Global mHealth Monitoring and Diagnostic Medical Devices Market: Snapshot
The term mHealth is gradually catching notice of the global healthcare community. It is an abbreviation used to connote mobile health and comprising the delivery of healthcare services and solutions using devices such as PDAs, tablets and computers, and smartphones. The global mHealth monitoring and diagnostic medical devices market is emerging with the evolution of healthcare technologies and the rising incidence of chronic ailments.
The technology helps in significantly reducing the expenditure incurred on healthcare during hospital visits for monitoring vital parameters such as blood glucose level, respiratory rate, heart rate, blood pressure, and others. As per the Center for Technology and Aging, the healthcare system in the U.S. can reduce the cost incurred as healthcare expenditure approximately by US$200 bn in coming 25 years if remote patient monitoring technologies are implemented effectively.
Based on aforementioned findings, Transparency Market Research (TMR) foretells the future worth of the global mHealth monitoring and diagnostic medical devices market to be around US$8 bn in 2019. Its valuation in 2012 was around 0.6 bn. If these figures hold true, the global mHealth monitoring and diagnostic medical devices market will exhibit a whopping CAGR of 43.30% between 2013 and 2019.
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Demand for Glucose Monitoring to Rise at High Pace
By product, the global mHealth monitoring and diagnostic devices market has been segmented into glucose monitors, cardiac monitors, blood pressure monitors, multi-parameter monitoring devices, sleep apnea monitors, pulse oximeters, and other devices. Of these, the glucose monitors are expected to report the highest CAGR of 49.4% between 2013 and 2019. Additionally, the globally increasing penetration of smartphones and the rising innovation in mobile health devices due to improved technologies are expected to bolster opportunities for the segment’s growth. Besides this, the demand for multi-parameter monitoring devices is also expected to increase at a significant pace due to the increasing awareness among health and fitness in developed countries.
Asia Pacific to Beat Other Regional Markets in Terms of CAGR
Regionally, North America, Asia Pacific, Europe, and Rest of the World constitute the key segments in the global mHealth monitoring and diagnostic medical devices market. Among these regions North America currently hold dominant in the global market, thanks to the increasing presence of manufacturers in the region and the rising consumer base of smart electronic devices such as tablets and smartphones. The region also gains from being at the fore of various technological developments and the high level of awareness among consumers regarding the latest technologies and devices.
However, over the course of the forecast period Asia Pacific is also expected to report significant growth. Furthermore, TMR foretells Asia Pacific beat other regions in terms of CAGR over the course of the report’s forecast period. The increasing geriatric population, rising prevalence of chronic ailments, and the growing awareness regarding the benefits of advanced medical devices will boost the mHealth monitoring and diagnostic medical devices market in Asia Pacific. The market will also witness increasing demand in China, India, Australia, Japan, and New Zealand.
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