Global Statistics Representing Wireless Health Market Scenario
Wireless health is a wireless technology that is used for diagnosing, monitoring, and treating sickness. It enables remote monitoring and evaluation of patient’s health and uses health parameters, such as blood pressure, heart rate, compact sensors, digital heartbeat monitor, glucoTrack sensors, and glucose level monitoring for keeping track of the patient’s health, which is why the healthcare sector is inclining towards the adoption of wireless technology. Some of the wireless devices are equipped with communication systems and global positioning systems, which enables healthcare providers to monitor and treat patients in emergency situations.
Current trend and Technology Insights
Currently, there are a plethora of wireless sensors available in the market to measure a patient's biophysical signals. For instance, smart gym equipment and smart refrigerators allow the physicians to get real-time alerts. In some cases, the various sensor is attached to the patients and directly connected to the hospital servers through a wireless network and the data is regularly updated in the medical records.
Moreover, the Canada-based company Cloud DX’s Vitaliti platform is under clinical trials and pending for FDA approval, which consists of four wireless devices connected to a mobile app, allowing patients to quickly access multiple test results for up to 19 disease conditions, including chronic obstructive pulmonary disease (COPD), atrial fibrillation, hypertension, and sleep apnea.
The global wireless health market by products encompasses ECG sensors, insulin sensors, and neuromonitoring sensors, such as electroencephalogram (EEG) and (Electromyography) EMG devices, which are capable of diagnosing, tracking, and exchanging patient records with a centralized server accesses by the health care providers. Recently, researchers at the University of Illinois have demonstrated “stick-on patches” that can be used regularly to track the ECG of the patients.
Major Factors Responsible for the Market Growth
Software Segment Likely to Dominate the Wireless Healthcare Market
The wireless health market is segmented into technology adopted, component, application, end-user. By technology, the market is segmented into wireless local area network (WLAN), wireless personal area network (WPAN), and worldwide interoperability for microwave access (WiMAX), wireless wide area network (WWAN) and others (Zigbee, Bluetooth, ant+, ultra-wideband (UWB), Z-Wave, RFID). By component, the market is trifurcated into software, hardware, and services. By application, the wireless health market is segmented into patient-specific, physiological monitoring, patient communication, and support and payer-specific. By End-user, the market is segmented into providers, payers, and patients.
In 2018, the Wireless Personal Area Network (WPAN) emerged as the largest technology segment with a revenue share of over 40%. This can be attributed to the increasing use of wireless technologies in the healthcare sector and the rising adoption of mobile health (mHealth), eHealth, ZigBee, Bluetooth, and telehealth. The Wireless Local Area Network (WLAN) and the Wireless Wide Area Network (WWAN) are also key technology segments in terms of revenue share on account of increasing R&D activities in the field of WLAN and WiMAX in healthcare applications.
The software segment is grabbing the largest share in the wireless health market due to increasing internet penetration, rising use of IT in healthcare, continuous technological advancements, rising demand for health and wellness monitoring systems, increasing adoption of healthcare analytics, and growing demand for improving workflow efficiency in hospitals.
In 2018, the patient-specific application segment surfaced as the largest revenue generator in the wireless health market. The patient-specific applications are further bifurcated into physiological monitoring and patient communication and support. In the end-user, the patient segment is grabbing a significant share in the market on account of the rising prevalence of chronic diseases and increasing adoption of prescription applications, such as m-Health, telehealth, and wellness applications.
North America is dominating the wireless health market on account of the rising number of internet users and the high adoption of newer technologies. The U.S. is one of the biggest markets for wireless healthcare sector. The country is backed with the technologically advanced healthcare sector and continuous innovation in the field of wireless technology. In Canada, the increasing use of the 5G network is grabbing the attention of leading players who are heavily investing in the country to collect big data associated with the healthcare sector. For the record, wireless healthcare was first developed by Dr. Maxwell House of the Memorial University of Newfoundland in 1970 to provide telephonic consultations to remote regions in Canada. Today, over 60% of the healthcare sector is publically funded in Canada. For instance, the government developed an initiative, named ‘Canada Health Infoway’ to monitor the patients’ health living in rural areas. Similarly, in the U.S., Kaiser Permanente—the largest non-profit healthcare organization—reported that over 50% of physician-patient interactions took place through a wireless health system in 2016.
