Mobile Health Devices Market to Reach $8.03 Billion in 2019
The global mobile health (m-health) monitoring and diagnostic medical devices market was valued at $0.65 billion in 2012 and is expected to grow at a compound annual growth rate (CAGR) of 43.3% from 2013 to 2019, reaching $8.03 billion in 2019. This is 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.”
M-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 tablets. The m-health 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, the m-health industry is witnessing an exponential growth due to financial crises across regions that demanded the need to reduce healthcare expenditure and to deliver healthcare services effectively.
The m-health 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 see the highest growth rate followed by multi-parameter monitoring devices, 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 are another major factor expected to propel this market growth.
During the forecast period (2013-2019), the market for m-health monitoring and diagnostic medical devices would be primarily driven by year-on-year growth of an aging population, increasing incidences of chronic diseases, widespread adoption of smartphones, and rapid growth of mobile web technology. However, uncertainty about Food and Drug Administration (FDA) regulations, issues regarding privacy and data loss, and low awareness level in developing countries are some of the factors that may pose challenges for the players operating in this market.
Geographically, North America and Europe captured a more than 75% market share of the global m-health monitoring and diagnostic medical devices market in 2012. The leadership position of these regions in the market was primarily due to the high rate of awareness and aging population. Similarly, increasing penetration of smartphones and presence of major players in the US region are some other factors that contribute toward the market growth in North America. The European m-health monitoring and diagnostic medical devices market is currently in an evolving state due to increasing government support, changing regulatory scenario, and increasing influx of various players in this segment. The 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 smartphones are some of the factors that are poised to increase the market share of m-health monitoring and diagnostic medical devices in this region. Additionally, the 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 m-health monitoring and diagnostic devices.
The m-health 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, and Nonin Medical are some of the leading players of this market.