The market for mobile health monitoring and diagnostics was worth $650 million in 2012, and is expected to grow at a CAGR of 43.3 percent from 2013 to 2019 to reach $8 billion, according to a new report from Transparency Market Research.
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 of 2013-2019, glucose monitoring devices are expected to foresee highest growth rate followed by multi-parameter monitoring devices, reporting a CAGR of over 45 percent. 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, the report found.
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, the 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, according to the report.
During the forecast period, 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.