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. An increase in the number of eHealth initiatives worldwide, an increase in the penetration of smartphones and Internet connectivity, and growth in the trend of self-disease management are some of the factors boosting the market growth. A growing trend toward the 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.
The
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 the usage of digital medicine, which enables the 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. The 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. The 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.
For more info visit here: https://www.grandviewresearch.com/industry-analysis/wireless-health-market
Further key
findings from the report suggest:
- 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 the rise in the 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 the increase in the 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.
About
Grand View Research
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.
For more info visit @ https://www.grandviewresearch.com
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