The global Wireless Health market size is expected to be worth around US$ 415.4 billion by 2030, according to a new report by Vision Research Reports.
The global Wireless Health market size was valued at US$ 57.5 billion in 2020 and is anticipated to grow at a CAGR of 33.5% during forecast period 2021 to 2030.
Growth Factors
An increase in the number of eHealth initiatives worldwide, an increase in the penetration of smartphones and Internet connectivity, and growth in the trend of self-disease management are some of the factors boosting the market growth. A growing trend toward the use of wearable devices for monitoring physical parameters, such as sleep, blood pressure, heart rate, and physical activity, is also driving the wireless health market.
The growing geriatric population and subsequent rise in chronic disease burden is also driving the market. According to The Wall Street Journal, there has been an increase in the usage of digital medicine, which enables the management of chronic conditions such as diabetes, heart diseases, and respiratory diseases. Moreover, these digital medicines are cost-effective alternatives to traditional disease management.
Shifting trend toward value-based care is another factor contributing to the growth of the wireless health market. At present, some of the telehealth services, such as consulting a doctor via video connection, are reimbursed by CMS. The use of digital services such as various platforms for health management has promoted the development of various applications for managing diabetes, heart diseases, and asthma. The use of applications for chronic disease management, fitness tracking, supporting medication adherence, preventing hospital readmissions, symptom tracking, and managing mental and behavioral health are on the rise.
Report Highlights
Wireless Personal Area Network (WPAN) emerged as the largest technology segment in 2016 with a revenue share of 36.2%. This can be attributed to an increase in usage of wireless technologies in healthcare, growth in the trend of and telehealth, and an increase in initiatives worldwide. The penetration of technology standards, such as Zigbee and Bluetooth, in healthcare applications, is increasing. Owing to the rise in penetration of WPAN in healthcare applications and continued research in this field, this segment is anticipated to exhibit the highest CAGR of 23.8% over the forecast period.
Wireless Local Area Network (WLAN) and Wireless Wide Area Network (WWAN) are also important technology segments in terms of revenue share. R&D pertaining to the integration of WLAN and Worldwide Interoperability for Microwave Access (WiMAX) for healthcare applications such as physiological monitoring is rising. Various regional initiatives for the implementation of healthcare IT infrastructure is also expected to propel the market.
WiFi4EU is an example of one such initiative. The European Commission announced the availability of free Wi-Fi connectivity to citizens and visitors at public places such as public buildings, parks, health centers, and museums. EC has announced a planned budget of EUR 120 million for a period of two years from 2017 to 2019 for the installation of Wi-Fi equipment.
Software emerged as the largest component type segment in 2016 with a revenue share of 41.7%. Key factors that can be attributed to this growth are an increase in penetration of the Internet, a rise in usage of IT in healthcare, and growth in the number of regional eHealth initiatives. Moreover, companies are entering into strategic alliances with other market players to increase the penetration of these solutions in healthcare.
Continuous technological advancements in IT and software is also a key factor boosting the market for wireless technologies. HealthSuite is a digital platform developed by Philips Wellcentive for clinical care. It is an open cloud-based platform for collecting, compiling, and analyzing clinical as well as other data from multiple sources and devices, including imaging and monitoring data, medical records, and personal devices and technologies. Analytics are used to derive insights on this platform.
The services segment is expected to clock in a lucrative CAGR of 24.7% owing to an increase in demand for health and wellness monitoring systems and growth in the need for disease management. Moreover, an increase in the adoption of healthcare analytics and fraud management in developed regions is driving demand for these services.
The patient-specific application segment emerged as the largest revenue generator in 2016 with a share of over 56.0% in the wireless health market. Patient-specific applications are further segmented into physiological monitoring and patient communication and support. An increase in penetration of mobile phones and Internet connections, a rise in the number of mHealth applications, and growth in health consciousness among the population are some of the factors responsible for the growth of wireless health among patients.
