|By Ram Sonagara||
|October 23, 2016 04:30 PM EDT||
Wearable Medical Devices to Drive Global Wireless Health Market till 2023
Recent estimations show that an astounding 1.8 million people across the world will be using wireless remote monitoring devices by 2017. Many of these users will be those suffering from chronic diseases. To put that into perspective, consider this: about 75% of all healthcare expenditure worldwide is spent on patients suffering from chronic diseases such as diabetes, asthma, and Alzheimer's, and cardiovascular problems. Grappling with these issues, the healthcare industry has attempted to increase the integration of technology into medical services, and the wireless health market is expected to benefit from this. Transparency Market Research's report, titled ‘Wireless Health Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015-2023,' says that wearable medical devices will show the fastest growth within this market.
Wireless wearable health products offer convenience and round-the-clock health monitoring to patients. Moreover, the information provided by such devices is easy to interpret and thus becomes easy for patients to understand. The future of the global wireless health market will be defined by the growing use of wireless wearable devices by non-medical personnel as well. Consumers wanting to keep tabs on their lifestyle and health regimen are using wireless health devices to monitor vital parameters such as heart rate and body temperature.
Nearly 60% of devices in the wireless health market are wrist worn and the rest are worn on other parts of the body, such as the waist, arms, or torso. Manufacturers of wireless health devices are also laying special emphasis on making their products aesthetically appealing so as to gain a competitive advantage in the market. Many of them have also launched applications that can be accessed via their smartphones to harness the full potential of their wireless health devices.
The study studies the regional dynamics of the wireless health market by segmenting in into the following regions: Europe, North America, Asia Pacific, and Rest of the World. Among all regional markets, North America contributes the highest revenue to the global wireless health market. The high prevalence of chronic diseases and conditions in the region have created a conducive environment for the growth of the wireless health market in North America. With the introduction of the Affordable Care Act, consumers in the United States have been able to spend more liberally on their healthcare needs and this will also have a positive impact on the state of the wireless health market in the region. The wireless health market in Europe is the second-largest in the world.
Among the leading companies in the global wireless health market are: GE Healthcare, Siemens A.G., Omron Corporation, Polar Electro, Koninklijke Philips N.V., Mckesson Corporation, Nihon Kohden, and Cerner Corporation.
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Effectively SMBs and government programs must address compounded regulatory compliance requirements. The most recent are Controlled Unclassified Information and the EU’s GDPR have Board Level implications. Managing sensitive data protection will likely result in acquisition criteria, demonstration requests and new requirements. Developers, as part of the pre-planning process and the associated supply chain, could benefit from updating their code libraries and design by incorporating changes.
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