Wireless Health Market - Global Industry Analysis And Forecast 2015 - 2023

A 2012 article titled ‘In-home health monitoring to leap six-fold by 2017’ illustrated that Wireless remote monitoring devices will be used by more than 1.8 million people worldwide in the next four years. Of the billions of dollars spent on health care each year, 75% - 80% of it accountsfor patients with chronic illnesses such as diabetes, heart disease, asthma and Alzheimer’s disease.

Over a decade, healthcare industry has taken a measured approach pertaining tointegrationof information technology (IT). Recent federal legislation and emerging trends, however, are changing the landscape and driving the need to accelerate the adoption of health IT in healthcare especially in medical devices. 

Among wireless health products wearable medical devices is expected to be the fastest growing segment. Information delivered by modern wearable medical devices is easy to interpret and hence popularity is expected to increase rapidly within non-medical personnel. With these devices, peoplecan quickly modify their lifestyle to better improve their physical stature. Devices that measure temperature, heart rate and other parameters can be of paramount importance while determining physical fitness of a person.Over 65% of technologies are wrist held devices shaped like watches and the rest are wearable on other areas of the body such as arms, torso and waist.

Along with the aesthetics, several other features for durability of the device are included such as waterproofing and weatherproofing. The latest in developments is telecommunication, wireless connectivity and improved user interface.  The advent of smartphones has resulted in multi-fold increase of growth in applications that can now extend to storage and retrieval of history for the individual for long term mapping and improvement of fitness.

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Some of the major factors driving this market are the decreasing costs of electronics that has now made these devices available to middle and even low income groups over the world, and increased use of internet globally. According to the World Bank, number of internet users per 100 people increased from 15.8 in 2005 to 38.1 in 2013. The global wireless health market by products encompasses ECG monitors, insulin monitors, neuromonitors such as EEG and EMG devices.There are several devices which have in-build capability to diagnose, detect and send patient records to a centralized servers which can be easily accessed by healthcare providers. Advantages of wireless health devices encompasses patient comfort, accurate detection and analysis, access to stored patient data for a considerable longer period of time i.e. weekly or monthly. Recently Engineers at the University of Illinois at Urbana-Champaign and Northwestern University have demonstrated stick-on patches which can be used on a daily basis to monitor patient’s ECG. Additionally, the patient record can be easily accessed through a cell phone or computer wirelessly. 

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Geographically the market can be studied for four geographical regions: North America, Europe, Asia Pacific and Rest of the Word. Currently, North America in terms of revenue accounts for the largest share owing to burgeoning population of cardiovascular diseases, diabetic patients. Moreover government initiatives such as the Affordable Care Act and favorable reimbursement scenario also promotes the sales and adoption of innovative wireless health monitoring and diagnostic products. Followed by the U.S., Europe holds the second leading position in the current scenario. Historically, the major EU countries have always been at the forefront of developing innovative healthcare technologies.In November 2013, Belgium-based research center Imec showcased its ideas for wearable sensor technologies for remote healthcare and personal health applications. The company introduced a body patch that integrates an ultra-low power electrocardiogram (ECG) chip and a Bluetooth low-energy radio. The company has also developed a prototype of a patient-friendly wireless EEG headset together with Holst Centre and Panasonic. Asia Pacific and Rest of the World market are among the fastest growing and largely untapped market. High cost of devices and lack of awareness about these devices are among the major restraint to the current adoption of the products in emerging market. 

Some of the key players operating in this market encompasses Omron Corporation, GE Healthcare, Koninklijke Philips N.V., Polar Electro, Nihon Kohden, Siemens A.G., Mckesson Corporation,and Cerner Corporation.

This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include 

• North America 
• Asia Pacific 
• Europe
• Middle East and Africa
• Latin America

This report provides comprehensive analysis of 

• Market growth drivers 
• Factors limiting market growth
• Current market trends 
• Market structure
• Market projections for upcoming years 

This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis. 

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