Mobile Heart Monitoring Market: Activity monitors segment is expected to account for a high share of the market
Nowadays, the Internet of Things (IoT) is widely recognized by analysts and researchers as the most sophisticated technology, which has potential to not only affect the safety, health, and productivity of many people but also has a big economic impact. It mainly consists of physical objects that are embedded with sensors, computing devices, actuators, and data communication capabilities. These are linked to networks for data transportation. Currently, portable systems for disease diagnosis and monitoring of human functional health are becoming more common. Cardiovascular diseases such as heart disease and stroke remain the leading causes of death around the world. According to a survey conducted by the WHO, about 17.3 million people died of heart disease, which represented 30% of the global deaths in 2008. There has been a significant growth and remarkable progression in the field of the mobile health care market over the years.
Investors have started investing in projects ranging from mobile apps to different sensors. The manufacturers are incorporating advanced sensors with reduced size and low cost, expanding the range of wearable heart monitoring devices. The global mobile heart monitoring market is growing due to technological developments in the mobile health care products and rise in lifestyle diseases and awareness. Furthermore, increase in focus on fitness and healthy lifestyle orientation are anticipated to influence the demand for mobile heart monitoring devices in the near future. Growing trends toward home health care are creating more opportunities for the global heart monitoring market. However, high cost associated with the devices and security issues are projected to hamper the growth of the mobile heart monitoring market.
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The global mobile heart monitoring market is segmented on the basis of product, application, end-user, and geography. Based on the product, the global market is categorized into activity monitors, heart rate monitors, EEG/ECG monitors, cardiac event, pulse oximeters, blood pressure monitors, mobile apps, and others. The activity monitors segment is expected to account for a high share of the mobile heart monitoring market. The large market share of the segment are attributed to factors such as increase in unhealthy and sedentary lifestyles, growth in awareness about health and fitness, and rise in health concerns.
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On the basis of application, the global market is divided into arrhythmia, high blood pressure, coronary artery disease, fitness, sports, and others. According to the American Heart Association (AHA), arrhythmia afflicts more than 4 million patients and results in approximately half a million deaths in the U.S. Increase in prevalence of arrhythmia globally along with rise in geriatric population are expected to increase the market share of the segment during the forecast period.
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On the basis of end-user, the global market is segmented into hospitals, clinics, home care settings, and others (industrial, institutions, academics, and nursing facilities). The hospitals segment is estimated to account for a large share of the market during the forecast period owing to increase in number of chronic cardiac diseases, technological innovation, favorable insurance and reimbursement policies, and rise in per capita health care expenditure.
Based on geography, the global market is distributed over North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the global mobile heart monitoring market due to factors such as increase in geriatric population, rapid innovation in technology, and high R&D expenditure. Asia Pacific is poised to be a fast growing region of the market due to increase in aging population, technological advancement, changes in lifestyle, rise in awareness on wellness and fitness, and increase in prevalence of diseases.
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The key players operating in this market are Fitbit, Inc., Medtronic, NeuroMetrix, Inc., Samsung Electronics Co. Ltd., LifeWatch AG, Qardio, Inc., Omron Healthcare, Inc., Philips Healthcare, and Apple Inc.
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