Wireless Health Market is Expected to Get US $309 Billion By 2025
Added: (Mon Nov 13 2017)
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A research study titled, “Wireless Health Market by Technology, Component, Application and End User - Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the wireless health market is projected to be around $309 billion by 2025.
In wireless health, the traditional medicines are combined with wireless technology for diagnosis, treatment and monitoring of disease. Patient’s physiological condition can be determined by wireless healthcare devices. Markers of the chronic diseases can be monitored by wireless health which will lead to more effective management of these diseases. Wireless health can be useful in monitoring blood pressure, fluid stats and cardiac function of a patient for effective management. This reduces hospital stays and emergency room visits. Wireless health can also be used in communicating health information about a patient suffering from trauma present on field.Wireless health allows patient to live his life without restricting the interaction between the patient and clinician to a specific time and place. Wireless health helps in offering diagnosis, monitoring and treatment to patients in places where it is difficult to reach.It helps the clinical workforce to diagnose and monitor huge populationby means of automated monitoring.
The software market will witness considerable growth during the forecast period as the awareness about the advantages of healthcare IT is on the rise across the world. Increasing adoption of software applications related to different healthcare processes such as diagnostics and patient monitoring will drive the growth of this market over the forecast period. The WPAN segment accounted for the majority of the wireless health market in 2016. The high security features of the technology along with low cost implementation have majorly contributed to the robust growth of this market.
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Patient-specific application segment accounted for the largest shareof the market in 2016, due to rise in adoption of patient specific products and need for quality healthcare. Services providers segment accounted for the major share of the overall market in 2016, due to large number of healthcare providers adopting wireless health solutions to deliver high quality health care.
U.S. held the major share of the North America wireless health market in 2016 owing to the huge spending on healthcare IT in the country. According to a survey conducted by the Department of Health and Human Services in May 2016, nearly all the hospitals in the U.S. are using certified Electronic Health Records to manage patients’ health records. Emerging countries such as China and India are aggressively adopting wireless health technologies.
Strategic collaborations and product development are the major strategies adopted by the companies operating in the global wireless health market. For instance, in August 2016, Philips Healthcare and Qualcomm Life Inc. collaborated to leverage Philips HealthSuite and Qualcomm Life’s 2net platform to advance personalized connected healthcare. Likewise, in October 2014, Philips Healthcare collaborated with Eseye, aglobal provider of M2M cellular connectivity, for supplying Multi-IMSI AnyNet connectivity for their telehealth platform, Philips Motiva. Moreover, in November 2016, Smiths Medical launched PharmGuard interoperability software for smart pump programming.
Some of the key players in the global wireless health market are AT &T, Inc., Cerner Corporation, Alcatel-Lucent, Omron Corporation, Verizon Communications, Inc., Qualcomm, Inc.,Allscripts Healthcare Solutions, Inc., Aerohive Networks, Inc., Philips Healthcare, and Vocera Communications, Inc.
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Key Findings of the Research Study:
• The software segment is expected to witness lucrative growth during the forecast period due to rapid adoption of healthcare IT software products by the industry.
• The WPAN segment accounted for the largest share in the wireless health market in 2016 as it is widely used to link wireless healthcare devices with computers.
• The Bluetooth segment accounted for the largest share of the WPAN market in 2016 owing to its low cost application.
• North America accounted for the major share of the global wireless health market in 2016 due to the large scale adoption of wireless healthcare devices and software solutions in the countries such as U.S. and Canada.
• Asia-Pacific market will experience robust growth during the forecast period due to rapidly increasing internet penetration and adoption of wireless medical devices.
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