The global mHealth diagnostic and monitoring medical devices market is highly fragmented and is characterized by both large and small vendors. These presence of the vendors is limited to certain segments of the overall market, reports Transparency Market Research (TMR) in a new study. The top four companies, based on their market presence, are iHealth Lab Inc., LifeWatch, Withings Inc., and Omron Healthcare.
“The global mHealth diagnostic and monitoring medical market is research- and innovation-intensive and requires manufacturers to adopt several strategies such as mergers, acquisitions, and collaborations to remain competitive,” says the author of the report. The market is still at an evolving stage and thus is conducive for new entrants to make a mark with innovative products.
Rising Incidence of Chronic Diseases and Geriatric Population to Boost Uptake of mHealth Devices
The requirement for efficient healthcare services is propelled by the increasing incidence of chronic diseases such as diabetes, heart diseases, and obesity and rising geriatric population. Monitoring and diagnosing chronic diseases through smart devices would assist in managing the diseases effectively and in less time and cost. Therefore, augmented demand for efficient healthcare drives the uptake of mHealth devices, consequently fueling the mHealth market growth.
Recent developments in mobile phone technology have enabled the use of smartphones and tablets for monitoring and diagnosis of various diseases. The integration of healthcare services with mobile technology provides improved quality care and easy accessibility, thereby driving the global mHealth monitoring and diagnostic medical devices market.
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Increasing mobile access in all geographies across the globe can be attributed to rising penetration of smart devices. The rise in the number of mobile connections has led to the development of faster networks such as 3G and 4G. These high-speed connections enable high-speed data transfer and superior video quality. These factors have helped in the delivery of healthcare services through smart devices that would consequently expedite the growth of global mHealth monitoring and diagnostic medical devices market.
Uncertain Regulatory Measures to Curtail Shipments of mHealth Devices
The mHealth market is at its nascent stage and is not widely accepted. The complex nature of the mHealth industry necessitates the need for service providers, network operators, equipment manufacturers, users and hospitals to learn its working mechanism. Moreover, a secure cloud infrastructure in the smartphones is required to maintain and access large volume of data (patient’s records) and other healthcare information to prevent data loss.
The regulatory framework associated with mHealth industry has not evolved significantly in many countries. These regulations are necessary in the successful deployment of mHealth devices and technology. Uncertainty about the standards in the market restraints vendors from developing new products and services, thereby impeding the growth of mHealth market.
Lack of reimbursement policies forms another major factor in negatively influencing the growth of mHealth monitoring and diagnostic devices market globally. Reluctance of private and public insurers in providing coverage for mHealth consultations, diagnosis and treatment has reduced the adoption of mHealth monitoring and diagnostic devices.
Growing Prevalence of Cardiac Diseases to Drive Demand for Cardiac Monitors
According to the study by TMR, the global market for mHealth diagnostic and monitoring medical devices was valued at US$645.6 mn in 2012 and is anticipated to reach US$8.03 bn by 2019. The cardiac monitors segment is the leading segment and is expected to maintain the lead until the end of 2019 owing to the rising incidence of cardiac diseases. The valuation of cardiac monitors market was US$658.2 mn and is expected to rise to US$2.51 bn by the end of 2019. Glucose monitors formed the second-largest segment and also the fastest-growing segment by revenue.
In terms of geography, the global mHealth diagnostic and monitoring medical devices market is segmented into Asia Pacific, Europe, North America, and Rest of the World (RoW). North America is the leading segment by revenue owing to the growing preference for home-based healthcare and the high healthcare awareness in the region. However, Asia Pacific is the fastest growing segment by value.