In just five years the mHealth monitoring and diagnostic medical device segment will be a $8.03 billion market, representing an annual growth rate of 43.3 percent from 2014 through 2019, reveals a new Transparency Market Research report.
The market was valued at just $650 million in 2012, according to TMR, and while it remains in a nascent stage, increasing demand for remote patient monitoring and use of wireless technology will drive growth. Additionally, "increasing penetration of smartphones" and the "presence of major players in the U.S." also will spur growth, according to an announcement.
Notable players, states the report, include Fitbit Inc., Withings, iHealthLab, Nonin Medical and Masimo Corporation, according to TMR. The report segments the mobile monitoring and diagnostic devices market into several categories, including blood pressure monitors; sleep apnea monitors; cardiac monitors; glucose monitors; pulse oximeters; and multi-parameter monitors.
As of 2012, cardiac monitors ranked as the majority category, with glucose and blood pressure monitors second and third, respectively. However, TMR notes, glucose devices are enjoying fast growth.
A study published last month by researchers from the Mayo Clinic found that using a smartphone app during cardiac rehabilitation can help reduce the potential of hospital re-admittance in the first 90 days of recovery.
And, as FierceMobileHealthcare recently reported, mobile monitoring of diabetic employees can save more than $3,000 a year in healthcare costs, half of the average annual medical insurance cost for workers diagnosed with diabetes.
For more information:
- read the announcement