The global wireless market is growing at a huge pace and is currently valued at $23.8 billion. In coming years, the industry is expected to grow at a CAGR of 20.2%, mounting to create whopping $59.7 billion industry by 2018.
One of the main growth attributes include boost in applications in patient engagement, monitoring and diagnostics and a hefty government funding towards achieving this feat. The agenda is to reduce costs in order to combat increasing healthcare expenditure and ageing population. Other factors such as chronic disease management, population management, and technological advancements are also driving this rapid growth.
The rapid development in the field of wireless healthcare delivery by medical communities, increased mobile penetration, more robust connectivity and the need for patients to connect with providers in real-time are also major contributors towards the industry’s growth.
However, the report, published by marketsandmarkets.com named “Wireless Health Market (WLAN, WMAN, WPAN, Sensors, Smartphone’s, Tablet PC, Mobile APPS) – Global Trends, Opportunities, Competitive Landscape & Forecasts (2013 – 2018)”, also stresses on some of the key barriers to the growth of the market such as:
- privacy and security issues
- lack of standard communication protocols
- cost issues
Currently, North America leads as the biggest market for wireless health in the year 2013, followed by Europe, and APAC. Read the summary of the report here: http://bit.ly/17pmYnv
- mHealth Apps & Solutions Market Estimated to be Worth $20.7 Billion by 2018 (healthitplus.wordpress.com)
- Wireless Health Market to Reach $38.51 Billion by 2016 (sbwire.com)