Wireless Health Market Forecasts to 2028 – Global Analysis By Product (Pulse Oximeters, Blood Pressure Monitors, Temperature Monitoring Devices and Other Products), By Component (Software, Services and Hardware), By Technology (Worldwide Interoperability

Wireless Health Market Forecasts to 2028 – Global Analysis By Product (Pulse Oximeters, Blood Pressure Monitors, Temperature Monitoring Devices and Other Products), By Component (Software, Services and Hardware), By Technology (Worldwide Interoperability for Microwave Access (WiMAX), WLAN/Wi-Fi, Wireless Personal Area Network (WPAN), Wireless Wide Area Network (WWAN) and Other Technologies), By Application (Patient Communication and Support, Patient Specific Applications, Physiological Monitoring, Provider/Payer-specific, Hospitals and Nursing Homes, Pharmaceuticals, Home Care and Other Applications), By End User and By Geography

According to Stratistics MRC, the Global Wireless Health Market is accounted for $131.37 billion in 2022 and is expected to reach $414.34 billion by 2028 growing at a CAGR of 21.1% during the forecast period. The term wireless health refers to the integration of wireless, network service providers, technology developers, and enterprise data management groups with manufacturers of sensor hardware solutions. In order to diagnose, treat, and monitor patients as well as ensure their wellbeing, wireless health is an advanced technique that combines the conventional healthcare system with wireless technology.

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.

Market Dynamics:

Driver:

Rapid usage of internet and wireless technologies

Over the past few years, the healthcare industry has rapidly undergone a considerable digital transformation. The market under consideration is being driven by the widespread use of the Internet and wireless communication technology. Caretakers in a connected hospital use wireless medical technology to deliver high-quality care to patients rather than being distracted by time-consuming administrative activities. The simplicity with which doctors and nurses can access current patient data allows them to make treatment decisions that are supported by actual medical data, improving patient outcomes. Many deaths are caused by hospital-acquired infections, but wireless health is lowering these risks and driving the market's expansion.

Restraint:

Rise in cyber attacks

Due to the growing data security concerns, including cyberattacks and illegal access to IT systems, may restrain the growth of the wireless health market in the upcoming years. The growth of the industry may be hampered by concerns about patient data security. The global shortage of qualified IT workers in the healthcare industry may impede the expansion of the wireless health enterprise. Additionally, people are less likely to use modern technology because there is a lack of universal healthcare coverage, which contributes to the lack of awareness about wireless health practices.

Opportunity:

Increasing adoption of wearable gadgets

The market is being driven by wearable technology for constant monitoring. Body-worn sensors that can monitor vital signs and transmit data in real time to an internet platform that can be accessed from a distance are being tested by medical devices and diagnostic centers due to the popularity of wearable gadgets and the widespread availability of smartphones. In addition, the market for wireless healthcare has been significantly impacted by the growing popularity of wearable technology in this industry. The need for wearables for pain management is on the rise, and wearables are increasingly being used to control cardiovascular disease, among other things, resulting in significant developments in wearable-linked devices.

Threat:

Expensive and unaffordable in developing nations

Wireless healthcare systems are, however, comparatively more expensive than conventional medical solutions, which makes them unaffordable for healthcare providers in developing nations and is expected to be a restraint for the market. The market expansion is further slowed down by other factors, such as network problems in rural areas of poor nations. Additionally, issues with cybersecurity and privacy restrain industry expansion. Hospital providers generate a large amount of data, which necessitates data security because there is an opportunity for a breach.

Covid-19 Impact:

The global COVID-19 epidemic and subsequent lockout have caused the healthcare market to continue to decline. Aside from affecting communities, COVID-19 had devastating effects on the major world economies, particularly the healthcare industry. Major parties are continuing to modify their tactics in response to the fast-shifting circumstances. The healthcare sector is expected to experience severe long-term effects from COVID-19. Prioritized healthcare reforms would need to be implemented by nations and significant stakeholders until the situation is addressed.

