Wireless health market forecast at USD 343.45B by 2028

The global wireless health market was worth around USD 111.23 billion in 2021 and is estimated to grow to about USD 343.45 billion by 2028, with a compound annual growth rate (CAGR) of approximately 20.4 percent over the forecast period, as per Zion Market Research study.

Wireless health is a cutting-edge practice that combines conventional health with wireless technology to treat, diagnose, and monitor patients, as well as to improve their overall well-being. It is mostly used for telemedicine, which is utilized to treat patients who are digitally linked to a doctor via video conferencing and who live in places where healthcare services are not readily available. Medical care is connected to suppliers of a sensor, wireless network service providers, hardware systems, enterprise data management groups, and technology developers through wireless health. Wearable gadgets, for example, are applications of wireless health that focus on rehab, early illness identification, and personal health status.

The COVID-19 pandemic significantly triggered the demand for wireless health. The increasing load on healthcare facilities and the rising burden for routine checkups & treatments significantly increased the need for wireless health. Additionally, most of the patients preferred to consult doctors through healthcare apps during the pandemic period to avoid hospital-acquired infections. Besides, many doctors supported to diagnose and treat patients through remote consultations. All these factors significantly increased the revenue inflow for the global wireless health market during the pandemic period.

It is a basic human need to have better healthcare, from diagnosis through treatment. Everybody should have access to high-quality healthcare, which is now achievable owing to the design of advanced healthcare applications. Wireless technologies are on the verge of revolutionizing health care. The advancement of smart healthcare systems is a common trend these days, and wireless communication is the foundation of these systems. All healthcare units are implementing advanced technologies in order to provide patients with a variety of health services, treatments, and diagnoses both remotely and within hospitals. In the current circumstances, remote healthcare is widely used to provide healthcare to persons living in rural regions and those who are unable to travel. Remote health monitoring and telemedicine are two ways that make this service possible.

Growth drivers:
Penetration of internet and wireless communication technology is driving the market growth
Increased use of the smartphone has changed the perspective of healthcare professionals. Instead of being distracted by time-consuming administrative procedures, healthcare providers in a connected hospital employ wireless medical devices to offer the highest quality of care to patients. Doctors and nurses can readily access up-to-date patient information, allowing them to make treatment decisions based on real-time medical data, resulting in better patient outcomes. The market is also driven by wearable devices for continuous monitoring. Medical equipment and diagnostic centers are experimenting with body-worn sensors that can monitor vital signs and send them in real-time to an internet platform that can be accessed remotely, thanks to the spread of smartphones and the acceptance of wearable gadgets.

Restraints:
Concerns about data privacy and cybersecurity may limit the market expansion
Nearly millions of patients are using wireless health to obtain rapid results remotely. However, such vast data with patient history, treatment, and outcomes are volatile to data piracy. Because large volumes of healthcare data are collected over the course of treatment in medical institutions such as hospitals and clinics, data theft might jeopardize patients’ privacy. Cyberattacks are the biggest threat for any wireless applications as they can be hacked and used by unauthorized firms or groups, which is also contributing to the slow growth of the market.

Opportunities:
IoT in the healthcare sector to increase usage of wireless health
Internet of Things has the potential to transform the sector significantly, as its applications are easy to adopt and understand. Like many other industries, the Internet of Things (IoT) has aided the expansion of healthcare IT, which has necessitated the creation of a connected medical environment. In the event of unavailability, wireless network solutions aid the healthcare business by allowing physicians to access data offsite to direct diagnostics.

Challenges:
24/7 operational medical sector with no downtime for network maintenance poses the biggest challenge for market
Continuous patient flow and emergency treatments push the medical sector to function 24/7. It is important that the wireless functions remain operative during critical care. However, this could cause less attention to network maintenance and result in a shutdown of wireless operations.

Key players of wireless health market are Qualcomm, Philips Healthcare, Motorola Solutions Inc., Cisco Systems Inc., AT&T Inc., Allscripts Healthcare Solutions Inc., Aerohive Networks Inc., Apple Inc., Verizon Communication Inc., Samsung Group.

Key insights & finding

• As per the analysis shared by our research analyst, the Wireless Health Market is expected to grow annually at a CAGR of around 20.4% (2022-2028).
• Through the primary research, it was established that the Wireless Health Market was valued approximately USD 111.43 billion in 2021 and is projected to reach to roughly USD 343.45 billion by 2028.
• North America holds the dominant share of 40 % in the global wireless health market.

CT Bureau