The Asia Pacific Wireless Healthcare Market is segmented by Component (Hardware, Software, Services), Applications (Hospitals and Nursing Homes, Home Care, Pharmaceuticals), and Country.
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Scope of the report
Key Market Trends
TABLE OF CONTENTS
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The Asia Pacific Wireless healthcare market is expected to register a CAGR of 24.79% during the forecast period 2020 - 2025. In Asia-Pacific, especially in China, the smart healthcare industry has gained significant growth over the years, and it is primarily driven by the high investment in the 5G infrastructure in the region, thus driving the market growth.
According to the National Broadband Plan conceived by the Federal Communications Commission (FCC) in India, the healthcare industry is capable of saving around USD 700 billion, in the next 15-20 years, with the utilization of remote patient monitoring technology.
In conjunction with the electronic health records (EHRs), physicians can be more efficient during their consultation hours without physically visiting the patients every few hours. They can also prove to be the most quantifiable RoI for hospitals since operational costs can be saved by reducing re-admissions, in-person visits, and staff engagement.
Seeking growth opportunities in the region for the wireless healthcare market, healthcare-tech startups in the region are actively attracting funding from investors. The India-based startup, mfine, recently bagged a series B funding of USD 17.2 million from the Japanese venture-capital, SBI Investment. The company helps doctors expand their reach beyond cities' physical boundaries and has served over 800 towns in India.
Furthermore, Wipro's Remote Patient Monitoring and Care Management Solution offers an integrated home-installed system that utilizes wireless data transmission. Its medical-grade communication technologies and protocols enable health-related guidance, personalized care management, and processes to improve treatment adherence.
The pandemic period since venture capital funds marked early 2020 increased the investments in startups specializing in artificial intelligence, cloud-based health solutions, the internet of things, and smart home. The allied healthcare IT leaders are banking on a list of companies that make technologies that help keep tabs on patients remotely.
Scope of the report
The wireless healthcare market deals with the use of networking solutions (hardware, software) and services for healthcare applications, such as health monitoring and diagnostics. The scope of the market is comprehensive and is limited to Asia-Pacific.
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Key Market Trends
Application in Hospitals and Nursing Homes Holds Significant Market Share
Wireless technology creates highly connected healthcare environments, and it is helping hospitals address many challenges. It is reshaping the future of healthcare, for both patients and healthcare professionals.
Due to the increasing number of wireless medical devices in hospitals, there is a vision of the connected hospital, which may be a fully integrated hospital, where wireless technologies allow caregivers and patients to roam throughout the hospital while providing accurate and timely monitoring.
In connected hospitals, caregivers are, therefore, able to focus on providing the best quality of care to their patients, rather than administrative tasks. For instance, in a connected hospital, caregivers use wireless medical equipment to provide the best quality of care to patients, rather than being preoccupied with time-consuming administrative tasks.
New infrastructure developments, from robust wireless bridge communication systems to secured low-power Bluetooth modules, are allowing hospitals to deploy advance.Recently, Yonsei University Health System, one of the oldest and largest private university hospital networks in South Korea, signed a memorandum of understanding (MoU) with SK Telecom, South Korea's largest wireless carrier, to build a 5G-powered digital hospital.
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China Holds a Significant Share
China plays an important role in smart and wireless healthcare. The key hospitals in the country, such as West China Hospital of Sichuan University, are leading the deployment of 5G networks for clinical practices, as their smart medical strategy.
China has started playing a leading role in some areas of smart medical care, with several top hospitals, including the West China Hospital of Sichuan University, taking the lead in deploying and applying 5G in their clinical practice and smart medical strategy.
The year 2019 is also regarded as one of the crucial periods for Asia-Pacific, in terms of pursuing fundamental reforms. Hospitals are increasingly collaboratively working with ICT companies for digital transformation. For instance, in March 2019, Guangdong Provincial People's Hospital in China and Huawei Technologies signed a partnership agreement for building a wireless healthcare hospital by integrating 5G, Big Data, artificial intelligence, and other technologies to provide more accessible healthcare services and precision medicine and to build better patient-doctor relationships.
Further, wireless technology creates highly connected healthcare environments that can help hospitals address these challenges, and it is also playing a critical role in reshaping the future of healthcare, for both patients and healthcare professionals in the region. In the connected hospitals, connecting medical devices to EHR (Electronic Health Records) systems reduced the time it takes to enter the vitals, from 7-10 minutes to less than 1 minute, per patient.
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The Asia Pacific wireless healthcare market is moderately fragmented. The major players with a significant share in the market are expanding their customer base across various regions. Players are involved in product development and strategic collaborative initiatives with multiple companies to increase their market share and profitability. Some of the recent developments in the market are:
December 2019 - Verizon has introduced its 5G wireless technology into 20 countries for better connectivity. The Ulta 5G bandwidth has been a network connection for next generation connectivity.
September 2019 - Apple announced three unprecedented medical studies, in partnership with leading academic and research institutions, that may reach more participants than has ever been possible. Apple is also expected to examine and research in the field of Hearing, Women’s health and Mobility and Heart health sector.