnosis in case of unavailability. Blockchain initiatives are being widely implemented in the healthcare sector to help users by collecting data about all their physical activities, sleep, and overall health in hospitals. Thus, increasing the growth of the Wireless Health Market during the forecast period 2021-2026.
Wireless Health Market Challenges
Issues Pertaining to Cybersecurity and Privacy
Some of the factors that are set to impede the growth of the Wireless Health Market are the issues pertaining to cybersecurity and privacy as vast amount of healthcare data are generated during the course of treatment in medical centers and the theft of such data can damage privacy of patients.
Wireless Health Market Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Wireless Health Market. In 2020, the Wireless Health Market share is consolidated by the top ten players present in the market. Wireless Health Market, top 10 companies are Allscripts Healthcare Solutions Inc., Cerner Corporation, Omron Corporation, GE Healthcare, Aerohive Networks, Philips Healthcare, Berizon Communication Inc., Vocera Communication Inc., Alcatel Lucent, and Cisco Systems Inc. among others.
In April 2020, GE Healthcare and Microsoft had collaborated in order to launch covid-19 patient monitoring software for health systems and hospitals. This drives the market during forecast period.
In June 2019, Aerohive Networks was announced as the second-largest vendor in the enterprise-class cloud-managed wireless local area network.
North America dominated the Wireless Health Market in 2020 owing to the government initiatives such as the Affordable Care Act and favourable reimbursement plan along with the high purchasing power of advanced equipment. The Wireless Health Market scope for different regions will be provided in the final report.
Rising incidences of chronic disease and increasing application of internet of things in medical sector are likely to aid in the market growth of the Wireless Health Market.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Wireless Health Market report.
Issues pertaining to cybersecurity and privacy are poised to create hurdles for the Wireless Health Market.
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