mHealth Monitoring and Diagnostic Medical Devices Market Expected to Reach USD 8.03Billion Globally in 2019: Transparency Market Research
NEW YORK, April 28, 2014
NEW YORK, April 28, 2014 /PRNewswire/ --
According to a new market report published by Transparency Market Research, "mHealth Monitoring and Diagnostic Medical Devices Market (Focus on medical devices with in-built plug-ins for connectivity with devices like smartphones and tablets) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," the global mHealth monitoring and diagnostic medical devicesmarket was valued at USD 0.65billion in 2012 and is expected to grow at a CAGR of43.3% from 2013 to 2019, to reach an estimated value of USD 8.03billion in 2019.
mHealth also known as mobile health is a term used for delivering healthcare services with the help of mobile devices. The term is most commonly used for the practice of clinical medicine and public health with the usage of mobile phones and tablet. mHealth monitoring and diagnostic medical devices market is currently at its nascent stage, but is expected to witness a high growth rate during the forecast period owing to increasing demand for remote patient monitoring and rising adoption of wireless technology. Additionally, mHealth industry is witnessing an exponential growth due to financial crisis across the regions which demanded the need for reduction in healthcare expenditure and deliver healthcare services effectively.
The mHealth monitoring and diagnostic medical devices market is segmented as cardiac monitors, glucose monitors, blood pressure monitors, pulse oximeters, multi-parameter monitors and sleep apnea monitors. Of all the monitoring devices in 2012, cardiac monitors captured the majority share of this market followed by glucose monitors and blood pressure monitors. However, during the forecast period glucose monitoring devices are expected to foresee highest growth rate followed by multi-parameter monitoring devices during the forecast period reporting a CAGR of over 45%. Increasing sports activities and rising awareness about health and fitness are some of the factors anticipated to fuel the growth of this market. Additionally, increasing technological advancements that enable clubbing of several vital parameters into one device is another major factor expected to propel this market growth.
During the forecast period (2013-2019) the market for mHealth monitoring and diagnostic medical devices would be primarily driven by year-on-year growth of aging population, increasing incidences of chronic diseases, widespread adoption of smartphones and rapid growth of mobile web technology. However, uncertainty about the FDA regulations, issues regarding privacy and data loss and low awareness level in developing countries are some of the factors that may pose challenge for the players operating in this market.
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Geographically, North America and Europe captured more than 75% market share of the global mHealth monitoring and diagnostic medical devices market in 2012. The leadership position of these regions in the market was primarily seen due to high rate of awareness and aging population. Similarly, increasing penetration of smartphones and presence of major players in the U.S region are some other factors that contribute towards the market growth in North America. The European mHealth monitoring and diagnostic medical devices market is currently in the evolving state due to increasing government support, changing regulatory scenario and increasing influx of various players in this segment. Asia-Pacific region is expected to increase its market share and emerge as the fastest growing segment, reporting a CAGR of 47.6% during the forecast period. Rising patient awareness, increasing incidences of chronic disorders, changing lifestyle and improvements in wireless coverage and increasing adoption of smart phones are some of the factors that are poised to increase the market share of mHealth monitoring and diagnostic medical devices in this region. Additionally, aging population and increasing incidences of chronic disorders in the Asian region have intensified the need for affordable healthcare services consequently increasing the demand for mHealth monitoring and diagnostic devices.
mHealth monitoring and diagnostic medical devices market is highly fragmented and comprises many small and big players who are competing among themselves to sustain their leadership position in this market. iHealthLab Inc., Masimo Corporation, FitBit, Inc.,Withings, Nonin Medical and others are some of the leading players of this market.
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