Wireless health is the integration of wireless technology with traditional medicine, such as diagnosis, monitoring, and treatment of diseases, as well as other tools that can help individuals improve their personal. The wireless health market is growing at an influential rate and is anticipated to grow at a significant CAGR during the forecast period. Factors such as advancements in wireless communication technologies, increasing utilization of wireless devices in the management of chronic diseases, the growing trend toward the use of connected devices for monitoring physical parameters, such as sleep, blood pressure, etc., and rapidly increasing internet penetration rate are positively influencing the wireless health market.
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According to UnivDatos Market Insights (UMI)’ research report “global wireless health market”, the market is expected to witness a growth of around 25% during the forecast period (2021-2027). This is mainly due to the advancements in wireless communication technologies and increasing utilization of wireless devices in the management of chronic diseases along with the rapidly increasing internet penetration rate.
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Based on technology, the market is categorized into WLAN/Wi-Fi, WPAN, WiMAX, and WWAN. The WPAN segment captured a significant share of the wireless health market in 2020 and is anticipated to witness strong growth during the forecast period. The growth of this segment can be attributed to the lower costs of WPAN than WLAN, WiMAX, and WWAN and the flexibility, security, and ease of use of WPAN.
Based on application, the market is divided into patient-specific, physiological monitoring, provider/payer-specific, and others. Among these categories, the patient-specific segment accounted for a commendable share of the market in 2020 and is expected to grow at a robust growth rate during the forecast period mainly due to the increasing adoption of patient-specific applications and rising investment in the research programs for developing patient-specific applications to manage individual health.
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North America to witness substantial growth
North America held a prominent share of the global wireless health market in 2020 and is expected to showcase a prominent growth rate during the forecast period. This can be attributed to the responsiveness toward the latest technological advancements and constant digital transformation in the healthcare industry. In addition, the increasing disease prevalence and healthcare expenditures are further convulsing the growth of the wireless health market in the region. For instance, according to the US Department of Health and Human Services (HHS), health spending stood at 19.7% of GDP in 2020 compared with 17.6% of GDP in 2019.
According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the global wireless health market are Allscripts Healthcare Solutions Inc., AT&T Inc., Cerner Corporation, Omron Corporation, Philips International B.V., Verizon Communications Inc., Qualcomm Technologies Inc., Vocera Communications Inc., Aerohive Networks Inc., Alcatel–Lucent S.A. along with partnerships have been undertaken by these players to boost their presence in different regions.
“Global Wireless Health Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.
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Market Segmentation:
1. By Component (Hardware, Software, and Services)
2. By Technology (WLAN/Wi-Fi, WPAN, WiMAX, and WWAN)
3. By Application (Patient-Specific, Physiological Monitoring, Provider/Payer-Specific, and Others)
4. By End-User (Providers, Payers, and Patients)
5. By Region (North America (US, Canada, Rest of North America), Europe (Germany, France, Spain, UK, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific), Rest of World)
6. By Company (Allscripts Healthcare Solutions Inc., AT&T Inc., Cerner Corporation, Omron Corporation, Philips International B.V., Verizon Communications Inc., Qualcomm Technologies Inc., Vocera Communications Inc., Aerohive Networks Inc., Alcatel–Lucent S.A.)
Key questions answered in the study:
1. What are the current and future trends of the global wireless health industry?
2. How the industry has been evolving in terms of component, technology, application, and end-user?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the global wireless health industry?
5. What is the customer orientation, purchase behavior, and expectations from the global wireless health solution providers across various region and countries?
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