mHealth monitoring and diagnostic medical devices is an emerging market and demand for this technology is evolving at a rapid speed owing to rising incidences of chronic diseases and increasing geriatric population. The technology substantially reduces healthcare expenditure incurred during hospital visits for monitoring vital parameters such as blood pressure, blood glucose, heart rate, respiratory rate and others. According to The Center for Technology and Aging, the U.S. healthcare system could reduce the cost of healthcare expenditure by approximately USD 200 billion in the next 25 years through the implementation of remote patient monitoring technologies.
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Hence, this report is focused towards identifying the current scenario as well as the future market potential for mHealth monitoring and diagnostic devices, globally, with a special focus on medical devices like smartphones and tablets. The mHealth monitoring and diagnostic devices market has been segmented into seven major product types, namely, glucose monitors, blood pressure monitors, pulse oximeters, cardiac monitors, sleep apnea monitors, multi-parameter monitoring devices and other monitoring devices (fetal monitors, neurological monitors, asthma monitoring devices). These monitors are used for monitoring and diagnosing health and wellness of a patient via connectivity with the smartphones or tablets that enable data transfer to healthcare professionals via Bluetooth, NFC, Wi-Fi or USB stick.
Of all the above mentioned monitoring and diagnostic devices, glucose monitors have been anticipated as the fastest growing segment for the forecast period 2013 to 2019, at a CAGR of 49.4%. According to the International Diabetes Federation (IDF), the number of people suffering globally from diabetes is around 392 million in 2013 and is expected to rise to 592 million by 2035. Hence, fastest growth rate of this segment is identified on the basis of year-on-year growth of diabetic patients globally and rising demand for invasive and minimally invasive glucose monitoring devices. In addition, global increase in number of smartphones and turnaround innovations in the mobile health devices, owing to improved technology are other important drivers of this market. Multi-parameter monitoring devices are also expected to witness significant growth rate in near future due to increasing awareness about health and fitness in developed countries.