Acumen research and consulting estimates that the global mHealth monitoring diagnostic medical devices market is anticipated to reach market size of around US$ 263 Bn by 2028 and is anticipated to grow at a CAGR of around 20.8% in terms of revenue during the forecast period 2021 - 2028.
mHealth is defined as a diverse eHealth division which covers patient data collection. This related patient data is collected through cellular, computer, wearable and other mHealth apps. In fact, patient data obtained are processed in a virtual server via a mHealth program. The health practitioners use these recorded data to evaluate patient condition-related criteria. For example, a sensor for mHealth BP takes measures of blood pressure changes in a patient. Those measurements then are assessed for the seriousness of the medical condition by health practitioners. In fact , the industry sells various types of products and facilities. For instance, blood pressure monitors, pulse oximetry, neurological surveillance, cardiac surveillance, apnea and sleep monitoring, and other.
The rising pattern in prevention and support for start-ups in mHealth also fuel business growth. Mobile healthcare solutions are gathering traction in the healthcare sector by creating rising wireless start-ups. In turn, the rise in mHealth is attributed to factors such as higher mobile use, increased internet use and convenient access to mHealth applications. In addition, the development of the segment was greatly influenced by recent developments in wearable technologies and an growing incidence of chronic diseases, primarily cardiovascular disorders and diabetes. Besides technological development the two most important aspects of creating structured revenue channels are a sustainable business model and strategic alliances. However, the demand growth can be hampered by factors such as data protection concerns and weak network coverage.
Due to strong market demand, mHealth apps are projected to demonstrate a profitable growth rate over the forecast era. The rise in wearables for doctors and consumers who are mindful of their health would also have a positive effect on the sector. The majority of digital health start-ups have adopted B2C market models that allow greater adoption in the primary healthcare sector than in multi-stakeholder structures. Such B2C-focused start-ups, however, face profitability problems. For instance, clue, a starter company based in Berlin, offers fertility apps to customers free of charge. Some mHealth companies are therefore continuing to concentrate their efforts on B2B2C-based market models in order to retain profitability; i.e. sell their products or services to end-users, as MedTech, hospitals, IT, or to patients or doctors. The start-up may obtain insight into the industry conditions and existing situations at early stages with these company end users.
Attributed to the prevalence of key market players, the high level of adoption of digital technologies and increasing awareness of connected care, North American accounted for the second-largest share of the mHealth solutions market in 2020. One of the main factors responsible for its market share is the high penetration of the internet and smartphones in the country along with the use of health / drug related devices. In fact, the successful implementation in various health centers of electronic health records and electronic prescription structures continues to drive the growth of the regional market. The most rapidly rising mobile health sector is projected at Asia-Pacific. The driving forces include telemedicine, remote control, remote treatment, quick access to m-health devices, and the cost savings of m-health appliance solutions in particular. South Korea has had a market share of 10% in 2020 in the Asia-Pacific region. The Middle East and Africa market is also expected to expand steadily as African mobile health deployments help the healthcare professionals and staff in gathering and transmitting information on patients' diseases through cell phones, smart wearable devices and personal digital assistant (PDAs).
Major players included in this report are FitBit, Inc., Omron Healthcare, Apple, Inc., Bayer HealthCare, Medtronic, Inc., BioTelemetry, Inc. (CardioNet, Inc.), Boston Scientific Corporation, LifeWatch AG, DexCom, Inc., iHealth Labs, Inc., AT&T, Inc, Johnson & Johnson, F. Hoffmann-La Roche Ltd., Masimo Corporation, Dräger AG, Fora Care Inc, Medisana AG, Nonin Medical, Inc., Firstbeat Technologies Ltd., Withings (Nokia), and others. Companies focus on geographic expansion, mergers, acquisitions, partnerships and release of products to gains a competitive advantage. For instance, with Change Healthcare Google Inc. is creating a cost-effective cloud computing platform on the market that will support imaging professionals as well as patients.
The global mHealth monitoring diagnostic medical devices market is segmented as below:
mHealth Monitoring Diagnostic Medical Devices Market By Products
Connected Medical Devices
mHealth Monitoring Diagnostic Medical Devices Market By Applications
mHealth Monitoring Diagnostic Medical Devices Market By End User
mHealth Monitoring Diagnostic Medical Devices Market By Geography
The market value of mHealth monitoring diagnostic medical devices is anticipated to be around US$ 220 Bn in 2027.
It is anticipated to grow around 20% CAGR amid the forecast period 2020-2027
North America held maximum share in 2019.
Asia Pacific is projected to grow at a fast pace during forecast period from 2020-2027.
Technological advances that can track patient health and inform about any vital changes in the bodyis expected to drive the growth of the mHealth monitoring diagnostic medical devices market.
Security concerns to maintain a secure infrastructure for the data collected from the patients is a major factor expected to restraint the growth of the market.
FitBit, Inc., Omron Healthcare, Apple, Inc., Bayer HealthCare, Medtronic, Inc., BioTelemetry, Inc. (CardioNet, Inc.), Boston Scientific Corporation, LifeWatch AG, DexCom, Inc., iHealth Labs, Inc., AT&T, Inc, Johnson & Johnson, F. Hoffmann-La Roche Ltd., Masimo Corporation, Dräger AG, Fora Care Inc, Medisana AG, Nonin Medical, Inc., Firstbeat Technologies Ltd., Withings (Nokia), and others are the prominent players in the mHealth monitoring diagnostic medical devices market.