The trend of ‘prescribing applications’ is also rising globally. Various initiatives are being undertaken for promoting and prescribing mHealth applications. An increasing number of “software as medical devices” are receiving FDA approval. In addition, data privacy policies have enabled the safe use of mHealth applications. All these factors are increasing dependency on these applications.
The number of research initiatives pertaining to the development of patient-centered applications is increasing. MyT1D Hero is being developed by researchers at Michigan State University to connect parents and adolescents with type 1 diabetes for promoting self-management. This research is funded by the America Diabetes Association.
Patients emerged as the largest end-use segment with a revenue share of 50.8% in 2016. Rise in prescribed applications, such as mHealth, telehealth, and wellness applications, growth in the trend of self disease management, and increase in chronic disease burden are some of the factors promoting the market growth. The increasing trend of using wearable sensors for monitoring health parameters is also a significant factor driving the market.
The providers segment is expected to exhibit the highest CAGR of 24.9%. This can be attributed to an increase in the use of wireless technologies by healthcare providers. These applications, software, and platforms assist in improving operational efficiency along with ensuring timely care management and care delivery. They also reduce possible medical errors. Thus, dependency on these platforms in healthcare centers is rising.
PHM platforms, which provide real-time insights to healthcare providers for identifying and addressing care gaps, are an example of these platforms. They help providers improve patient outcomes along with cost reductions. They encompass various functions such as patient engagement, care management, analytics and business intelligence, and performance evaluation.
North America emerged as the largest market in 2016 with a share of over 49.0%. Some of the key factors that contribute to its share are an increase in disease burden and a rise in healthcare expenditure that demands cost-cutting measures. Moreover, improved healthcare IT infrastructure, an increase in adoption of IT-enabled services, and a rise in awareness among the population regarding wireless technologies are among the few factors contributing to market growth. Increasing dependency on fitness devices by the population is positively influencing the market.
Healthcare expenditure in North America is anticipated to rise by approximately 4.6% annually from 2015 to 2019 and this is creating the need for cost-cutting initiatives. Payer trends shifting toward value-based payment models and the emergence of platforms such as PHM, care management, and point-of-care solutions are among major factors that can be attributed to the growth of wireless health. Moreover, regional initiatives undertaken for the development of eHealth and clinical interoperability are some factors reinforcing market growth.
Asia Pacific is anticipated to witness the highest CAGR of 25.7%. Some of the key factors attributed to rapid growth in this region are improving healthcare infrastructure, increase in penetration of the Internet, and growth in awareness about wireless technologies. Moreover, an increase in the geriatric population and the rising burden of chronic diseases are expected to present significant growth opportunities for the market. Governments of various countries are undertaking initiatives to promote eHealth and interoperability. In addition, various laws and standards are being introduced for securing patient information, thereby protecting patient interests.
Key Players
; Allscripts; Cerner Corporation; Omron Corporation; Koninklijke Philips N.V.; Epic Systems Corporation; and Evolent Health, Inc.
Market Segmentation
Technology Outlook
WLAN/Wi-Fi
WPAN
WiMAX
WWAN
Component Type Outlook
Software
Hardware
Services
Application Outlook
Patient-specific
Physiological monitoring
Patient communication and support
Provider-specific
End-use Outlook
Providers
Payers
Patients/Individuals
Regional Outlook
North America
The U.S.
Canada
Europe
Germany
The U.K.
Asia Pacific
China
Japan
Latin America
Brazil
Mexico
Middle East & Africa
South Africa
The Wireless Health market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Wireless Health market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Wireless Health market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Wireless Health market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Wireless Health market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Wireless Health capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Wireless Health by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Wireless Health market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Wireless Health market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Wireless Health market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Wireless Health industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Wireless Health market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Wireless Health market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Wireless Health market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Wireless Health market. These factors have benefited the growth of the global market for Wireless Health. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Wireless Health. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Wireless Health are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
Research Methodology:
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
To strategically profile the key players and comprehensively analyze their growth strategies.
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