Despite Spiraling Demand for mHealth Monitoring and Diagnostic Medical Devices, Hesitancy among Consumers will Delay Growth
The introduction of mHealth has been hailed for bringing underserved patient groups into the folds of the healthcare system – a change that has until now acted as the greatest driver for the global mHealth monitoring and diagnostic medical device market. However, with the use of mHealth solutions nearing ideal levels already, it is now innovation that will be rewarded by both healthcare practitioners and consumers. The myriad of mHealth solutions that are hitting the market through progressively more intelligently designed apps and platforms continue to rely on mHealth monitoring and diagnostic devices for success.
As a result, the opportunity in the global mHealth monitoring and diagnostic market will grow at a phenomenal rate, as per a study published by Transparency Market Research (TMR). According to the market intelligence firm, this market will generate revenues to worth US$8 bn by 2019, expanding at an astounding CAGR of 43.30% 2013-2019. Despite the ample opportunities that are mushrooming in the mHealth monitoring and diagnostic medical device market, a few roadblocks should be expected.
In this blog post, TMR’s lead analyst answers two important questions pertaining to the global mHealth monitoring and diagnostic medical device market:
Q. The use of mHealth monitoring and diagnostic devices is already high in American patients. Does the picture look as bright elsewhere in the world?
A. While it’s clear now that the U.S. has thus far been at the forefront of the global mHealth monitoring and diagnostic medical devices market, companies have already begun to see gains from the growing adoption of mHealth in European countries. Emerging economies in Asia Pacific and Latin America are now beginning to warm up to the concept of mHealth monitoring but the levels of awareness among both medical practitioners, and consequently, patients, remain below the desired levels. So it would be safe to say that while the number of opportunities for deploying mHealth are higher in emerging economies, they might not necessarily be as valuable to begin with. This scenario is projected to change in the long term, with the increasingly affluent consumers in countries such as India, China, and Brazil showing relatively less hesitation in using mHealth monitoring and diagnostic devices.
Q. Which specific category of mHealth monitoring and diagnostic devices will see the highest gains moving forward?
A. Based on a comprehensive analysis we recently conducted, there is little doubt that glucose monitors will see fantastic growth in both volume sales and revenue. We project the glucose monitors segment to log a very strong CAGR of 49.4% between 2013 and 2019. The reason behind this projected growth is clearly established: The number of diabetics worldwide continues to show an alarming rise. The International Diabetes Federation (IDF) estimates that there will be 592 million diabetics in 2035. That’s much higher than the projected population of the United States in that year. The demand for minimally invasive blood glucose monitoring systems will largely drive the growth of the glucose monitors segment. Turnaround innovations will also aid this segment’s growth consistently.
However, a sizeable number of patients still continue to show a greater preference for face-to-face interactions with their healthcare providers. This is a challenge that mHealth monitoring and diagnostic medical devices companies will have to contend with.