Wireless Health Market

Market Overview

The global wireless health market size was valued at USD 160.33 billion in 2022. It is projected to reach USD 1033.14 billion by 2031, growing at a CAGR of 23% during the forecast period (2023–2031). Factors such as increase in the use of wearable devices and technological advancements, significantly drives the wireless health market demand by 2031.

Wireless technology is used in wireless health to diagnose, track, and treat disease. The healthcare industry is leaning toward the adoption of wireless technology because it allows for remote monitoring and evaluation of patient health and uses health parameters like blood pressure, heart rate, compact sensors, digital heartbeat monitor, glucoTrack sensors, and glucose level monitoring to keep track of the patient's health. Healthcare professionals can monitor and treat patients in an emergency thanks to some wireless devices fitted with communication and global positioning systems. The healthcare sector has gradually integrated information technology over the past ten years. However, recent federal legislation and new trends are altering the landscape and necessitating a faster adoption of health IT in healthcare, particularly for medical devices. The increased use of healthcare solutions in chronic disease cases, patient-friendly techniques, and user-friendliness drive the market. However, the global market may be constrained by poor network connections in developing and underdeveloped countries, high initial costs, a shortage of trained IT professionals, and the distributed nature of end users.

Market Dynamics

Wireless Health Market Drivers

Increase in the Use of Wearable Devices

Wearable medical devices are anticipated to experience the fastest growth among wireless health products. Because the information provided by contemporary wearable medical devices is simple to understand, their popularity is anticipated to proliferate among people who are not medical professionals. These tools allow people to make quick lifestyle changes to heighten their physical stature. Over 65% of technologies are wearable on the wrist in the form of watches, with the remaining 35% being wearable on the arms, torso, and waist. Along with the aesthetics, the device also has several other features for durability, such as weatherproofing and waterproofing. The most recent developments are telecommunication, wireless connectivity, and improved user interface. The introduction of smartphones has led to a multiple-fold increase in the growth of applications that can now store and retrieve a person's history for long-term mapping and fitness improvement.

Technological Advancements Such as the Internet of Medical Things

Introducing new information technologies like the Internet of Medical Things (IoMT) and Blockchain is anticipated to boost the wireless health market growth. For the record, the Internet of Medical Things (IoMT) involves a connected infrastructure of medical devices, software applications, and health systems and services, which enables the wireless healthcare device to perform remote monitoring by keeping the patients safe and healthy as well as helping the physicians to deliver quality healthcare. Furthermore, Blockchain initiatives are being extensively implemented in the healthcare sector. For example, the Estonian e-Health Foundation and Guard time have entered into a strategic partnership to implement a Blockchain-based system to secure millions of medical records worldwide.

Wireless Health Market Restraints

Lack of Skilled Professionals

A potential global market restraint is the lack of trained IT professionals, poor network connections in developing and underdeveloped countries, high initial costs, and the distributed nature of end users. The market is expanding due to rising demand for remote patient monitoring services and rising tablet and smartphone usage. Due to their low immunity and lengthy recovery times, the geriatric population is growing, helping to increase the demand for patient care. Like many other low- and middle-income nations, India struggles with severe shortages and uneven distribution of skilled healthcare workers. The lack of qualified healthcare workers is exacerbated by the fact that these workers are concentrated in urban areas, leaving rural areas without access to high-quality care.

Wireless Health Opportunities

Decrease in the Cost of Electronic Devices

The market is driven by several important factors, including the growing use of the internet globally and the falling costs of electronics, which have made these devices accessible to middle- and even low-income groups worldwide. Neuromonitors like EEG and EMG devices, insulin monitors, and ECG monitors are all included in the global wireless health market by-products. Many devices can diagnose, detect, and send patient records to centralized servers that are simple for healthcare providers to access. Patient comfort, accurate detection and analysis, and access to patient data stored for a significantly extended period, such as weekly or monthly, are all advantages of wireless health devices. Engineers from Northwestern University and the University of Illinois at Urbana-Champaign recently showed off stick-on patches that can be worn daily to monitor patients' ECGs.

Regional Analysis

The global wireless health market share is bifurcated into four regions: North America, Europe, Asia-Pacific, and LAMEA.

North America Dominates the Global Market.