The wireless personal area network (WPAN) segment is expected to be the largest during the forecast period

Due to an increase in the use of wireless technologies in healthcare, an expansion in the trend of mHealth and telehealth, and an increase in eHealth activities globally, the wireless personal area network (WPAN) sector is anticipated to have the largest share of the global market throughout the prediction period. Additionally, technology standards like Zigbee and Bluetooth are becoming more popular in healthcare applications. However, this market is growing rapidly as a result of WPAN's increased adoption in healthcare applications.

The software segment is expected to have the highest CAGR during the forecast period

Software segment is expected to have the highest CAGR throughout the forecast period. Internet penetration is rising, healthcare IT use is increasing, and the number of regional eHealth projects is increasing, which are related to this expansion. In order to expand the use of these solutions in the healthcare industry, businesses are additionally developing strategic collaborations with other market participants. Due to this segment, this market is anticipated to increase profitably as a result of rising medical tourism, rising connected device usage, and rising adoption of healthcare IT solutions. Moreover, another significant factor driving the wireless technology sector is the ongoing technological progress in IT and software.

Region with largest share:

Due to its highly technological healthcare system, growing economies, aging population segments, and modern medical delivery systems, the North American region is anticipated to hold the largest share of the market over the projection period. Additionally, it is anticipated that the wireless healthcare market will be driven by rising healthcare spending and an increase in regional government initiatives to digitize the healthcare sector. The United States is one of the largest markets for healthcare services in the world due to its advanced primary medical community, extensive medical and life science research activities, high healthcare spending intensity, and substantial pharmaceutical and medical supply and device industries.

Region with highest CAGR:

Due to ongoing developments in wireless technology, including WIFI 6 and WIFI 6E, which are gaining significant traction from healthcare organizations in the region, North America is anticipated to have the highest CAGR throughout the forecast period. For instance, Novant Health, a three-state integrated network of hospitals, physician clinics, and outpatient centers with its headquarters in North Carolina, recently announced the rollout of the enterprise-grade Wi-Fi 6E solution from Extreme Networks. The hospital will be able to offer high-speed Wi-Fi throughout its buildings and enable dedicated, secure connectivity for mission-critical healthcare apps and medical devices due to the Extreme AP4000 access point (AP) procurement.

Key players in the market

Some of the key players in Wireless Health market include Verizon Communications, Inc., Omron Corporation, Cerner Corporation, Alcatel-Lucent, Allscripts Healthcare Solutions, Inc., Vocera Communications, Inc., Aerohive Networks, Inc., Qualcomm Technologies, Inc., Philips Healthcare, AT&T, Inc., Cisco Systems Inc., Motorola Solutions Inc., Samsung Group , Apple Inc., Epic Systems Corporation and IBM.

Key Developments:

In March 2023, Amala Hospital launched a new, innovative smart ward with wearable wireless technology. The newly launched smart ward is equipped with advanced technology that offers continuous patient monitoring and aims at improving patient outcomes and reducing the risk of medical errors. The Amala hospital chain has collaborated with LifeSigns, a Chennai-based health-tech startup, to implement their iMS technology across medicine and cardiology departments at its hospital in Thrissur, Kerala.

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.

In June 2022, NHS Digital announced to run off a series of trials to explore how wireless technologies can support better health and care delivery. The Wireless Centre of Excellence trials will enable NHS organizations to access funding for wireless technology that has the potential to improve connectivity in health and care settings.

Products Covered:
• Pulse Oximeters
• Blood Pressure Monitors
• Temperature Monitoring Devices
• Other Products

Components Covered:
• Software
• Services
• Hardware

Technologies Covered:
• Worldwide Interoperability for Microwave Access (WiMAX)
• WLAN/Wi-Fi
• Wireless Personal Area Network (WPAN)
• Wireless Wide Area Network (WWAN)
• Other Technologies

Applications Covered:
• Patient Communication and Support
• Patient Specific Applications
• Physiological Monitoring
• Provider/Payer-specific
• Hospitals and Nursing Homes
• Pharmaceuticals
• Home Care
• Other Applications

End Users Covered:
• Ambulatory Surgical Centers
• Clinics
• Patients/Individuals
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements