By Katie Wike, contributing writer
The mobile health monitoring is expected to grow at an incredible rate over the next five years.
Transparency Market Research has released a market analysis for mobile health monitoring devices, concluding that it will experience great growth over the next five years. MobiHealth News reports the market is expected to grow at a compound annual growth rate of 43.3 percent - a rate that would result in the market reaching $8 billion by 2019.
For the report, the market was divided into seven segments based on major product types; glucose monitors, blood pressure monitors, pulse oximeters, cardiac monitors, sleep apnea monitors, multi-parameter monitoring devices, and others (fetal monitors, neurological monitors) devices.
“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 percent. 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,” explains the report.
“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.”