The global wireless health market is currently valued at $23.8 billion in 2013 and is expected to reach $59.7 billion by 2018, at an estimated CAGR of 20.2% from 2013 to 2018, according to a new report by MarketsandMarkets.
The key drivers of rapid growth in the market are increasing awareness, aging population, need to combat increasing healthcare expenditure, chronic disease management, and technological advances in the field. The report found the increasing adoption of wireless health delivery by medical communities and patients to connect in real time for optimized care is expected to be a major growth factor. However, the report identified the some of the key barriers to the growth of the market:
- privacy and security issues
- lack of standard communication protocols
- cost issues
In the report, the wireless health market is categorized into four segments, wireless network technologies, wireless sensor networks, handheld devices, and mobile apps with an extensive forecast analysis period of 2013 – 2018. Wireless network technologies leads the segment and is expected to grow at the same pace over the next five years followed by handheld devices and mobile apps. Increasing adoption by healthcare professionals, pharma companies, and research laboratories will continue to fuel the growth of the handheld devices and mobile apps segment.
North America leads as the biggest market for wireless health in the year 2013, followed by Europe, and APAC. However, the also report found the overall wireless health market highly fragmented with the presence of various players such as
- Qualcomm, Inc. (U.S.)
- Aerohive Networks, Inc. (U.S.)
- Vocera Communications, Inc. (U.S.)
- Siemens Healthcare (Germany)
- GE Healthcare (U.K.)
- Verizon Communications, Inc. (U.S.)
- Cisco Systems, Inc. (U.S.)
For more information, click here to read a summary of the report.