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Increasing application of internet of things in medical sector are likely to aid the market growth of the Wireless Health Market

HYDERBAD, TELANGANA, INDIA, October 26, 2022 /EINPresswire.com/ -- Wireless Health Market size is forecast to reach $139.6 billion by 2026, growing at a CAGR of 21.4% during the forecast period 2021-2026. Wireless technology is used in wireless health to perform diagnosis monitoring and treatment of illness using wireless medical equipment. It improves the patient experience while supporting patient care by tracking health parameters including blood pressure and glucose level monitoring. Increasing advancements in wireless communication technologies and growing internet penetration along with the increasing utilization of connected wearable devices in the management of chronic diseases are the major factors driving the growth of the market. Rising adoption of the patient-centric approach by healthcare providers and mainstreaming of cloud computing is set to further enhance the overall market demand for the Wireless Health Market for the period 2021-2026.

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Key Takeaways

North America dominated the Wireless Health Market in 2020 owing to the government initiatives such as the Affordable Care Act and favourable reimbursement plan along with the high purchasing power of advanced equipment. The Wireless Health Market scope for different regions will be provided in the final report.

Rising incidences of chronic disease and increasing application of internet of things in medical sector are likely to aid in the market growth of the Wireless Health Market.

Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Wireless Health Market report.

Issues pertaining to cybersecurity and privacy are poised to create hurdles for the Wireless Health Market.

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Segmental Analysis:

Wireless Health Market Segment Analysis - By Technology: WPAN (Wireless Personal Area Network) held the largest share in the Wireless Health Market in 2020 and is estimated to grow at a CAGR of 19.8% during the forecast period 2021-2026. WPAN interconnects medical devices centered around an individual person’s workspace in which the connection are wireless. It is becoming the choice for patient monitoring, electrocardiograms, and hospital wireless networks to improve information flow and the quality of care. Wireless wide area network provides better security and global wireless coverage including regional and nationwide. It utilize cellular technology to securely transfer data. Wireless Wide Area Network is set to be the highest growing segment and is estimated to register the highest CAGR over the period 2021-2026.

Wireless Health Market Segment Analysis - By Application: Physiological Monitoring held the largest share in the Wireless Health Market in 2020 and is estimated to grow at a CAGR of 22.7% during the forecast period 2021-2026. WPAN helps in physiological monitoring systems to measure specified physiological data and also provide location-based information. It involves monitoring of patients remotely by means of devices that transfers patient data to remote locations wirelessly. It removes the geographical barriers in getting specialist care. Physiological Monitoring is set to be the highest growing segment and is estimated to register the highest CAGR over the period 2021-2026.

Wireless Health Market Segment Analysis - By Geography: North America dominated the Wireless Health Market with a major share of 40.8% in 2020. This is attributed to government initiatives such as the Affordable Care Act and favourable reimbursement scenario along with the high purchasing power of advanced equipment. However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the increasing population and growing internet penetration. Rising medical tourism, increasing governmental penetration initiatives for eHealth and growing demand for quality healthcare is also increasing the growth of the market in this region.

Competitive Landscape:
The top 5 players in the wireless health industry are -
1. Cerner Corporation
2. Omron Corporation
3. GE Healthcare
4. Aerohive Networks
5. Philips Healthcare

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