The Global wireless health market was valued at $ 85.6 Billion in 2017 and is forecast to grow at a modest xx.6 % CAGR between 2018 and 2025, culminating in 2025 global sales of $ 330.5 Billion. Rising prevalence of chronic diseases, growing number of hospitals and ambulatory centers, patient-centric treatment approaches, investment in digital health are some of the key drivers of this market.
Obtaining the right information, at the right time is very critical for healthcare business. Access to real-time medical data such as patient clinical histories, laboratory results, treatments, chronic diseases, medication, and insurance information can change the outcome in healthcare. With large-scale wireless networks and mobile computing solutions, such as cellular 3G, Wi-Fi mesh, WiMAX, Bluetooth, RFID, and Wireless Sensor Networks, healthcare personnel can tap into vital information anywhere and at any time within the healthcare networks.
Global healthcare spending is going to reach $9 Trillion by 2020. Rising healthcare spending putting pressure on digitalization of healthcare delivery process. Due to hybrid model of these wireless technology companies, adaptation rate is increasing. Electronic health record (EHR) or electronic medical record (EMR) is changing the way world used to treat its citizen. M-Health and telemedicine is reshaping the health services.
“Optimal Price Point (OPP) for Global Wireless Health Products”
Estimated Average Wireless health product cost – $ xx globally. However, with improving access and availability of options, OPP and range of acceptable Prices (RAP) are going to change. We at Ameri Research continuously track these prices with our proprietary pricing model.
Due to the wide array of products available in the market, pricing, positioning, and sales channel optimization play a vital role in the success of a product. On an average, in the Global, the wireless health products are available at USD XXXX. However, the high-end products are available at much higher prices. The prices in emerging countries and developed countries vary significantly due to the difference in purchasing power and availability of latest products.
We have segmented the market based on the technology types such as WLAN, WPAN, WiMAX, WWAN. Wireless local area networks (WLAN) are increasingly operating web-facing applications and supporting critical functions. This will lead to idea of the Connected Hospital, a vision of a fully integrated hospital where wireless technology allows healthcare professionals and patients to roam throughout the hospital while providing accurate, real-time monitoring. WPAN (wireless personal area network) using Zigbee or Bluetooth standards are gaining in popularity. WPAN is applied to many medical applications such as telemedicine, continuous patients monitoring and wireless-integrated medical devices. For example, in a mass casualty or disaster, medics can place tiny sensors on each patient to form an ad hoc network using Bluetooth, relaying continuous vital sign data to multiple receiving devices. WiMAX (Worldwide Interoperability for Microwave Access) is a wireless communication standards based on the IEEE 802.16 set of standards, has 2 parts- WiMAX tower to provide coverage to a very large area and receiver as an antenna. Wireless wide area network (WWAN), is a form of wireless network helps all component of healthcare delivery to remain connected.
We have segmented the market based on the application as Patient Data, Provider Infrastructure and Payer System. Patient being on the forefront of the healthcare delivery system, availing information on mobile phone leads to increased demand. E-prescription connected diagnostic devices and sharing of patient information forcing hospitals and independent physician offices to adopt this wireless technology. Payers are increasingly adopting wireless technology to monitor EHR to MHR. Application on patients contributes more than 50% of the market.
Patients can easily access their health information seamlessly anywhere any time. Hospitals can easily reduce the cost associated with loss of medical equipment, such as wheelchairs, infusion pumps and other assets. Monitoring of patient data by physicians will at the fingertip.
North America accounted for over xx% revenue share in 2017. The key reasons attributed to the high share include strong reimbursement framework, highly skilled medical professionals, technological advancements and government support for R&D and innovation in medical devices sector. Moreover, the presence of high-end hospital and ambulatory services and high emphasis on technology is expected to boost the usage rates over the forecast period.
Asia Pacific is expected to register the maximum CAGR of xx% from 2017 to 2025. The rapid increase in a number of chronic cases, growing healthcare expenditure and skill training, and improvement in reimbursement scenario are expected to favor the high market growth in the region.
Merger and Acquisition Insight
We are observing some unique merger and acquisition in this space. Medical Action Industries Inc. acquired AVID Medical, Inc. in 2010, a leading provider of custom wireless health serving the healthcare industry. Further to that Owens & Minor, Inc. completed the acquisition of Medical Action Industries Inc effective October 1, 2014. Medline acquisition of Centurion Medical Products in 2017 boosting offerings around the Medline Erase BSI line access and dressing change bundles.
Top Players & Company Share
We have profiled major players in the market as Allscripts, Cerner Corporation, Omron Healthcare, Inc., Koninklijke Philips N.V., Qualcomm Technologies, Inc., Vocera Communications, Conifer Health Solutions, LLC., EPIC Systems Corporation, Alcatel-Lucent, AT&T. With recent development in technology, we are observing some unique new players into the market. With recent development in technology, we are observing some unique new players into the market.
Global Wireless Health Market by Technology Types (Revenue, USD Million, 2014- 2025)
Global Wireless Health Market by Component (Revenue, USD Million, 2014- 2025)
Global Wireless Health Market by Application (Revenue, USD Million, 2014- 2025)
- Patient Data
- Provider Infrastructure
- Payer System
Global Wireless Health Systems Regional Outlook (Revenue, USD Million, 2014- 2025)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa