mHealth Monitoring Diagnostic Medical Devices Market: Connected Medical Devices Segment to Dominate Market
- According to Transparency Market Research’s latest report on the global mHealth monitoring diagnostic medical devices market for the historical period 2017–2018 and forecast period 2019–2027, rise in prevalence of chronic disorders, aging population, technological advancements, entry of new players, and increase in access to health care are projected to drive the global mHealth monitoring diagnostic medical devices market
- According to the report, the global mHealth monitoring diagnostic medical devices market was valued at US$ 29.05 Bn in 2018 and is projected to expand at a CAGR of 20.5% from 2019 to 2027
Rise in Prevalence of Chronic Disorders and Increase in Government Initiatives: Key Drivers
- Prevalence of disease indications such as diabetes, cardiovascular diseases, and other chronic diseases is increasing rapidly across regions due to aging population, unhealthy food habits, and rise in obesity. According to Partnership to Fight Chronic Disease (PFCD), chronic diseases are the leading cause of death and disability in the U.S. Nearly 133 million people in the U.S., or 45% of the population, have at least one chronic disease. These factors fuel the growth of the global mHealth monitoring diagnostic medical devices market.
- High prevalence of diabetes and improvement in economic conditions are anticipated to propel demand for wearable devices. According to the International Diabetes Federation (IDF), more than 382 million people across the globe currently suffer from diabetes.
- Increase in government initiatives for the adoption of mhealth products is likely to propel the global market during the forecast period. Governments are making efforts to increase awareness among health care professionals and patients about the usage and benefits of mHealth monitoring diagnostic medical devices.
- Governments in developed countries such as the U.S. have begun to reach local communities by offering Continual Medical Education (CME) classes. This leads to increase in awareness among physicians and surgeons about the availability and usage of mHealth monitoring diagnostic medical devices. This is projected to augment the growth of the global mHealth monitoring diagnostic medical devices market.
- In July 2017, the European Commission launched public discussion on how it should promote digital innovation in health care for the advantage of citizens and health systems in Europe
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Focus on Geographic Expansion
- Companies in the global mHealth monitoring diagnostic medical devices market are undergoing strategic acquisitions which enable product distribution in various regions and also strengthen their global presence. Rise in demand for technology-driven solutions, economic growth, and increase in awareness about chronic disorders present significant opportunities for players operating in the global mHealth monitoring diagnostic medical devices market.
- In April 2017, NextGen Healthcare, a subsidiary of Quality Systems and a provider of computer-based practice management applications for medical and dental group practices, acquired Entrada, a provider of mobile clinical documentation for ~US$ 34 Mn all in cash. The seller was represented by JEGI.
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High Cost and Cyber Threat to Hamper Market
- The global mHealth monitoring diagnostic medical devices market is technology driven. Introduction of new technologies in the market increases the demand for these systems due to improved efficiency and outcomes. However, high cost of these new devices raises the affordability issue, which hampers the growth of the global mHealth monitoring diagnostic medical devices market, especially in the developing countries. Moreover, lack of reimbursement affects demand for mHealth monitoring diagnostic medical devices.
- mHealth monitoring diagnostic medical devices have been adopted by patients, therapists, and doctors in the last decade. However, data security breaches have been reported. Hence, cyber threat and increase in data security breaches hamper market growth.
Global mHealth Monitoring Diagnostic Medical Devices Market: Competitive Landscape
- This report profiles major players in the global mHealth monitoring diagnostic medical devices market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- The global mHealth monitoring diagnostic medical devices market is fragmented, with the presence of a number of international as well as regional players
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Global mHealth Monitoring Diagnostic Medical Devices Market: Key Developments
Key players in the global mHealth monitoring diagnostic medical devices market are engaged in regulatory approvals, technologically advanced products, launch of new products, and acquisition & collaborative agreements with other companies. These strategies of key players are likely to fuel the growth of the global mHealth monitoring diagnostic medical devices market. A few expansion strategies adopted by players operating in the global mHealth monitoring diagnostic medical devices market are:
- In January 2018, Apple, Inc. announced an update to the Health app with the iOS 11.3 beta, debuting a feature for customers to see their medical records right on their iPhone. The updated Health Records section within the Health app brings together hospitals, clinics, and the existing Health app to make it easy for consumers to see their available medical data from multiple providers.
- In September 2017, Cerebra Health acquired Younes Medical Technologies, a developer of sleep scoring technology
- In June 2017, DexCom, Inc. received the Food and Drug Administration (FDA) approval for the Dexcom G5 mobile app for Android devices
- In July 2017, Fitbit and DexCom, Inc. entered into collaboration to develop and market products to help people better manage their diabetes and get a more complete picture of their overall health with easy-to-use mobile tools
- In July 2017, Royal Philips announced that it received 510(k) clearance from the U.S. Food and Drug Administration (FDA) to market the Philips BlueControl wearable light therapy device to treat mild psoriasis
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The report on the global mHealth monitoring diagnostic medical devices market discussed individual strategies, followed by company profiles of manufacturers of mHealth monitoring diagnostic medical devices. The competitive landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global mHealth monitoring diagnostic medical devices market.
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