Wireless Health Market: Current Analysis and Forecast (2021-2027)

Report Description

The global wireless health market is expected to register a CAGR of around 25% over the period of 2021-2027. The global wireless health market is rising on account of the advancements in wireless communication technologies, growing utilization of wireless devices in the management of chronic diseases, growing internet penetration, and the rising adoption of a patient-centric approach by healthcare service providers. Moreover, the rapidly shifting trend toward value-based care followed by the growing trend of self-disease management will positively stimulate the industry landscape. Wireless health is the integration of wireless technology with traditional medicine, such as diagnosis, monitoring, and treatment of diseases, as well as other tools that can help individuals improve their health.

Allscripts Healthcare Solutions Inc., AT&T Inc., Cerner Corporation, Omron Corporation, Philips International B.V., Verizon Communications Inc., Qualcomm Technologies Inc., Vocera Communications Inc., Aerohive Networks Inc., Alcatel–Lucent S.A. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst applications, the patient-specific segment held a prominent share in the market in 2020”

On the basis of application, the market is segmented into patient-specific, physiological monitoring, provider/payer-specific, and others. The patient-specific segment accounted for a significant share of the global wireless health market in 2020 and is expected to witness a substantial CAGR during the forecast period. This is mainly due to the increasing adoption of patient-specific applications and rising investment in the research programs for developing patient-specific applications to manage individual health. Moreover, the growing trend of using wearable devices for monitoring physical parameters, such as sleep, blood pressure, and physical activity, is also driving the wireless health market.

“Amongst end-user, patient segment captured a prominent share in the market in 2020”

Based on end-user, the market is divided into providers, payers, and patients. Among these, the patient segment captured a prominent share of the global wireless health market in 2020 and is anticipated to hold a commendable share during the forecast period owing to the advancements in wireless communication technologies and the increasing use of health and fitness applications by people around the world. The rising internet penetration rate is further contributing to the growth of this segment.

“North America to witness significant growth during the forecast period”

North America held a prominent share of the global wireless health market in 2020 and is expected to showcase a prominent growth rate during the forecast period. This can be attributed to the responsiveness toward the latest technological advancements and constant digital transformation in the healthcare industry. In addition, the increased disease prevalence and healthcare expenditures are further convulsing the growth of the wireless health market in the region. For instance, according to the US Department of Health and Human Services (HHS), health spending stood at 19.7% of GDP in 2020 compared with 17.6% of GDP in 2019.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global wireless health market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Wireless Health Market Analysis (2021-2027)

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global wireless health market were the three major steps undertaken to create and analyze the adoption of wireless health in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global wireless health market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the wireless health market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the wireless health market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as the component, technology, application, and end-user. Further country-level analyses were conducted to evaluate the overall adoption in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the wireless health market. Further, we conducted factor analysis using dependent and independent variables such as various components, technology, application, and end-user of wireless health. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the wireless health market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global wireless health market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the wireless health market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global wireless health market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global wireless health market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the component, technology, application, and end-user in the global wireless health market.

The main objective of the Global Wireless Health Market Study

The current & future market trends of the global wireless health market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the wireless health market in terms of Value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of component, technology, application, and end-user
• Define and analysis of the regulatory framework for the wireless health market industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the wireless health market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and Rest of the World
• Company profiles of the wireless health market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
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