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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