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Wireless Health Monitoring Market - Forecast(2024 - 2030)
Wireless Health Monitoring Market Overview
Wireless Health Monitoring market size was valued at $5.7 billion in 2020, and it is estimated to grow at a CAGR of 15.1% during 2021-2026. 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 patient monitoring much sophisticated and reliable to the patients living in 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.
The usage of wireless health monitoring for various applications such as mobile cardiac outpatient telemetry and blood glucose meters will drive the growth of the market.
Report Coverage
The report: “Wireless Health Monitoring System Market Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Wireless Health Monitoring System Market.
By Offering Type: Hardware (Sensing Modules, Receiver, and Transmitters, Gateways, Switches and Terminals, Others); Software; Services
By Connectivity: Zigbee, Wi-Fi, Bluetooth, WirelessHART, LoRA, Cellular, WBAN, Others
By System Type: Structural Health Monitoring System (Deflection Monitoring, Leak Detection, Pressure Monitoring, Fire Detection, Others); Machine Health Monitoring System (Vibration Monitoring, Lubricant Analysis, Temperature Monitoring, Corrosion Monitoring, Others); Patient Health Monitoring System (Vital Sign Monitoring, Medication Management, Chronic Disease Monitoring, Fitness and Wellness Monitoring & Others)
By End User: Healthcare (Hospitals, Ambulatory Centers, Clinics, Diagnostic Centers, Nursing Homes, Elder Care Facilities and Others); Industrial (Aerospace & Defense, Automotive, Chemicals, Oil & Gas, Marine, Power, Utilities, HVAC, Others); Infrastructures (Bridges, Dams, Stadiums, Others)
By Geography: North America (U.S, Canada, Mexico), Europe(Germany, UK, France, Italy, Spain, Russia, Netherlands and Others), APAC(China, Japan India, SK, Australia, Indonesia, Malaysia and Others), South America(Brazil, Argentina, Chile, Colombia and others), and RoW (Middle east and Africa)
Key Takeaways
- North America dominated the Wireless Health Monitoring System market in terms of revenue in 2020 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 market growth.
Wireless Health Monitoring Market, By Region, 2020
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Wireless Health Monitoring Market Segment Analysis - By System Type
Structural health monitoring held the major share of 32.3% in 2020. 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. However patient health monitoring is set to grow at a fast rate driven by applications such as mobile cardiac outpatient telemetry and blood glucose meters.
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 15.8% during forecast period 2021-2026. In Healthcare sector, wireless health monitoring systems is majorly used in order to help the nursing staff for easy data management of different patients and exercise 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 2020 with a market share of 37.8%, 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 is also set to drive the market growth in this region. The Medical sector will continue to drive the market in applications ranging from mobile cardiac outpatient telemetry to blood glucose meters.
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 cardiovascular 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, mobile cardiac outpatient telemetry, blood glucose meters, 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 is also driving the market growth.
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 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.
- 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.
