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MHealth Monitoring Diagnostic Medical Devices Market projected to expand at a CAGR of 20.5% from 2019 to 2027

MHealth Monitoring Diagnostic Medical Devices Market

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.

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Overview

  • 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.
  • 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

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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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