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COVID-19 Impact | Wireless Health Market Size by Top Leading Key Players, Growth Opportunities, Incremental Revenue, Trends, Outlook and Forecasts to 2025

06-01-2020 03:37 PM CET | Health & Medicine

Press release from: ReportsnReports

COVID-19 Impact | Wireless Health Market Size by Top Leading Key

ReportsnReports provides in depth study of "Wireless Health" Market using SWOT analysis i.e. Strength, Weakness, Opportunities and Threat to the organisation. The Wireless Health Market report also provides an in-depth survey of key players in the market which is based on the various objectives of an organisation such as profiling, the product outline, the quantity of production, required raw material, and the financial health of the organisation.

The global Wireless Health Market is expected to witness a promising growth in the next few years. The rising level of competition among the leading players and the rising focus on the development of new products are likely to offer promising growth opportunities throughout the forecast period. The research study on the global Wireless Health Market offers a detailed overview, highlighting the key aspects that are expected to enhance the growth of the market in the near future. The key segmentation and the competitive landscape of the market have also been mentioned at length in the research study.

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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 global wireless health market is projected to reach USD 110.12 billion by 2020 from USD 39.03 billion in 2015, at a CAGR of 23.1% during the forecast period.

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.

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.

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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.

Players in this 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).

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