The Europe Wireless Healthcare Market is Segmented By Component (Hardware, Software, Services), Application (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 Europe Wireless Healthcare Market is expected to reach a CAGR of 20.9% during the forecast period (2020 - 2025). The major trend supporting the growth of wireless healthcare devices is the rising trend of smart hospitals in the regions. Europe’s aging population also demonstrates putting a lot of financial pressure on communities and healthcare services. The costs for cities of providing health services for the elderly expected to double by 2030. A shortage of nurses to care for the elderly is hampering the healthcare segment.
Europe has one of the most developed healthcare industries and the region is also early adopters of advanced technologies, thus, driving the growth of wireless healthcare services. A significant proportion of the European population is aged 65 years and above, and according to the UN, the figure is expected to significantly grow to 24% by 2030. The integration of wireless technology in healthcare enables the facilitation of enhanced patient treatment systems in the region.
Likewise, on the vendor front, Royal Philips and Spencer Health Solutions strategized on an existing partnership to include European presence across offering medication adherence solutions via Spencer Smart Hub to high-acuity patients. Ongoing developments such as one by MIT startup Emerald, is looking to create a radio mesh network to measure person’s breathing, heart rate and movements on an entire floor of a home.
Since the beginning of the COVID-19 pandemic, many smartphone apps have been developed, some of them by public authorities. The World Health Organization (WHO) is working on the development of an application that would provide medically-approved information and advice to users based on their symptoms.
For instance, in April 2020, Google and Apple jointly announced an initiative related to the use of the Bluetooth protocol to support contact tracing apps.5 . The protocol would support the use of Bluetooth LE (Low Energy) for proximity detection of nearby mobile phones, and for the data exchange mechanism that alert participants of possible exposure to someone who they have recently been in contact with, and who has subsequently been positively diagnosed as having the virus.
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 report study covers patient monitoring systems and network enabling hardware and software solutions, along with services for use across the pharmaceutical sector, hospitals, and home care.
Hospitals and Nursing Homes
Rest of Europe (Spain, Netherlands, etc.)
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Key Market Trends
Hospitals and Nursing Homes is Expected to Gain Significant Share
The growing demand for remote patient monitoring solutions, owing to the aging population and long-term chronic disease conditions, is the major factor impacting the growth of the market. There is constant pressure on hospital administrators to lower costs while continuing to improve the level of patient care. In this environment, hospitals are turning to wireless technologies, to operate more efficiently, support patient care, and improve their experience.
For instance, to better understand and improve the workflow of nursing staff, hospitals are equipping nurse ID badges with an RFID tag that works with the hospital’s Wi-Fi network. These tags track the movement of the nurses, throughout their shift. The data is captured and analyzed, providing insights to the hospital to make improvements in the processes.
Connected devices, also known as IoT connected devices, ranging from hospital imaging equipment to implantable pacemakers and wearables, are helping healthcare providers and patients in various scenarios, such as monitoring vitals, regulating dosages, improving diagnostics, and more.
Universitätsklinikum Essen, one of the leading teaching hospitals in Germany, with a capacity of over 1300 beds and looks after 1,60,000 patients annually, adopted a wireless network that enables it to gain efficiencies in its clinical processes, thus, increasing caregiver productivity and patient care.
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United Kingdom is Expected to Grow Significantly
The rise of telemedicine is anticipated to have a significant impact on home healthcare in the region. Due to the rapidly growing market for telemedicine, home healthcare delivers health and education services directly to patients in their homes via telecommunication devices as a complement to conventional care. Telemonitoring offers new hope for staying safe in the homes, despite chronic health problems that may otherwise require in-person supervision.
The COVID-19 pandemic has created a surge in demand for telemedicine. For instance, in April 2020, A free virtual consultation service has been set up in the UK to link worried patients with healthcare staff in their homes to try to ease the pressure on the NHS during the COVID-19 crisis.
Moreover, In 2014, the United Kingdom released the NHS Five-year Forward View (5YFV) to reduce the barrier for healthcare services. One aim for implementing this program was to make the healthcare paper-free at the point-of-care by 2020. This is estimated to increase the adoption of digital technology that allows the information to be consumed.
Additionally, in 2018, the UK health secretary announced to invest over GBP 200 million for creating a new set of Global Digital Exemplars (GDE) program with a focus on acute and mental health facilities. Recently, in December 2019, the government revealed its plan for a ‘digital aspirants’ program for hospitals in the United Kingdom.
In June 2019, the University Hospitals Birmingham NHS Foundation Trust (UHB) developed a wireless healthcare infrastructure for emergency services in the United Kingdom. This was demonstrated by the Medical Devices Testing and Evaluation Centre (MD-TEC) for the concept of 5G connected ambulance, providing new technologies to the front-line staff at hospitals, creating a facility for patients to be diagnosed in the most appropriate atmosphere.
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The competitive rivalry in the wireless healthcare market is moderate and growing. The existing players in the market are innovating to gain a competitive edge in the market. The barrier to exit is moderate, as in many cases the devices can also be used for other industries. The companies can gain a lot from a unique strategy and also through product innovation. The vendors in the market studied are also growing, which will strive them to invest in a partnership, joint venture, and acquisition activities, thereby, intensifying the competition in the market.
May 2020 - Royal Philips received 510(k) clearance from the US Food and Drug Administration (FDA) for its wearable biosensor (Philips Biosensor BX100) to help manage confirmed and suspected COVID-19 patients in the hospital.
September 2019 - Philips and Spencer Health Solutions announced they are expanding their partnership in Europe. This partnership would combine medication dispensing, telehealth, and engagement so that patients, their healthcare providers, and clinical research teams stay connected.