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At CAGR of 20.4% Globally Wireless Health Market | 2022 - 2028 | Technology and Application is projected to expand at USD 343.45 Billion: Industry Size, Trends, Forecast Report by Zion Market Research
Wireless health is a cutting-edge practice that combines conventional health with wireless technology to treat, diagnose, and monitor patients, as well as to improve their overall well-being. It is mostly used for telemedicine, which is utilized to treat patients who are digitally linked to a doctor via video conferencing and who live in places where healthcare services are not readily available. Medical care is connected to suppliers of a sensor, wireless network service providers, hardware systems, enterprise data management groups, and technology developers through wireless health. Wearable gadgets, for example, are applications of wireless health that focus on rehab, early illness identification, and personal health status.
The COVID-19 pandemic significantly triggered the demand for wireless health. The increasing load on healthcare facilities and the rising burden for routine checkups & treatments significantly increased the need for wireless health. Additionally, most of the patients preferred to consult doctors through healthcare apps during the pandemic period to avoid hospital-acquired infections. Besides, many doctors supported to diagnose and treat patients through remote consultations. All these factors significantly increased the revenue inflow for the global wireless health market during the pandemic period.
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It is a basic human need to have better healthcare, from diagnosis through treatment. Everybody should have access to high-quality healthcare, which is now achievable owing to the design of advanced healthcare applications. Wireless technologies are on the verge of revolutionizing health care. The advancement of smart healthcare systems is a common trend these days, and wireless communication is the foundation of these systems. All healthcare units are implementing advanced technologies in order to provide patients with a variety of health services, treatments, and diagnoses both remotely and within hospitals. In the current circumstances, remote healthcare is widely used to provide healthcare to persons living in rural regions and those who are unable to travel. Remote health monitoring and telemedicine are two ways that make this service possible.
Increased use of the smartphone has changed the perspective of healthcare professionals. Instead of being distracted by time-consuming administrative procedures, healthcare providers in a connected hospital employ wireless medical devices to offer the highest quality of care to patients. Doctors and nurses can readily access up-to-date patient information, allowing them to make treatment decisions based on real-time medical data, resulting in better patient outcomes. The market is also driven by wearable devices for continuous monitoring. Medical equipment and diagnostic centers are experimenting with body-worn sensors that can monitor vital signs and send them in real-time to an internet platform that can be accessed remotely, thanks to the spread of smartphones and the acceptance of wearable gadgets.
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Nearly millions of patients are using wireless health to obtain rapid results remotely. However, such vast data with patient history, treatment, and outcomes are volatile to data piracy. Because large volumes of healthcare data are collected over the course of treatment in medical institutions such as hospitals and clinics, data theft might jeopardize patients' privacy. Cyberattacks are the biggest threat for any wireless applications as they can be hacked and used by unauthorized firms or groups, which is also contributing to the slow growth of the market.
Internet of Things has the potential to transform the sector significantly, as its applications are easy to adopt and understand. Like many other industries, the Internet of Things (IoT) has aided the expansion of healthcare IT, which has necessitated the creation of a connected medical environment. In the event of unavailability, wireless network solutions aid the healthcare business by allowing physicians to access data offsite to direct diagnostics.
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Continuous patient flow and emergency treatments push the medical sector to function 24/7. It is important that the wireless functions remain operative during critical care. However, this could cause less attention to network maintenance and result in a shutdown of wireless operations.
The global wireless health market is segregated based on component, technology, application, and region. The component segment of the market is categorized into software, hardware, and services. Among these, the software segment contributes a major revenue share of about 41 percent. Based on technology, the market is bifurcated into Wireless Wide Area Network (WWAN), Worldwide Interoperability for Microwave Access (WiMAX), Wi-Fi, and Wireless Personal Area Network (WPAN). The application segment is divided into pharmaceuticals, home care, and hospitals & nursing homes. The home care segment is likely to register the highest CAGR by the projected period.
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North America holds the dominant share of 40 % in the global wireless health market. This is attributed to well-established healthcare infrastructure, a large number of smartphone users, and increasing adoption of remote healthcare. Increased awareness and adoption of remote/telehealth in the United States contribute to the largest share of the country in the regional market. Healthcare sector in Canada is one of the best in the world; also it is rapidly adopting newer technologies. Due to this, the country is expected to grow at a rapid rate in the regional market. Asia Pacific is one of the largest healthcare markets in the world and is expected to offer excellent growth opportunities for the wireless health market.
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