(PharmaNewsWire.Com, June 08, 2020 ) According to a new market research report “Wireless Health Market by Technology (WPAN, WLAN/Wifi, WiMAX), by Component (Hardware, Software, & Services), by Application (Patient Specific and Provider/Payer Specific), & by End Users (Providers, & Payers) – Analysis & Global Forecast to 2020”, published by MarketsandMarkets, the global market for the forecast period of 2015 to 2020. This market is expected to reach USD 110.12 Billion by 2020 from USD 39.03 Billion in 2015, at a CAGR of 23.1%.
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The global Wireless Health Market is segmented on the basis of technologies, components, applications, end users, and regions.
On the basis of components, the Wireless Health Market is segmented into hardware, software, and services. The software segment is expected to grow rapidly during the forecast period. The increasing need of advancements in healthcare software and rising adoption of healthcare IT solutions are the major driving factors for growth of this market.
On the basis of technology, the Wireless Health Market is further segmented into WPAN, WLAN/WiFi, WiMAX and WWAN. The WPAN technology market segment accounts for the largest share of the global Wireless Health Market in 2015. WPAN links wireless health devices with computers, increasing accessibility to care. The WPAN technology segment is further segmented into Bluetooth, RFID, Ant+, Zigbee, Z-wave, and UWB. The Bluetooth segment accounts for the largest share of the WPAN market in 2015. Low costs and highly secure facilities are factors that have increased the share of WPAN technologies in the Wireless Health Market.
On the basis of applications, the Wireless Health Market is segmented into patient-specific applications and provider/payer-specific applications. Patient-specific applications account for a major share of the global Wireless Health Market in 2015. Changing lifestyle demographics and the growing demand for quality healthcare have increased the adoption of patient-specific applications. Patient-specific applications are further segmented into physiological monitoring and patient communication applications.
On the basis of end users, the Wireless Health Market is segmented into providers, payers, and patients/individuals. Providers include hospitals, ambulatory care centers, and physicians, among others. The providers segment accounts for a major share of the global market in 2015. Providers are increasingly adopting wireless health solutions in order to provide quality care services. The Wireless Health Market for patients/individuals is expected to grow rapidly from 2015 to 2020.
On the basis of region, the global wireless market is divided into North America, Europe, Asia-Pacific, and the Rest of the World. In 2015, North America accounts for the largest share of the market, followed by Europe and Asia-Pacific. The large share of the North American Wireless Health Market can primarily be attributed to the federal mandates in the U.S. and rising digital health measures in Canada. The Asia-Pacific region is estimated to grow rapidly during the forecast period due to rising internet penetration, growing medical tourism, and increasing government initiatives for eHealth.
Federal mandates such as Meaningful Use Stage II 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.
Allscripts Healthcare Solutions, Inc. (U.S.), AT &T, Inc. (U.S.), Cerner Corporation (U.S.), Omron Corporation (U.S.), Philips Healthcare (U.S.), Verizon Communications, Inc. (U.S.), Qualcomm, Inc. (U.S.), Aerohive Networks, Inc.(U.S.), Vocera Communications, Inc. (U.S.), and Alcatel-Lucent (U.S.) are some of the key players in the Wireless Health Market worldwide.
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