mHealth Monitoring and Diagnostic Medical Devices Market Detailed Analysis and Forecast by 2019
mHealthis an abbreviation for mobile health, a term used for the delivery of healthcare services with the use of communication devices, such as mobile phones, tablet computers and PDAs, for health services and information. mHealth monitoring and diagnostic medical devices is an emerging market and demand for this technology is evolving at a rapid speed owing to rising incidences of chronic diseases and increasing geriatric population. The technology substantially reduces healthcare expenditure incurred during hospital visits for monitoring vital parameters such as blood pressure, blood glucose, heart rate, respiratory rate and others. According to The Center for Technology and Aging, the U.S. healthcare system could reduce the cost of healthcare expenditure by approximately USD 200 billion in the next 25 years through the implementation of remote patient monitoring technologies. Hence, this report is focused towards identifying the current scenario as well as the future market potential for mHealth monitoring and diagnostic devices, globally, with a special focus on medical devices like smartphones and tablets. The mHealth monitoring and diagnostic devices market has been segmented into seven major product types, namely, glucose monitors, blood pressure monitors, pulse oximeters, cardiac monitors, sleep apnea monitors, multi-parameter monitoring devices and other monitoring devices (fetal monitors, neurological monitors, asthma monitoring devices). These monitors are used for monitoring and diagnosing health and wellness of a patient via connectivity with the smartphones or tablets that enable data transfer to healthcare professionals via Bluetooth, NFC, Wi-Fi or USB stick.
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Of all the above mentioned monitoring and diagnostic devices, glucose monitors have been anticipated as the fastest growing segment for the forecast period 2013 to 2019, at a CAGR of 49.4%. According to the International Diabetes Federation (IDF), the number of people suffering globally from diabetes is around 392 million in 2013 and is expected to rise to 592 million by 2035. Hence, fastest growth rate of this segment is identified on the basis of year-on-year growth of diabetic patients globally and rising demand for invasive and minimally invasive glucose monitoring devices. In addition, global increase in number of smartphones and turnaround innovations in the mobile health devices, owing to improved technology are other important drivers of this market. Multi-parameter monitoring devices are also expected to witness significant growth rate in near future due to increasing awareness about health and fitness in developed countries.
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Geographically, the mHealth monitoring and diagnostic medical devices market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). Presently, the North American region is the largest market in the world, owing to presence of large number of manufacturers, technological advancements, increasing population with smartphones and tablet PCs and growing awareness about the devices and technology. However, Asia-Pacific region is considered as the most promising markets during the forecast period 2013 to 2019. The growth is expected owing to factors such as higher incidence rate of chronic diseases, aging population, increased awareness about the diagnostic devices and rising demand for home-care monitoring systems. Rapid increase in smartphone users in countries such as India, Singapore, Australia, China, Japan and New Zealand is also propelling the growth of mHealth devices and application providers in these regions to equip themselves with advanced monitoring devices, connectible to smartphone and tablet PCs.
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The market for mHealth monitoring and diagnostic medical devices is highly fragmented and each segment of the market is dominated by selected number of players. For instance, the market for glucose monitors is dominated by Sanofi LLC, iHealth Labs, Inc. and Medisana AG. The market for blood pressure monitors is dominated by iHealth Labs, Qardio and Withings, Inc. Masimo Corporation and Nonin Medical, Inc. are the prominent players in pulse oximeter market, whereas, cardiac monitors market is controlled by market leaders, such as, AliverCor Inc. and iMonSys Ltd. Sleep Apnea monitors market is dominated by Lark Technologies and Omron Healthcare. Finally, multi-parameter wearable monitoring devices market is controlled by FitBit, Inc., JawBone, and others. Additionally, more and more companies are entering the market, considering the growth perspective of the same.
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