The Global Wireless Health Market is expected to touch at a CAGR of 23.1%, USD 110.12 billion by 2020 from USD 39.03 billion in 2015.
Federal mandates like Meaningful Use Stage II, increasing internet penetration, rising patient-centric approach, and growing adoption of wireless health devices among the elderly and patients suffering from chronic illnesses are some of the factors driving the growth of the wireless health market.
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The high cost of wearable devices, lack of skilled IT professionals in healthcare, and data security concerns are expected to restrain the growth of the market to a certain extent. On the other hand, molecular communication is an emerging method that provides immense opportunities for players in the wireless health market. Lack of data management and interoperability; however, pose as major challenges for the market.
Wireless health is an emerging trend in healthcare, which is expected to transform the existing traditional and paper-based healthcare system into a more technologically advanced care system with higher focus on patient safety. Wireless health solutions can help streamline workflows in healthcare systems, reduce healthcare costs, and facilitate compliance with regulatory guidelines.
The wireless health market, by technology is segmented into software, hardware, and services. The software segment accounts for a major share of the global wireless health market in 2015 and is expected to grow rapidly during the forecast period. Increasing adoption of healthcare IT solutions to reduce healthcare costs along with the growing need for upgrading existing software solutions are the major driving factors for growth of this market.
Key Market Drivers of Wireless Health Industry:
- Advancements in wireless communication technology
- Increasing internet penetration
- Emergence of wearable devices
- Increasing utilization of connected devices in the management of chronic diseases
- Favorable HCIT environment to promote wireless health
- Adoption of patient-centric approach by healthcare providers
- Robust penetration of 3G and 4G networks to provide uninterrupted healthcare services
- Mainstreaming of cloud computing
Market Restraints of Wireless Health Industry:
- Resistance from traditional healthcare providers
- Fragmented end-user market
- Poor internet availability in underdeveloped and developing countries
- High initial price of wearable health devices
- Lack of skilled IT professionals in the healthcare industry
Opportunities in Wireless Health Industry:
- Molecular communications
- Developments of key enabling technologies
Challenges in Wireless Health Industry:
- Data privacy & security concerns
- Integration of wireless health solutions within healthcare organizations
- Lack of data management and interoperability
Key Market Players in Wireless Health Industry:
- AT&T, INC.
- PHILIPS HEALTHCARE (A SUBSIDIARY OF ROYAL PHILIPS ELECTRONICS)
- QUALCOMM, INC.
- AEROHIVE NETWORKS, INC.
- VOCERA COMMUNICATIONS, INC.
- ALLSCRIPTS HEALTHCARE SOLUTIONS, INC.
- CERNER CORPORATION
- OMRON CORPORATION
- VERIZON COMMUNICATIONS, INC.
Wireless Health Market, By Region:
- North America
- Asia-Pacific (APAC)
- Rest of the World (ROW)
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Players in Wireless Health Market have implemented various growth strategies to expand their footprints and strengthen their positions. The key strategies adopted by a majority of market players in the global wireless health market include agreements/collaborations/partnerships, product deployments, product launches (including product enhancements), acquisitions/mergers, expansions, and other strategies (divestments, funding, certifications, accreditations, and product integration).
The wireless health market is likely to witness the highest growth in the Asia-Pacific region. Growth in the Asia-Pacific region can be attributed to factors such as increasing internet penetration, rising medical tourism, increasing government initiatives for eHealth, and growing demand for quality healthcare. Europe is also expected to grow at a robust rate due to enhanced eHealth initiatives by government and growing need for efficient and quality healthcare.
Reasons to Buy the Wireless Health Market Report:
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn helps firms garner greater market shares. Firms purchasing the report could use any one or a combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for strengthening their market shares.
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The Wireless Health Market report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the solutions offered by top players in the wireless health market. The report analyzes the wireless health market by technology, component, application, and end user.
- Product Development/Innovation: Detailed insights into the research and development activities and new product launches in the wireless health market.
- Market Development: Comprehensive information about the lucrative emerging markets. The report analyzes the markets for wireless health across regions.
- Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the wireless health market.
- Competitive Assessment: In-depth assessment of strategies, products, and distribution networks of the leading players in the wireless health market.
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