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Global Wireless Health Market will grow at 7.1% CAGR to exceed $ 427Bn by 2022

Press Release   •   Jan 15, 2018 07:11 EST

Wireless Health market is expected to witness a significant growth owing to its applications to improve the delivery, quality, timeliness, and availability, as well as to reduce the total or life cycle costs of health care. These costs are being driven by the combination of aging populations and rising demands for the use of increasingly expensive technology, as well as the spread of chronic conditions such as diabetes and cardiovascular diseases. For example, as per the Population Health Management; diabetes will remain a major health crisis in America, in spite of medical advances and prevention efforts. The prevalence of diabetes (type 2 diabetes and type 1 diabetes) will increase by 54% to more than 54.9 million Americans between 2015 and 2030; annual deaths attributed to diabetes will climb by 38% to 385,800; and total annual medical and societal costs related to diabetes will increase 53% to more than $622 billion by 2030. The major advantage of the wireless health is to promote the extension of care beyond hospitals, clinics and doctors’ offices to patients’ homes and other locations for the better connectivity and communication between patients and their care providers. Another capability of growing interest for wireless medical devices is image transfer. Applications such as remote monitoring, remote supervision of surgical operations, and point-of-care solutions require high integrity transmission of still and video images, intelligent compression algorithms and techniques to identify the useful data and avoidance of unwanted, i.e. misleading artifacts.

According to the report, the global wireless health market accounted for USD 45.40 billion in 2016 and is expected to reach USD 142.48 billion by 2022, growing at a CAGR of around 21% between 2017 and 2022.

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With the increasing number of geriatric population coupled with the need of continuous health monitoring is the major driving factor for the demand of wireless health. In addition, innovative advancements in wireless communication technologies and increasing adoption of the utilization of wireless connected devices in the management of chronic diseases are also expected to supplement the growth in this market within the forecast period. Furthermore, increasing penetration of internet is also expected to boost the growth in wireless health market. However, the high initial cost of wearable health devices, dearth of well trained & skilled professionals and Tortuous and expensive paths for introducing wireless innovations into healthcare products and services, such as those involving FDA approval can hamper the growth in this market within the forecast period. In spite of these restraints, technological advancements to develop new innovative wireless health devices can be an opportunity in this market within the forecast period.

On the basis of the component, the global wireless health market is categorized into; software, hardware and services. In this segment, software has dominated by accounting for the largest share of the global market in 2016. Major growth driver for the demand of software includes rising adoption of healthcare IT solutions. On the basis of technology, wireless health market segment is categorized into WLAN/Wi-Fi, WPAN, WiMAX and WWAN.

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On the basis of application, Wireless Health market segment is categorized into patient-specific, patient communication and support, physiological monitoring and provider/payer-specific. The application segment is expected to dominate by patient-specific application owing to increasing awareness and adoption of wireless devices. An end-user segment of the wireless health market includes the: providers, payers and patients/individuals.

The regional segmentation includes the present and forecast demand for North America, Europe, Asia Pacific, Latin America and the Middle East and Africa with its further bifurcation into major countries including China, Japan, India, U.S. Germany, France, UK, and Brazil. North America has accounted for largest share of this market in 2016 and is expected to witness the fastest growth in global wireless health market in coming five years. Major driving factors of this market in this region are government initiatives such as the Affordable Care Act.

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Europe is expected to attribute for the second largest position in this market within the forecast period due to the more inclination towards developing new innovative healthcare technologies. Asia Pacific is expected to be one of the attractive markets for wireless health within the forecast period owing to the increasing awareness about wireless devices and improving healthcare infrastructure. Latin America and Middle East and Africa are expected to show a positive growth in this market in the coming five years.

Some of the key players of wireless health market such as Siemens A.G., Omron Corporation, AT &T, Inc., GE Healthcare, Verizon Communications, Inc., Koninklijke Philips N.V., Polar Electro, Nihon Kohden, Mckesson Corporation and Cerner Corporation among others.

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