Description
The market for monitoring and diagnostic devices and services is estimated to be USD 3.62 billion in 2014 and is expected to reach USD 24 billion by 2019 with a CAGR of 46 % during the period( 2017- 2022). Global mHealth Monitoring & Diagnostic Devices and Services Market- Market Dynamics It is estimated that three million patients worldwide are connected to some form of remote monitoring device at home and monitored by a professional caregiver. The report details several factors driving and restraining the market. Some of these are listed below.
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Drivers Some of the factors responsible for a decade of impressive growth of the market are: Technological advances that can track patient health and inform about any vital changes in the body Vital sign monitoring devices In-vitro diagnostic devices Rising patient awareness for chronic diseases Increasing usage of mobile phones for healthcare
Restraints In spite of the scope for growth, there are factors restraining the market. These include: Limited funding Stringent regulatory norms from the government Security concerns to maintain a secure infrastructure for the data collected from the patients The market is segmented into cardiac monitors, diagnostic devices, diabetes management devices, and multi-parameter trackers. By geography, the market is segmented into North America, Europe, Asia- Pacific and RoW( Rest of the World). By 2017, the largest market for monitoring and diagnostic device and services will be Europe and Asia-pacific( APAC) with 30 % of the market share, followed by North America( USA / Canada) with 28 % of the market share.
Among the various categories in monitoring and diagnostic devices and services market, monitoring services will account for the largest share globally, corresponding to about USD 15 billion in 2019. The market is primarily driven by solutions that aid chronic disease management and independent aging. Diagnosis services are expected to comprise nearly 15 % of the mobile health market, corresponding to almost USD 3.4 billion in 2017, with most of the revenues coming from developing countries. Diagnosis services are expected to support developing countries in the healthcare sector.
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