Wireless Healthcare Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Wireless Healthcare Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Wireless Healthcare Market size is expected to grow from USD 137.05 billion in 2023 to USD 340.32 billion by 2028, at a CAGR of 19.95% during the forecast period (2023-2028).

The wireless healthcare market is major driven by increasing digitization, growth in the use of connected devices, advancements in wireless technology, and rising adoption of patient-centric approaches by healthcare organizations coupled with growing demand for quality healthcare.

Key Highlights

• The healthcare sector worldwide has rapidly undergone a significant digital transformation over the past few years. The penetration of the internet and wireless communication technology is driving the market studied. In a connected hospital, caregivers use wireless medical equipment to provide patients with quality care rather than being preoccupied with time-consuming administrative tasks. Doctors and nurses can easily access up-to-date patient information, enabling treatment decisions supported by real-time medical information, thus, resulting in improved outcomes for patients.
• Wearable devices for continuous monitoring are driving the market. Owing to the proliferation of smartphones and the acceptance of wearable devices, medical devices and diagnostic centres are experimenting with body-worn sensors that can monitor vital signs and transmit them in real time to an online platform that can be remotely accessed.
• Further, the adoption of wearable devices in this sector has been gaining traction in recent times, which, in turn, has been one of the significant factors influencing the wireless healthcare market. The major trends in wearable connected devices include increasing demand for pain management wearable devices, increasing use of wearables for cardiovascular disease management, and others.
• Moreover, the growing demand for remote patient monitoring solutions due to the aging population and long-term chronic disease conditions is the major factor impacting the market's growth. There is constant pressure on hospital administrators to lower costs while continuing to improve the level of patient care. In this environment, hospitals use wireless technologies to operate more efficiently, support patient care, and improve their experience.
• For instance, to better understand and improve the workflow of nursing staff, hospitals are equipping nurse ID badges with an RFID tag that works with the hospital's Wi-Fi network. These tags track the movement of the nurses throughout their shifts. The data is captured and analyzed, providing insights to the hospital to improve the processes. Wireless RFID technology also allows hospitals to track the real-time location of critical equipment and the condition of the equipment.
• However, issues about cybersecurity and privacy are restraining the market growth, as vast amounts of healthcare data are generated during treatment in medical centers, such as hospitals and clinics, and the theft of such data can damage patients' privacy.
• The outbreak of COVID-19 enabled the growth of the market studied. The need for social distancing supported the use of wireless technology in the healthcare industry. This enabled the deployment of remote monitoring and telemonitoring systems, which demanded wireless infrastructure deployment. Also, government health bodies were allowing healthcare facilities to expand their remote monitoring spectrum. For example, in March 2020, FDA cleared non-invasive vital sign measuring devices to expand their use to help healthcare providers to monitor patients remotely. Such initiatives had driven the market for wireless healthcare during the pandemic.

Wireless Healthcare Market Trends

Increasing Adoption of Internet of Things (IoT) and Wearble Devices in Healthcare to Drive the Wireless Healthcare Market

The evolution of healthcare IT has been augmented by the intervention of the Internet of Things (IoT) and wearable devices in the industry, which called for a connected hospital environment. Wireless network solutions are helping the healthcare industry by allowing practitioners to access files remotely to direct diagnosis in case of unavailability.

Moreover, with the substantial enhancements in the healthcare infrastructure, Internet of Things (IoT)-enabled remote monitoring and communication technologies are gaining significant traction over the past few years. This, in turn, has fostered the widespread adoption of wireless healthcare solutions in hospitals and nursing homes to provide quality treatment and care by accumulating medical information via body-worn sensors.

Further, IoT's impact is changing how doctors and hospital organizations care for their patients and helping simplify healthcare, lower costs, and improve access to critical medical information. Moreover, as the heart disease rate is increasing rapidly, the IoT system utilizes algorithms for continuous ECG monitoring in patients at the hospital. In electrocardiogram (ECG) monitoring, the system keeps track of the heart rate and basic rhythm by recording the heart's electrical activities. The ECG monitor consists of a wireless transmitter and a receiver. An automated application can identify abnormal heart activity, and the data is transferred in real-time to mobile phones and the doctor's clinic via the network.

Healthcare organizations and professionals rely on many types of data gathering or health alert systems to monitor a patient’s health and vital signs owing to the proliferation of IoT and wearable devices. For instance, according to the data from ETNO, the number of Internet of Things (IoT) active connections in healthcare in the European Union (EU) is expected to reach 10.34 million connections by 2025. This further boost the demand for efficient wireless connectivity, thus, in turn, boosting the market growth.

North America is Expected to Hold a Significant Market Share

The North America region is expected to hold a significant market share owing to the technically advanced healthcare system, with prosperous economies, aging population segments, and advanced medical delivery systems. In addition, the growing healthcare expenditure coupled with increasing government initiatives to digitize the healthcare sector in the region are expected to drive the wireless healthcare market over the forecast period.

Further, with an advanced primary medical community, extensive medical and life science research activities, high healthcare spending intensity, and large pharmaceutical and medical supply and device industries, the United States account for one of the world’s largest markets for healthcare services.

The North America region is home to some major market vendors operating in the wireless healthcare sector, thus driving the market rapidly. Further, digital transformation in healthcare had a rapid pace in recent years for offering connected patients, caregivers, and hospitals, primarily due to the focus on offering enhanced quality of care.

Moreover, continuous advancements in wireless technology, such as WIFI 6 and WIFI 6E, are gaining significant traction from healthcare organizations in the region, thus positively impacting the market growth. For instance, North Carolina-headquartered Novant Health, a three-state integrated network of physician clinics, outpatient centers, and hospitals, recently announced the deployment of Extreme Networks' enterprise-grade Wi-Fi 6E solution. The Extreme AP4000 access point (AP) investment will enable the hospital to provide high-speed Wi-Fi throughout its facilities and allow dedicated, secure connectivity for mission-critical healthcare apps and medical devices.

Wireless Healthcare Industry Overview

The wireless healthcare market is fragmented as the players strive to increase their market shares through strategies, such as improvements in the existing solutions and software platforms, the development of new platforms, and strategic alliances with other market players. Therefore, several players account for significant individual shares in the market. Key players include AT&T Inc., Cisco Systems Inc., and Motorola Solutions Inc.

In October 2022, Xenter announced the launch of XenFI, the first product in the company's wireless "Technology in Medicine" ecosystem, to improve the adoption of new technology in the healthcare sector. The newly launched product comprises XMD (a HIPAA-compliant, global healthcare cloud) and its XenFI-Hub, Xenter's wireless communications device designed for various healthcare settings. These first Xenter products are designed to enable smart/wireless devices, automate clinical workflow, improve patient outcomes, and lower healthcare costs.

In June 2022, GE Healthcare launched Portrait Mobile, a wireless patient monitoring system that continuously monitors a patient’s stay. The wireless patient monitoring system helps clinicians detect patient deterioration. Portrait Mobile includes patient-worn wireless sensors which communicate with a mobile monitor.

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