The global wireless health market size is expected to reach USD 315.4 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a 23.5% CAGR during the forecast period. Increase in number of eHealth initiatives worldwide, increase in penetration of smartphones and Internet connectivity, and growth in the trend of self-disease management are some of the factors boosting market growth. Growing trend toward use of wearable devices for monitoring physical parameters, such as sleep, blood pressure, heart rate, and physical activity, is also driving the wireless health market.
Growing geriatric population and subsequent rise in chronic disease burden is also driving the market. According to The Wall Street Journal, there has been an increase in usage of digital medicine, which enables management of chronic conditions such as diabetes, heart diseases, and respiratory diseases. Moreover, these digital medicines are cost-effective alternatives to traditional disease management.
Shifting trend toward value-based care is another factor contributing to the growth of the wireless health market. At present, some of the telehealth services, such as consulting a doctor via video connection, are reimbursed by CMS. Use of digital services such as various platforms for health management has promoted the development of various applications for managing diabetes, heart diseases, and asthma. Use of applications for chronic disease management, fitness tracking, supporting medication adherence, preventing hospital readmissions, symptom tracking, and managing mental and behavioral health are on the rise.
Wireless Personal Area Network (WPAN) emerged as the largest technology segment and Wireless Wide Area Network (WWAN) is anticipated to witness the fastest growth over the coming years
Software emerged as the largest component segment owing to rise in number of research initiatives. The services segment, on the other hand, is anticipated to expand at the fastest CAGR of 24.7%
Patient-specific applications emerged as the largest segment owing to increase in adoption and rise in research initiatives for developing them to manage individual health
The patient segment accounted for the largest revenue share in terms of end use owing to increase in use of health and fitness applications by people around the world
The market is highly fragmented with participants such as IBM; Allscripts; Cerner Corporation; Omron Corporation; Koninklijke Philips N.V.; Epic Systems Corporation; and Evolent Health, Inc.
Browse related reports by Grand View Research:
Medical Cyclotron Market - Global medical cyclotron market size was valued at USD 118.2 million in 2016. It is anticipated to expand at a CAGR of 10.9 % over the forecast period. Increasing prevalence of cancer, growing inclination towards nuclear scans for accurate diagnosis
Life Science Analytics Market - global life science analytics market size was valued at USD 8.2 billion in 2016 and is expected to develop at a CAGR of 12.9%. Growing demand for reducing healthcare expenditure, increasing instances of regulatory oversight, and declining R&D productivity are some of the key factors contributing to market growth
Procedure Trays Market - Global procedure trays market size was valued at USD 7.8 billion in 2016. It is projected to expand at a CAGR of 10.5% over the forecast period. Growing cases of surgeries worldwide are one of the key trends escalating market growth
Surgical Microscopes Market - Global surgical microscopes market size was estimated at USD 542.1 million in 2016. Increasing prevalence of chronic diseases such as cancer and cardiovascular disorders, which need surgical intervention, is anticipated to boost demand for surgical microscopes over the forecast period
Grand View Research has segmented the global wireless health market report on the basis of technology, component type, application, end use, and region:
Wireless Health Technology Outlook (Revenue, USDBillion, 2014 - 2025)
Wireless Health Component Type Outlook (Revenue, USDBillion, 2014 - 2025)
Wireless Health Application Outlook (Revenue, USD Billion, 2014 - 2025)
Patient communication and support
Wireless Health End-use Outlook (Revenue, USDBillion, 2014 - 2025)
Wireless Health Regional Outlook (Revenue, USDMillion, 2014 - 2025)
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
Contact: Sherry James Corporate Sales Specialist, USA Grand View Research, Inc Phone: +1-415-349-0058 Toll Free: 1-888-202-9519 Email: [email protected]