Proving the Business Case for the Internet of Things

Mobile health devices market to be worth $8 billion in 2019: Transparency

Iain Morris
May 7, 2014
 
The global market for mobile health monitoring and diagnostic medical devices is expected to generate $8.03 billion in revenues in 2019, up from just $0.65 billion in 2012, according to the latest study from Transparency Market Research.

The company says the mobile health industry is witnessing exponential growth partly on account of the recent financial crisis, which has prompted cuts to healthcare spending and a call for greater efficiency within healthcare organizations.

Demand for remote patient monitoring and rising adoption of wireless technology are also fuelling growth.

Transparency says that in 2012 cardiac monitors captured the largest share of the devices market, followed by glucose monitors and blood pressure monitors.

However, over the forecast period it expects most growth to occur in the market for glucose monitoring devices.

Rising awareness of health and fitness will also spur the adoption of so-called “multi-parameter” monitoring devices over the forecast period, says Transparency.

In geographical terms, North America and Europe accounted for 75% of the devices market in 2012, mainly due to greater awareness of technologies and the ageing populations in these regions.

The presence of various major players in the US is also responsible for the more dramatic growth in that market in recent years.

However, Europe’s devices market is set to flourish – according to Transparency – thanks to growing government support, improving regulatory conditions and an influx of players into the sector.

Meanwhile, the Asia-Pacific is expected to increase its market share and emerge as the fastest-growing region over the forecast period, due to rising patient awareness, increasing incidences of chronic disorders and improvements in wireless coverage.

Transparency also cites a number of challenges that players addressing the mobile health opportunity will face over the next few years.

Those include uncertainty about Food and Drug Administration regulations in the US, issues regarding privacy and data loss and low awareness levels in developing countries.
 
 
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