At CAGR of 20.4% Globally Wireless Health Market | 2022 - 2028 | Technology and Application is projected to expand at USD 343.45 Billion: Industry Size, Trends, Forecast Report by Zion Market Research
NEW YORK, March 9, 2022 /PRNewswire/ -- As per Zion Market Research study, The global wireless health market was worth around USD 111.23 billion in 2021 and is estimated to grow to about USD 343.45 billion by 2028, with a compound annual growth rate (CAGR) of approximately 20.4 percent over the forecast period. The report analyzes the wireless health market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the wireless health market.
Zion Market Research published the latest report titled as "Wireless Health Market By Technology (Wireless Personal Area Network (WPAN), Wi-Fi, Worldwide Interoperability for Microwave Access (WiMAX), and Wireless Wide Area Network (WWAN)), By Component (Hardware, Software, and Services), By Application (Hospitals & Nursing Homes, Home Care, and Pharmaceuticals), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028." into their research database.
Wireless Health Market: Overview
Wireless health is a cutting-edge practice that combines conventional health with wireless technology to treat, diagnose, and monitor patients, as well as to improve their overall well-being. It is mostly used for telemedicine, which is utilized to treat patients who are digitally linked to a doctor via video conferencing and who live in places where healthcare services are not readily available. Medical care is connected to suppliers of a sensor, wireless network service providers, hardware systems, enterprise data management groups, and technology developers through wireless health. Wearable gadgets, for example, are applications of wireless health that focus on rehab, early illness identification, and personal health status.
The COVID-19 pandemic significantly triggered the demand for wireless health. The increasing load on healthcare facilities and the rising burden for routine checkups & treatments significantly increased the need for wireless health. Additionally, most of the patients preferred to consult doctors through healthcare apps during the pandemic period to avoid hospital-acquired infections. Besides, many doctors supported to diagnose and treat patients through remote consultations. All these factors significantly increased the revenue inflow for the global wireless health market during the pandemic period.
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It is a basic human need to have better healthcare, from diagnosis through treatment. Everybody should have access to high-quality healthcare, which is now achievable owing to the design of advanced healthcare applications. Wireless technologies are on the verge of revolutionizing health care. The advancement of smart healthcare systems is a common trend these days, and wireless communication is the foundation of these systems. All healthcare units are implementing advanced technologies in order to provide patients with a variety of health services, treatments, and diagnoses both remotely and within hospitals. In the current circumstances, remote healthcare is widely used to provide healthcare to persons living in rural regions and those who are unable to travel. Remote health monitoring and telemedicine are two ways that make this service possible.
Industry Dynamics:
Wireless Health Market: Growth Drivers
Penetration of internet and wireless communication technology is driving the market growth
Increased use of the smartphone has changed the perspective of healthcare professionals. Instead of being distracted by time-consuming administrative procedures, healthcare providers in a connected hospital employ wireless medical devices to offer the highest quality of care to patients. Doctors and nurses can readily access up-to-date patient information, allowing them to make treatment decisions based on real-time medical data, resulting in better patient outcomes. The market is also driven by wearable devices for continuous monitoring. Medical equipment and diagnostic centers are experimenting with body-worn sensors that can monitor vital signs and send them in real-time to an internet platform that can be accessed remotely, thanks to the spread of smartphones and the acceptance of wearable gadgets.
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Wireless Health Market: Restraints
Concerns about data privacy and cybersecurity may limit the market expansion.
Nearly millions of patients are using wireless health to obtain rapid results remotely. However, such vast data with patient history, treatment, and outcomes are volatile to data piracy. Because large volumes of healthcare data are collected over the course of treatment in medical institutions such as hospitals and clinics, data theft might jeopardize patients' privacy. Cyberattacks are the biggest threat for any wireless applications as they can be hacked and used by unauthorized firms or groups, which is also contributing to the slow growth of the market.
Wireless Health Market: Opportunities
IoT in the healthcare sector to increase usage of wireless health.
