Global Wireless Healthcare Market is expected to Reach USD 311.9 Billion by 2023

Global Wireless Healthcare Market was valued at USD 73.3 billion in 2017 and is expected to reach a market value of USD 311.9 billion by 2023, registering a CAGR of 27.30% during the forecast period (2018 – 2023). The increase in the aging population across the globe is leading to a rise in the number of patients visiting the hospitals. This, in turn, is pressurizing the systems and hospital administrators, pushing them to the extent of committing mistakes leading to dire consequences. This has been the root cause of the demand for the adoption of the integrated and connected hospital concepts in the healthcare industry.

The major players include - At&T Inc., Cisco Systems Inc., Motorola Solutions Inc., Philips Healthcare, Qualcomm, Samsung Group, Verizon Communication Inc., Apple Inc., Aerohive Networks Inc., And Allscripts Healthcare Solutions Inc., amongst other.

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The report is segmented based on the type of technology into wireless personal area network (WPAN), Wi-Fi, worldwide interoperability for microwave access (WiMAX), and wireless wide area network (WWAN). The report is also segmented by application and region.

Penetration of Internet and Wireless Communication Technology in the Healthcare Industry is the Major Market Driver
Hospitals are exceptionally dynamic and complex establishments, where there is a lot of movement of staff, patients, and doctors. There always exists a certain amount of restlessness in the environment, as there is a continuous stream of emergency cases rushing in the ER. This constant pressure on the hospital administration for patient care has created a dire need for automated and technology-based solutions in the healthcare industry, which eases the pressure on the administration considerably.

The penetration of the internet and wireless communication technology in the industry has been augmented by the regulations set by the governing agencies to adopt the electronic health record (EHRs) to pass the accurate patient information and streamline the communication between the patients and the hospitals. The regulatory norms, the outbreak of new diseases, and emphasis on the population health management are some major factors driving the growth of the wireless healthcare market across the globe.

Hospitals and Nursing Homes have a Major Market Share
The inception of IoT has raised the bar for the services being provided to the general population. Moreover, the establishment of the connection and communication between the remote locations and the ease of analyzing the collected data to provide a sensible conclusion without any human interference has become a reality in the healthcare industry through the combination of wearable sensors and connecting it to a private network to relay the data to the concerned authorities. Hospitals and nursing homes witness the highest volume of registrations in the healthcare industry and are the most common place where the patients go for healthcare. They handle huge loads of data and equipment to cater to the enormous volume of healthcare needs.

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There is an evolution of technology and devices which are used to maintain a track of the equipment within the hospital premises, and with research indicating that there could be huge splurge in the number of wearable devices to the order of 80 million by the end of 2017, there will be a huge need for data centers as well as critical high importance for the cloud storage techniques to handle the huge volumes of data being generated. The experimental implementation of the connected hospitals has observed that the number of hospital readmissions for the patients undergoing remote monitoring had witnessed a drastic reduction with a staggering drop of 64% during the research period.

Europe to Hold Significant Market Share
Wireless healthcare devices are well placed in the market to drive the next phase of the digital healthcare revolution in Europe. They are already being deployed for non-intrusive patient monitoring and for keeping track of the vital metrics. This information can be relayed back to caregivers and doctors in order to increase the efficiency of the medical treatment. Miniaturized versions of such devices present an attractive proposition for a wider adoption in the healthcare sector. The wireless data obtained from such devices can be used judiciously for patient monitoring, research activities, and for providing health services in remote areas.

For instance, the UK government has been welcoming the technology revolution in the country and has been willing to allow the implementation of the automation solutions. Technology has been penetrating the country’s market at a rapid pace, with smartphone penetration reaching more than 70% of the population in the country. The pharmaceutical industry has also entered the technology domain with 63% of the major companies investing in developing mobile applications for automatically resetting the prescription deadlines and automatically reminding the patients regarding refilling the prescriptions. The National Health Service (NHS) is the primary provider of healthcare services in the United Kingdom. The public system offers ‘free-of-cost’ (paid from taxation) services to all residents through NHS. The national government has placed renewed emphasis on the healthcare sector, allocating around 8.5% of the country’s GDP to the healthcare sector.

Key Developments in the Market:
March 2018: GE Healthcare launched a new visual analytics solution built on Microsoft Power BI. With this, the data collected from wireless devices can be better analyzed and used to help the patients.
March 2018: Nihon Kohden launched NK-HIQ Wireless Patient Monitoring System. This system provides a secure data acquisition and management platform that uses Wi-Fi technology to provide safe continuous patient monitoring in the hospital setting.

Reasons to Purchase This Report
Current and future wireless healthcare market outlook in the developed and emerging markets
Analysing various perspectives of the market with the help of Porter’s five forces analysis
Identifying the segment that is expected to dominate the market
Identifying the regions that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
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