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 new report by US based market intelligence firm Transparency Market Research sheds valuable insights on the current state and the estimated future of the global m-health market.
The report mentions that this market, valued at an estimated USD 0.65billion in 2012, will observe significant growth during the forecast period, i.e. between 2013 and 2019, and reach a value worth USD 8.03billion by 2019 by growing year on year at an expected CAGR of43.3%.
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M-health is a term that signifies a conjunction between two fast pacing segments of information technology: mobile services and e-health. Mobile services or m-services refer to delivery of various services through mobile devices and e-health refers to the provision of delivery of healthcare services by virtue of electronic media and devices.
At its core, m-health refers to the idea of practicing clinical medicine and providing healthcare facilities and monitoring by virtue of connectivity medium such as smart phones and tablet computers. This market is currently is in its budding stage and has not witnessed many significant feats. But with the wide-scale adoption of cutting-edge technological devices even in the remotest regions of the world, and a rise in demand for remote health monitoring, the future of this technology looks brighter. The highly economic nature of this field could also significantly contribute to the impending growth of this market during the forecast period.
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Product wise, the report analyses this market according to products such as blood pressure monitors, glucose monitors, pulse oximeters, cardiac monitors, sleep apnea monitors and multi-parameter monitors, the most popular devices in the current consumer market of m-health.
Of these products, cardiac monitors amassed the largest share of this market, followed by glucose monitors and blood pressure monitors, respectively, in 2012.
However, the report estimates that demand for glucose monitors will surpass demands for most other m-health devices owing to the rise in world diabetic population. This would be followed by multi-parameter monitoring devices, adds the report.
Factors such as growth of the aging population of the world, a continuous rise in chronic diseases, such as diabetes especially and the easy availability and widespread use of cutting-edge mobile devices would keep this market going in the future.
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However, factors such as uncertain FDA regulations about mobile healthcare management and prescription and generic issues such as the medical help at the stake of personal data, chances of data loss and a lack of awareness amongst population in the developing countries may hinder its growth.
Geographically, the regions Europe and North America held the largest share of the global m-health market – an estimated 75%, in 2012. The reasons are obvious – high rates of awareness amongst the end users and the swift rise in aging population in these regions. Also, there is an increasing rate of penetration of smart phones and presence of major market players in these regions, which add significantly to make these markets the leaders.
However, stiff competition to the market position of these regions is estimated from the Asia-Pacific region during the forecast period, owing to rising consumer awareness, growing use of smart phones, changing lifestyle and easy availability of wireless network capabilities in this region during the forecast period. The report estimates that this region could observe growth at a CAGR of 47.6% during this period. This is also the region that demands affordable healthcare the most, leading growth of any form of technology that offers reliable services at reasonable prices.