Europe is second in the wireless healthcare systems on account of the rising geriatric population, increasing healthcare expenditure, rapid digitalization, presence of leading players, and growing government support. For instance, in 2018, the region prioritized the development of Electronic Health Records (EHRs) and is launching a number of incentive programs for the implementation of healthcare technology, such as eHealth and clinical interoperability and the WiFi4EU project, which will provide free Wi-Fi access in public health centers for residents and tourists. Additionally, the healthcare expenditure is anticipated to rise by 5.2% annually, which is further adding fuel to the market growth. Also, the rapid adoption of value-based payment models and the emergence of new platforms, such as the People's Health Movement (PHM), care management, and point-of-care health solutions, are boosting the market growth.
The Asia Pacific is the fastest growing wireless health market. This can be attributed to the increasing awareness regarding wireless technologies, increasing healthcare expenditure, rapidly developing healthcare infrastructure, rising internet penetration, growing geriatric population, and increasing government initiatives. The governments in the region have introduced various laws and standards for securing the patient information, which is further boosting the need for wireless health devices. The region is also backed with the presence of major revenue earners to the wireless market, i.e., India, China, and Japan.
South America is grabbing a significant share in the wireless health market on account of rapidly developing the healthcare sector, rising healthcare expenditure, and rising government support. The governments in the region are arduously working to develop a number of programs. For instance, Plan Nacer in Argentina has been extremely successful. Moreover, Brazil and Argentina spend over 50% and 25% on healthcare expenditure, respectively. Other factors driving the market growth include the rising adoption of advanced technologies, increasing use of the internet, smartphones, wearable devices, mobile health (mHealth) apps and wireless connectivity, and continuous introduction of innovative remote patient monitoring.
The Middle East and Africa
The Middle East and Africa are emerging in the wireless health market on account of the growing adoption of m-Health, rising sales of smartphones and wearable devices, and increasing medical tourism in the field of healthcare monitoring. Whereas, the Sub-Saharan countries in Africa are well established to benefit from wireless health systems like telemedicine and the provision of remote medical services. However, the lack of cultural familiarity with wireless technology is impeding the market growth to some extent.
The global wireless health market is fragmented in nature. Several large and small-scale players are focusing on price, brand, and new product development to expand their consumer base. Some of the key players are engaging in acquisitions, collaborations, and partnerships to gain a competitive edge. For instance, Cerner Corporation announced a strategic collaboration with XG Solutions, Inc. to provide access to Cerner's' HealtheIntent' platform. Similarly, WellDoc launched the first FDA-approved mobile app, named ' BlueStar' for type 2 diabetes management. While AliveCor developed an electrocardiogram based on a smartphone. In October 2018, Philips introduced its FDA approved ' IntelliVue Guardian Technology software ' for patient monitoring. In March 2018, Allscripts Healthcare Solutions launched a new Electronic Health Record (EHR), ' Avenel ' to save the time invested in clinical documentation. Lastly, in June 2018, BioTelemetry, Inc. launched its next-generation ‘wireless blood glucose monitor’ for type 2 diabetes management.
Some of the key market players in the wireless health market include American TeleCare , AliveCor, Abbott, American Medical Development (AMD) Telemedicine Products, GlobalMedia Group ,Cardiocom, Carematix, Cybernet Medical Corporation, InTouch Health, Drager Medical, GE Healthcare, Honeywell HomMed, Intel, LifeWatch Technologies, Medtronic, Philips Medical Systems, MedApps, WellDoc, Roche, St. Jude Medical, Second Opinion Telemedicine Solutions, Inc., Welch Allyn, MedStar Chemotherapy Monitoring, and Proteus Digital Health.
Wireless Health Market Segmentation:
By End User
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