Internet of Things has the potential to transform the sector significantly, as its applications are easy to adopt and understand. Like many other industries, the Internet of Things (IoT) has aided the expansion of healthcare IT, which has necessitated the creation of a connected medical environment. In the event of unavailability, wireless network solutions aid the healthcare business by allowing physicians to access data offsite to direct diagnostics.
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Wireless Health Market: Challenges
24/7 operational medical sector with no downtime for network maintenance poses the biggest challenge for market.
Continuous patient flow and emergency treatments push the medical sector to function 24/7. It is important that the wireless functions remain operative during critical care. However, this could cause less attention to network maintenance and result in a shutdown of wireless operations.
List of Key Players of Wireless Health Market:
- Qualcomm
- Philips Healthcare
- Motorola Solutions Inc.
- Cisco Systems Inc.
- AT&T Inc.
- Allscripts Healthcare Solutions Inc.
- Aerohive Networks Inc.
- Apple Inc.
- Verizon Communication Inc.
- Samsung Group
Key Industry Insights & Finding of the Wireless Health Market Reports:
- As per the analysis shared by our research analyst, the Wireless Health Market is expected to grow annually at a CAGR of around 20.4% (2022-2028).
- Through the primary research, it was established that the Wireless Health Market was valued approximately USD 111.43 billion in 2021 and is projected to reach to roughly USD 343.45 billion by 2028.
- North America holds the dominant share of 40 % in the global wireless health market.
Key questions answered in this report:
- What are the growth rate forecast and market size for Wireless Health Market?
- What are the key driving factors propelling the Wireless Health Market forward?
- What are the most important companies in the Wireless Health Market Industry?
- What segments does the Wireless Health Market cover?
- How can I receive a free copy of the Wireless Health Market sample report and company profiles?
Report Scope:
Wireless Health Market: Segmentation Analysis
The global wireless health market is segregated based on component, technology, application, and region. The component segment of the market is categorized into software, hardware, and services. Among these, the software segment contributes a major revenue share of about 41 percent. Based on technology, the market is bifurcated into Wireless Wide Area Network (WWAN), Worldwide Interoperability for Microwave Access (WiMAX), Wi-Fi, and Wireless Personal Area Network (WPAN). The application segment is divided into pharmaceuticals, home care, and hospitals & nursing homes. The home care segment is likely to register the highest CAGR by the projected period.
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Recent Developments:
- In December 2021, AT&T, Qure4u, and Samsung formed an alliance to provide remote patient monitoring for high-risk patients using FirstNet®.
- In March 2021, General Electric announced the release of Vscan Air, new wireless, hand-held ultrasound gadget designed to help the corporation gain a competitive edge in the booming market.
Regional Dominance:
- North America holds the dominant share of 40 % in the global wireless health market
North America holds the dominant share of 40 % in the global wireless health market. This is attributed to well-established healthcare infrastructure, a large number of smartphone users, and increasing adoption of remote healthcare. Increased awareness and adoption of remote/telehealth in the United States contribute to the largest share of the country in the regional market. Healthcare sector in Canada is one of the best in the world; also it is rapidly adopting newer technologies. Due to this, the country is expected to grow at a rapid rate in the regional market. Asia Pacific is one of the largest healthcare markets in the world and is expected to offer excellent growth opportunities for the wireless health market.
Global Wireless Health Market is segmented as follows:
Wireless Health Market: By Technology Outlook (2022-2028)
- Wireless Personal Area Network (WPAN)
- Wi-Fi
- Worldwide Interoperability for Microwave Access (WiMAX)
- Wireless Wide Area Network (WWAN)
Wireless Health Market: By Component Outlook (2022-2028)
- Hardware
- Software
- Services
Wireless Health Market: By Application Outlook (2022-2028)
- Hospitals and Nursing Homes
- Home Care
- Pharmaceuticals
- Other
Wireless Health Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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