Wireless Healthcare Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The Wireless Healthcare Market was valued at USD 108.01 billion in 2020 and is expected to reach USD 337.55 billion by 2026, at a CAGR of 21.2% over the forecast period 2021 - 2026. According to the Centers for Disease Control, hospital-acquired infections cause approximately 100,000 deaths in the United States, each year. Hence, improving hand hygiene is a significant focus for the World Health Organization and the Centers for Disease Control. Sensors in soap and hand sanitizer dispensers that communicate with RFID tags in staff identification badges can now determine if and when the staff members sanitized their hands, which is a key trend in the market studied.
IoT in Medical Sector to Increase its Share
The evolution of healthcare IT has been augmented by the intervention of Internet of Things (IoT) in the industry, which called for a connected hospital environment. Wireless network solutions are helping the healthcare industry by allowing practitioners to access files remotely to direct diagnosis, in case of unavailability.
At the moment, biosensors are among the most important elements of healthcare digital transformation. They can help users by collecting data about all their physical activities, sleep, and overall health in hospitals. Some of these devices record indicators with high sensitivity and specificity, making them very useful for health management, especially for treating elderly patients with several chronic diseases at once.
Blockchain initiatives are being widely implemented in the healthcare sector. For instance, the Estonian eHealth Foundation and Guardtime Company entered into a partnership for integrating a blockchain-based system to secure millions of medical records.
As the heart disease rate is increasing at a rapid pace, the IoT system utilizes algorithms for continuous ECG monitoring in patient at the hospital. In electrocardiogram (ECG) monitoring, the system keeps track of the heart rate and basic rhythm, by recording electrical activities of the heart. The ECG monitor consists of a wireless transmitter and a receiver. An automated application can identify an abnormal heart activity and the data is transferred in real time to mobile phones and the doctor's clinic via the network.
Europe to Hold a Significant Share
Europe is a big market for wireless healthcare systems because of the increasing aging problems in this region. The proportion of Europeans aged 65 years and older is estimated to grow from 16% in 2000 to 24% by 2030. This is expected to put an enormous pressure on the present healthcare system. Hence, technologies, like wireless healthcare systems, may help ease the system of providing treatment to the growing elderly population.
Healthcare in Europe is increasingly becoming digitized and there is a growing need to develop and deploy sophisticated information systems. They are already being deployed for non-intrusive patient monitoring and for keeping track of the vital metrics. This information can be relayed back to caregivers and doctors, in order to increase the efficiency of the medical treatment.
For instance, the UK government has been welcoming the technology revolution in the country and has been willing to allow the implementation of automation solutions. The pharmaceutical industry has also entered the technology domain, with 63% of the major companies investing in developing mobile applications for automatically resetting the prescription deadlines and reminding the patients regarding the refilling of prescriptions.
The wireless healthcare market is fragmented, as the players are striving to increase their market shares through strategies, such as improvements in the existing solutions and software platforms, development of new platforms, and strategic alliances with other market players. Therefore, several players account for significant individual shares in the market. Key players include AT&T Inc., Cisco Systems Inc., and Motorola Solutions Inc., among others