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1. Wireless Health Monitoring Market Overview
1.1 Definitions and Scope
2. Wireless Health Monitoring Market - Executive Summary
2.1 Market Revenue, Market Size and Key Trends by Company
2.2 Key trends By End Use Industry
2.3 Key trends segmented by Geography
3. Wireless Health Monitoring Market – Market Landscape
3.1 Comparative Analysis
3.1.1 Product/Company Benchmarking-Top 5 Companies
3.1.2 Top 5 Financial Analysis
3.1.3 Market Value Split by Top 5 Companies
3.1.4 Patent Analysis
3.1.5 Pricing Analysis (Comparison of General Price of Industry Solutions)
4. Wireless Health Monitoring Market – Industry Market Entry Scenario Premium (Premium)
4.1 Regulatory Scenario
4.2 Ease of Doing Business Index
4.3 Case Studies
4.4 Customer Analysis
5. Wireless Health Monitoring Market – Startup Company Scenario (Premium)
5.1 Venture Capital and Funding Scenario
5.2 Startup Company Analysis
6. Wireless Health Monitoring Market - Market Forces
6.1 Market Drivers
6.2 Market Constraints
6.3 Porters five force model
6.3.1 Bargaining power of suppliers
6.3.2 Bargaining powers of customers
6.3.3 Threat of new entrants
6.3.4 Rivalry among existing players
6.3.5 Threat of substitutes
7. Wireless Health Monitoring Market – By Strategic Analysis (Market Size -$Million/Billion)
7.1 Value Chain Analysis
7.2 Opportunities Analysis
7.3 Product Life Cycle/Market Life Cycle Analysis
8. Wireless Health Monitoring Market – By Offering Type (Market Size -$Million/Billion)
8.1 Hardware
8.1.1 Sensing Modules
8.1.2 Gateways
8.1.3 Receivers and Transmitters
8.1.4 Switches and Terminals
8.1.5 Others
8.2 Software
8.3 Services
9. Wireless Health Monitoring Market – By Connectivity (Market Size -$Million/Billion)
9.1 Zigbee
9.2 Wi-Fi
9.3 Bluetooth
9.4 WirelessHART
9.5 LoRA
9.6 Cellular
9.7 WRAN
9.8 Others
10. Wireless Health Monitoring Market – By System Type (Market Size -$Million/Billion)
10.1 Structural Health Monitoring System
10.1.1 Deflection Monitoring
10.1.2 Leak Detection
10.1.3 Pressure Monitoring
10.1.4 Fire Detection
10.1.5 Others
10.2 Machine Health Monitoring System
10.2.1 Vibration Monitoring
10.2.2 Lubricant Analysis
10.2.3 Temperature Monitoring
10.2.4 Corrosion Monitoring
10.2.5 Others
10.3 Patient Health Monitoring System
10.3.1 Vital Sign Monitoring
10.3.2 Medication Management
10.3.3 Chronic Disease Monitoring
10.3.4 Fitness and Wellness Monitoring
10.3.5 Others
11. Wireless Health Monitoring Market – By End Use Industry (Market Size -$Million/Billion)
11.1 Healthcare
11.1.1 Hospitals
11.1.2 Ambulatory Centers
11.1.3 Clinics
11.1.4 Diagnostic Centers
11.1.5 Nursing Homes
11.1.6 Elder Care Facilities
11.1.7 Others
11.2 Industrial
11.2.1 Aerospace & Defense
11.2.2 Automotive
11.2.3 Chemicals
11.2.4 Oil & Gas
11.2.5 Marine
11.2.6 Power
11.2.7 Utilities
11.2.8 HVAC
11.2.9 Others);
11.3 Infrastructures
11.3.1 Bridges
11.3.2 Dams
11.3.3 Stadiums
11.3.4 Others
12. Wireless Health Monitoring Market - By Geography (Market Size -$Million/Billion)
12.1 North America
12.1.1 U.S
12.1.2 Canada
12.1.3 Mexico
12.2 Europe
12.2.1 Germany
12.2.2 France
12.2.3 UK
12.2.4 Italy
12.2.5 Spain
12.2.6 Russia
12.2.7 Netherlands
12.2.8 Others
12.3 APAC
12.3.1 China
12.3.2 Japan
12.3.3 South Korea
12.3.4 India
12.3.5 Australia
12.3.6 Indonesia
12.3.7 Malaysia
12.3.8 Others
12.4 South America
12.4.1 Brazil
12.4.2 Argentina
12.4.3 Chile
12.4.4 Colombia
12.4.5 Others
12.5 RoW
12.5.1 Middle East
12.5.2 Africa
13. Wireless Health Monitoring Market - Market Entropy
13.1 New product launches
13.2 M&A's, collaborations, JVs and partnerships
14. Wireless Health Monitoring Market – Industry Competitive Landscape (Premium)
14.1 Market Share – Global
14.2 Market Share by Region
14.3 Market Share By End Use Industry
15. Wireless Health Monitoring Market – Key Company List by Country Premium (Premium)
16. Wireless Health Monitoring Market - Company Analysis
16.1 Company 1
16.2 Company 2
16.3 Company 3
16.4 Company 4
16.5 Company 5
16.6 Company 6
16.7 Company 7
16.8 Company 8
16.9 Company 9
16.10 Company 10