Transparency Market Research (TMR) has published a new report titled, ‘mHealth Monitoring Diagnostic Medical Devices Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global mHealth Monitoring Diagnostic Medical Devices market was valued at US$ 29.0 Bn in 2018 and is projected to expand at a CAGR of 20.5% from 2019 to 2027.
mHealth involves delivery of health care related services to end-users through mobile phones (smartphones), tablets, and medical sensors. mHealth includes connected medical devices, mHealth applications, and mHealth services.
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North America dominated the global mHealth Monitoring Diagnostic Medical Devices market in 2018 and the trend is anticipated to continue during the forecast period. Increase in prevalence of chronic diseases, diabetes, rise in health and fitness concerns among general population, and surge in penetration of smartphone and internet services are expected to drive the market in North America.
However, Asia Pacific is likely to be a highly lucrative market for mHealth Monitoring Diagnostic Medical Devices and it is expected to expand at a high CAGR during the forecast period.
Increasing Government Initiatives to Drive Market
Increasing government initiatives for the adoption of mhealth products is likely to drive the market during the forecast period.
In July 2016, Japan’s Ministry of Economy, Trade, and Industry announced plans to launch a demonstration project to improve diabetes management through the utilization of IoT and health information.
In July 2017, the European Commission launched public consultation on how Europe should promote digital innovation in health care for the benefit of citizens and health systems in Europe.
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Connected Medical Devices Segment to Dominate Market
Based on product, the global mHealth Monitoring Diagnostic Medical Devices market is classified into connected medical devices, mHealth applications and mHealth services.
The connected medical devices is estimated to claim the largest market share in 2018 followed by mHealth applications segments. The connected medical devices segment is projected to grow during the forecast period as these devices reduce health care expenditure incurred during hospital visits for monitoring vital parameters.
Moreover, increasing awareness about health and fitness among people across the globe is likely to drive the segment during the forecast period.
Increasing penetration of Internet across the world and technological advancements such as introduction of 3G/4G/5G Internet services are likely to drive mHealth applications segments during the forecast period.
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Heart Rate Monitors to be Highly Lucrative Sub-Segment
In terms of products, the global connected medical devices segment has been segmented into heart rate monitors, activity monitors, electrocardiograph, fetal monitoring, neuromonitoring, and others.
The heart rate monitors sub-segment is expected to hold the major market share in 2018 due to increasing adoption of technologically advanced products and advantages of heart rate monitors such as provision of real-time health data, thereby allowing patients to track heart rate from anywhere anytime.
B2C Segment to be Highly Lucrative Segment
In terms of end-user, the global mHealth Monitoring Diagnostic Medical Devices market has been segmented into B2C and B2B.
The B2C segment is projected to witness strong growth during the forecast period due to increase in awareness and adoption of health care IT products by patients.
So, the market share of the patient sub-segment is predominant over other caregiver sub-segment and is expected to grow during the forecast period. Increase in availability of different apps and web based solutions for patients to view and store medical records and see medical test results online is expected to propel this sub-segment.
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North America to Dominate Global Market
In terms of region, the global mHealth Monitoring Diagnostic Medical Devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global mHealth Monitoring Diagnostic Medical Devices market in 2018, followed by Europe.
North America accounted for major share of the global mHealth Monitoring Diagnostic Medical Devices market in 2018, due to increasing funding and mergers & acquisitions.
In June 2017, Teladoc acquired Best Doctors, a provider of virtual medical consultation. Under the terms of the agreement, the purchase price comprised US$ 375 Mn cash and US$ 65 Mn of Teladoc common stock.
The global mHealth Monitoring Diagnostic Medical Devices market is fragmented in terms of number of players. Key players in the global market include Dexcom, Inc., Apple, Inc., FitBit, Inc., Withings (Nokia), Proteus Digital Health, Omada Health, Inc., WellDoc, Inc., Livongo Health, Noom, Inc., Ginger.io, Inc., Propeller Health, 2Morrow, Inc. Canary Health, Mango Health, BiogeniQ Inc., Twine Health, Inc., Glooko, Inc., Firstbeat Technologies Ltd, Claritas MindSciences, Big Health, Dthera Sciences, Virta Health Corp, Zest Health, LLC, Meru Health, Inc., HealthMine, Inc., Pear Therapeutics, Inc., BioTelemetry, Inc, Blue Mesa Health, and Digital Therapeutics.
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