North America is the most significant global wireless health market shareholder and is expected to grow at a CAGR of 22.97% during the forecast period. The U.S. and Canada are included in the analysis of the market for wireless health in North America. One of the biggest markets for wireless healthcare is the United States. The nation is supported by a healthcare industry that is technologically cutting edge and by ongoing advancements in wireless technology. Leading companies making significant investments in Canada to gather extensive data related to the healthcare sector are taking notice of the country's growing use of the 5G network. For the record, Dr. Maxwell House of the Memorial University of Newfoundland invented wireless healthcare in 1970 to deliver telephone consultations to remote areas of Canada. Among the few factors influencing the market growth are improved healthcare IT infrastructure, an increase in the adoption of IT-enabled services, and a rise in public awareness of wireless technologies. The population's growing reliance on fitness equipment is helping to drive the market.

Asia Pacific is expected to grow at a CAGR of 24.2% during the forecast period. The Asia-Pacific wireless health market analysis includes China, India, Japan, Australia, and the rest of Asia-Pacific. The development of the healthcare sector, the expansion of the Internet, and the increased awareness of wireless technologies are some of the main drivers of this area's rapid growth. In addition, it is anticipated that a growing geriatric population and the burden of chronic diseases will offer the market significant growth opportunities. Various governments are launching programs to advance interoperability and eHealth. Additionally, several laws and standards are being introduced to safeguard patient information and the interests of patients. The region is also supported by major wireless revenue generators, India, China, and Japan.

Segmental Analysis

The market is segmented by component, technology, application, and end user.

Based on components, the global market for wireless health is bifurcated into software, hardware, and services.

The software segment is the highest contributor to the market and is expected to grow at a CAGR of 23.71% during the forecast period. The Internet’s penetration, IT use in healthcare, and the number of regional eHealth initiatives are all essential contributors to this growth. Additionally, businesses are forming strategic alliances with other market participants to widen the adoption of these solutions in the healthcare sector. Continuous software and IT technological advancements are significant drivers of the market growth for wireless technologies. Philips Wellcentive created a digital platform called HealthSuite for clinical care. On this platform, analytics are used to generate insights.

Based on technology, the global wireless health market is bifurcated into wireless local area networks, wireless personal area networks, worldwide interoperability for microwave access, and a vast wireless area network.

The wireless personal area networks segment is the highest contributor to the market and is expected to grow at a CAGR of 23.56% during the forecast period. This is explained by the rise in mHealth and telehealth initiatives worldwide and wireless technologies in healthcare. Technology standards like Zigbee and Bluetooth are becoming more and more prevalent in healthcare applications. This market is expected to grow at the highest CAGR over the forecast period due to the increasing use of WPAN in healthcare applications and ongoing research in this area.

Based on application, the global wireless health market is bifurcated into patient-specific applications, physiological monitoring, patient communication & support, and provider-specific applications.

The patient-specific applications segment is the highest contributor to the market and is expected to grow at a CAGR of 24.12% during the forecast period. Patient-specific applications are further divided into patient communication and support and physiological monitoring. Some of the factors causing the growth of wireless health among patients include an increase in the penetration of mobile phones and Internet connections, an increase in the number of mHealth applications, and a rise in population health consciousness. Globally, the practice of "prescribing applications" is on the rise. To promote and prescribe mHealth applications, various initiatives are being undertaken. The FDA is approving increasing "software as medical devices."

Based on end users, the global market for wireless health is bifurcated into providers, payers, and patients.

The patient segment is the highest contributor to the market and is expected to grow at a CAGR of 23.28% during the forecast period. Some factors driving market growth include the rise in prescribed applications like mHealth, telehealth, and wellness programs, the trend of self-disease management, and the burden of chronic diseases. An important factor driving the market is the rising trend of using wearable sensors to track health metrics. This is due to healthcare providers using wireless technologies more frequently. These platforms, programs, and applications help ensure timely care coordination and delivery while enhancing operational effectiveness.

Impact of covid-19

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.

Recent Developments

• October 2022, A model illustrates how errors in RNA splicing cause Alzheimer's disease. A model developed by researchers at St. Jude Children's Research Hospital to investigate the role of RNA splicing errors in Alzheimer's disease revealed neuron hyperexcitability as the primary cause of degeneration and toxicity.
• In October 2022, Cybernet Medical Computers' cloud-based operating system received IGEL certification. The READY partnership program of IGEL has officially accepted Cybernet Manufacturing, which is happy to announce. This enables Cybernet to include the IGEL OS, an operating system designed for cloud computing and endpoint management, in its computer offerings.