The global wireless health market is anticipated to grow at a significant CAGR of approx. 22.3% during the forecast period (2024-2031). The market growth is driven by the increase demand for chronic disease management solutions, fitness tracking, supporting medication adherence, hampering hospital readmissions, symptom tracking, and managing mental & behavioral health. Additionally, the evolution of healthcare IT is also contributing to market growth through the integration of the Internet of Things (IoT), which enables patient diagnosis in case of unavailability. Also, these devices enable continuous patient monitoring, resulting in rising adoption, and escalating the industry growth.
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The global wireless health market is segmented based on the technology (into WLAN/Wi-Fi, WPAN, WIMAX, and WWAN), components (into the hardware and software & services), end-users (into the providers, payers, and patients/individuals) and geographies (into North America, Europe, Asia-Pacific, and the Rest of the World).
Key Market Trends and Developments
- The WPAN segment has grown significantly in the global wireless market due to the advantages offered by WPAN. These technologies are user-friendly, secure, and affordable.
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- Additionally, the software and services segment is anticipated to hold a prominent market share due to the rising adoption of digital services for healthcare management. This has promoted the development of various applications for managing diabetes, heart disease, asthma, and more.
- In May 2021, Roche announced the launch of the mySugar Pump Control, a new module within the mySugr app. The mySugr Pump Control is designed to allow people with diabetes to control an insulin pump directly via a smartphone by importing data, viewing status, and remotely delivering a standard bolus.
- The Asia Pacific region is expected to grow at a considerable CAGR over the forecast period, due to the growing internet penetration and demand for quality healthcare in the region.
- Additionally, the North American region is estimated to hold a prominent share attributing to the increasing R&D in the region, adoption of advanced technology, and the development of advanced products.
- Furthermore, government initiatives including the Affordable Care Act and favorable reimbursement scenarios also promote the sales and adoption of innovative wireless health monitoring and diagnostic products, in the North American region.
The major players in the global wireless health market include Accenture plc, ALE International SAS, Allscripts Healthcare, LLC, AT&T Intellectual Property, athenahealth, Inc., CompuGroup Medical SE & Co. KGaA, Cerner Corp., and others. The market players are contributing considerably to the market growth by the adoption of various business strategies. For instance, in July 2020, Philips launched a pre-hospital wireless monitoring solution for emergency medical response in the U.S. The solution merges hardware and software capabilities to expand the pre-hospital scope of care for first responders.
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