- Growing Patients' Acceptance of mHealth Monitoring Diagnostic Medical Devices for Managing their Chronic Conditions Harbinger of Market Growth
- Asia Pacific Market to Present Substantial Lucrative Avenues throughout Forecast Period (2019 - 2027); Proposition of Obtaining Real-time Health Data through the use of Low-cost mHealth Devices Key to their Adoption in Patient-centered Healthcare
ALBANY, New York, May 28, 2020 /PRNewswire/ -- A wide array of connected medical devices, mHealth services, and mHealth applications are being adopted by patients and clinicians for the diagnosis of spectrum of disease conditions. Digital innovation in health and wellness industry drive the demand for patient-centered care, particularly for reducing the prevalence of chronic conditions. Government initiatives in developing region of Asia Pacific has cemented the potential in mHealth monitoring diagnostic medical devices market.
Garnering an impressive CAGR of 20.5% from 2019 to 2027, the global mHealth monitoring diagnostic medical devices market is projected to touch a figure of US$ 157.5 Bn by 2027-end. The recent valuation was made in 2018 amounted to US$ 29.0 bn.
Analysts at Transparency Market Research tracking growth in the market concede that rising government initiatives to create awareness about the benefits of mHealth monitoring diagnostic medical devices bolster their use among patient population.
Key Findings of mHealth Monitoring Diagnostic Medical Devices Market
- Of the various product types, connected medical devices held the top share in 2018; their application for managing health condition remotely also reduces healthcare expenditure
- Among the various segments in connected medical devices, heart rate monitors accounted for the top share in 2018; use of mHealth solutions for cardiovascular care boosting the growth of this sub-segment
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- Of the various end users, B2C segment expected to account for a notable share; patient acceptance of healthcare IT products drive its popularity
- Of all the regions, North America hold the leading share in mHealth monitoring diagnostic medical devices market followed by Europe
Explore 111 pages of top-notch research, incisive insights, and detailed country-level projections. Gain business intelligence on mHealth Monitoring Diagnostic Medical Devices Market (Product: Connected Medical Devices (Heart Rate Monitors, Activity Monitors, Electrocardiograph, Fetal Monitoring, Neuromonitoring and Others), mHealth Applications (Fitness & Wellness, Diabetes, Cardiovascular Diseases, Central Nervous System Disease, Respiratory Diseases, Musculoskeletal Diseases, Smoking Cessation, Medication Adherence and Others), mHealth Services; End-user: B2C (Patients, Caregivers), and B2B (Providers, Payers, Employers and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027 at https://www.transparencymarketresearch.com/report-toc/2018
mHealth Monitoring Diagnostic Medical Devices Market: Key Driving Factors and Promising Avenues
The broad market proposition for the adoption mHealth monitoring diagnostic medical devices in health care and wellness is the role they play in management of chronic diseases. Some of the factors associated with this trend are:
- The growing prevalence of cardiovascular diseases, cancer, and chronic diseases imparts a huge health burden of countries around the world. Healthcare systems in several developing and developed nations consider mHealth devices and services key to digital innovation in patient care, thereby propelling strides in the mHealth monitoring diagnostic medical devices market.
- Per an estimate in IDF Diabetes Atlas Ninth edition 2019, as many as 700 million of adults (20-79 years) are expected to live with diabetes by the end of 2045.
- As many as 50% (232 million) people with diabetes were undiagnosed in 2019, resulting in mounting concern of the health burden of diabetes. Hence, mHealth apps are being increasingly leveraged in diagnosing and monitoring such conditions, without making frequent visit to hospitals
- Adoption of new technologies in mHealth monitoring diagnostic medical devices has expanded the horizon of patient care in developed markets such as the U.S. These devices hold great promise in managing patients with cancer and chronic diseases.
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Key Challenges for Players in mHealth Monitoring Diagnostic Medical Devices Market
Despite the disruptive potential of mHealth systems in improving patient care, a few factors dampens the demand in mHealth monitoring diagnostic medical devices market. Data security breaches are a vital concern for patients. Also, the high cost of these devices and systems makes it out of reach for patients and doctors in cost-sensitive markets.
Further, the lack of regulatory concerns and adequate reimbursement scenario are key restraints for players to consolidate their growth in the mHealth monitoring diagnostic medical devices market.
mHealth Monitoring Diagnostic Medical Devices Market: Competitive Landscape
The landscape is characterized by a high degree of fragmentation, since there are several players, with no single one currently boasting a sizable share in the mHealth monitoring diagnostic medical devices market. Most players are leaning on offering low-cost options to fuel the acceptance among patients. Numerous key players are relentlessly working on improving the functionality of mHealth systems.
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The global mHealth Monitoring Diagnostic Medical Devices market has been segmented as follows:
- Connected Medical Devices
- Heart Rate Monitors
- Activity Monitors
- Fetal Monitoring
- mHealth Applications
- Fitness & Wellness
- Cardiovascular Diseases
- Central Nervous System Disease
- Respiratory Diseases
- Musculoskeletal Diseases
- Smoking Cessation
- Medication Adherence
- mHealth Services
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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