(MENAFN- iCrowdNewsWire) Wireless Health Monitoring Market Estimated to Grow at a CAGR of 15.84% During 2020-2025
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iCrowdNewswire Jan 25, 2021 2:00 AM ET
Global Wireless Health Monitoring Market size was valued at $5.28 billion in 2019, and it is estimated to grow at a CAGR of 15.84% during 2020-2025. The growth is mainly attributed to the shift towards wireless from wired equipment devices owing to its ease of use. Wireless health monitoring devices have made the patient monitoring much sophisticated and reliable to the patients living in the remote areas. The patients can easily send their health information to the respective physicians at any given time from any location at any time. This is poised to propel the wireless monitoring market.
Wireless Health Monitoring Market Segment Analysis - By System Type
Structural health monitoring held the major share of 32.54% in 2019. Growing trend of 4G and 5G technologies have created demand for adoption of wireless structural health monitoring devices. Advent of industry 4.0 and implementation of Internet of Things (IoT) technologies have created demand for the market. Wireless sensing units integrate wireless communications and mobile computing with sensors to deliver a relatively inexpensive sensor platform. Integration of computing with a wireless sensing unit provides sensors with the opportunity to self-interrogate measurement data and this drives the market growth.
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Wireless Health Monitoring Market Segment Analysis - By End User
Healthcare is the fastest growing segment in Wireless Health Monitoring System market and estimated to grow at a CAGR of 16.09% during forecast period 2020-2025. In Healthcare sector, wireless health monitoring systems is majorly used in order to help the nursing staff for easily managing the data of different patients and carry on the ad-hoc emergency cases and requirement of advanced healthcare infrastructure. Increasing investments in healthcare sector and evolution of global pandemic diseases create opportunities for the wireless health monitoring system market growth during forecast period.
Wireless Health Monitoring Market Segment Analysis - By Geography
North America dominated the Wireless Health Monitoring System market in 2019 with a market share of 39.28%, followed by Europe and APAC owing to the presence of large number of players. In addition to these, high adoption of automation technologies in industries and high purchasing power of advanced equipment drives the market growth. High investments in research and development activities for the development of advanced products drive the market growth in this region.
Wireless Health Monitoring Market Drivers
Technological advancements
Increasing advancements in wireless communication technologies, cloud computing and robust penetration of 4G and increasing investments in 5G networks is set to drive the market growth. Technological advancements have enabled the manufacturers to develop pharmaceutical dosage forms, which contains an ingestible sensor inside the pill that transmits the data after consumption. Chip on a pill technology monitors the condition of patients, sends reminders to adhere to the respective prescribed treatment, and also notifies the neurologists on the health status reports.
Growing healthcare awareness and increasing cardio vascular diseases
Increasing cardiovascular diseases and growing healthcare awareness has created demand for wireless health monitoring system. Heart patients require continuous monitoring of certain vital body parameters such as heart rate, pulse rate and electrocardiogram (ECG) shows current health status clearly. According to World Bank, the elderly population have been increased from 625.39 million to 697.96 million during 2016-2019 period. Adoption of wireless health monitoring systems with increasing elderly population drive the market growth.
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Wireless Health Monitoring Market Challenges
High cost
High cost is the major challenge that hampers the wireless health monitoring market growth. Lack of uniform reimbursement restricts the market growth. The cost for wireless health monitoring rises with range, precision, accuracy, resolution and repeatability. The cost include the costs of hardware, software, and services that majorly depend on the complexity of structures and cost of construction. Highly complex structures require highly efficient instrumentation solutions, which increases the overall costs. Additionally, monitoring costs involved in this are also very high. Thus, high costs involved in wireless health monitoring is restraining the market growth.
Wireless Health Monitoring Market Landscape
Product launches, Acquisitions, Collaboration, and R & D activities are key strategies adopted by players in the Wireless Health Monitoring market. Nihon Kohden Corporation, GE Company, Emerson Electric, Parker Hannifin Corporation, SKF AB, ABB Ltd, Banner Engineering Corp, Sensor-Works Ltd, American Telecare, Cardiocom, Carematix, Cybernet Medical Corporation, Drager Medical, GE Healthcare, Global Media Group, Honeywell and others.
Acquisitions/Technology Launches
In February 2019, Nihan Kohden, had launched NK-HIQ enterprise gateway the next-generation platform that integrates data from patient monitoring devices and consolidates multiple applications into a single powerful platform. Introduction of advanced medical devices and software solutions drive the Company's wireless health monitoring market share.
In April 2020, GE Healthcare and Microsoft had collaborated in order to launch covid-19 patient monitoring software for health systems and hospitals. This drives the market during forecast period.
Key Takeaways
North America dominated the Wireless Health Monitoring System market in term of revenue in 2019 owing to the presence of major number of players.
Adoption of advanced technologies with the development of advanced products set to drive the market.
Increasing adoption of Wireless Health Monitoring System in healthcare and other industries with growing trend of 4G and 5G technology is set to drive the market.
High cost is the major challenge that hampers the market growth.
Related Reports :
A. Structural Health Monitoring Market
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B. Patient Monitoring Systems/Device/Equipment Market
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