Global Wireless Healthcare Overview
With increasing penetration of wireless communication technology around the globe, the wireless healthcare sector is attributed to showcase a vibrant growth in hospitals, clinics and ambulatory surgical centers. This is expected to be displayed on the back of increased pressure on effortlessness for healthcare providers and ease of analyzing the collected data in order to provide a practical solution. Incorporating patient monitoring in chronic disease management can significantly improve a person's quality of life. A monitoring device is able to inform patients about critical deterioration of health where they need to apply for emergency aid as soon as possible. This factor is anticipated to increase the market for wireless or telemetry healthcare during the forecast period.
Market Size & Forecast
Global Wireless Healthcare Market is anticipated to record a substantial CAGR of 24.2% over the forecast period i.e. 2019-2027. This growth is attributable on the back of rising pressure on healthcare sector due to outbreak of newer forms of diseases, high prevalence of regular as well as life threatening diseases, high occurrence rate of accidental injury cases and others. Increasing geriatric population around the globe as reported by World Bank from 7.64% in 2010 to 8.7% in 2017, is anticipated to aid the wireless healthcare market propel further across the globe on the back of increased streamlining of communication and pressure towards easing on the healthcare administration. On account of better prevention of cardiac attacks or disease diagnosis for sooner treatment initiation, wireless healthcare has emerged as a booming healthcare segment around the world.
Growth Drivers & Challenges
Rising Technological Advancements
Growing use of wireless devices due to digital health revolution, increased comfort due to reduced size and portability are anticipated to increase the mobile cardiac telemetry device market growth. Additionally, MCT devices can now integrate GPS technology and accelerometer metrics. These additional measurements enhance the data that the MCT transmits to the specialist physicians, which then enhances diagnostic abilities. The GPS feature further provides with various data to the physician regarding the geographical presence of the patient during the time of an event. Thus, these factors are further anticipated to impact the global wireless healthcare devices market growth.
Increasing Cardiac Disorders
Wireless healthcare is extensively used in patients suffering from cardiovascular disorders. The growing occurrences of cardiac diseases is the number one cause of deaths globally as notified by World Health Organization where in 17.9million people died in the year 2016 due to cardiovascular diseases. The American Heart Association notified nearly 836,546 deaths in the U.S in 2018. This growing prevalence in the number of cardiac deaths are anticipated to increase the mobile cardiac telemetry devices growth across the globe which in turn is expected to aid the global wireless healthcare market propel over the forecast period.
Changing lifestyles and growing busy work life are causing increased blood pressure, blood sugar, and stress levels along with increased use of caffeine and alcohol which has resulted in rising health issues in the present population. This has resulted in a continuous pressure on the healthcare providing staff which is expected to healthcare professionals opt for wireless communication technology, on account of ominous requirement for automated healthcare solutions. Increasing outbreak of newer forms of diseases and increasing patient’s healthcare expenses on the back of higher emphasis on health management of the population is estimated to propel the wireless healthcare market sturdily across the globe.
Associated High Cost Constraints
Conversely, stringent regulatory standards along with association of high healthcare cost constraints is anticipated to serve as a major factor in the restraint of the global wireless healthcare market over the forecast period. Additionally, issues of compatibility and interoperability on different communication technology across diverse medical devices are estimated to hamper the wireless healthcare market demand during the forecast period.
Our-in depth analysis of the Global Wireless Healthcare market includes the following segments:
- Radio Frequency Identification (RFID)
- Patient Specific
- Provider Specific
- Physiological Monitoring
- Ambulatory Surgical Centers
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On the basis of regional platform, Global Wireless Healthcare market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. With a highly developed healthcare sector across the region, North America is estimated to showcase a vibrant market growth of wireless healthcare during the forecast period. Asia Pacific is panned to follow North America on account of increasing healthcare expenditure across the countries such as, India, China and Japan along with Japan with high prevalence of geriatric population across the region. Europe is predicted to impact the wireless healthcare market considerably on the back of highest subsistence of geriatric population across the region with countries such as, Italy, Germany, Greece and others.
Global Wireless Healthcare Market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (Germany, UK, France, Italy, Spain, BENELUX, NORDIC, Hungary, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Top Featured Companies Dominating The Market
- GE Healthcare
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Siemens A.G.
- Omron Corporation
- AT &T, Inc.
- Verizon Communications, Inc.
- Koninklijke Philips N.V.
- Polar Electro
- Nihon Kohden
- Mckesson Corporation
- Cerner Corporation
- Other Prominent Players