The global m-health device market has become extremely competitive in the last few years due to the growing popularity of fitness trackers and the increasing efforts being taken by manufacturers to keep up with the global product standards and innovate new features that can help them get an edge over their competitors. Increasing product development efforts from manufacturers are likely to be a key driver for the global m-health device market over the forecast period. Increasing acceptance of advanced m-health devices in hospitals is also likely to remain a major driver for the global m-health device market over the forecast period.
The growing popularity of fitness and activity monitoring among fitness-conscious consumers is likely to be the major driver for the global m-health device market over the forecast period. The growing preference for regular exercising among the urban population has driven the demand for fitness trackers and other associated m-health devices, as they allow the consumers to keep track of their workouts in a simple format.
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On the other hand, the lucrative commercial promise of the m-heath device market has led to false advertising and other more serious offences being committed by manufacturers of m-health devices in the last few years. In February 2019, the U.S. FDA warned six m-health vendors against advertising that their products were equivalent to a mammogram. This is likely to remain a threat in the m-health device market over the forecast period, as the increasing financial implications of the healthcare sector have raised the stakes for players operating in the industry.
The global m-health device market is expected to rise to a valuation of USD 4,757.2 million by 2023, growing at a stunning CAGR of more than 35% over the forecast period from 2017 to 2023.
The rapid development of the telecommunications industry is likely to remain a key complement to the m-health device market over the forecast period.
Leading players in the global m-health device market include tech giants as well as medical industry players looking to make the most of the technological innovations sweeping the healthcare products industry. Key players in the global m-health device market include Apple Inc., Allscripts, GE Healthcare, Cerner, Medtronic, and Athenahealth.
The global m-health device market is segmented on the basis of type, application, and region.
By type into medical devices, health and fitness devices, and other devices. Medical devices hold the dominant share in the global m-health market and are likely to remain the leading contributor to the global market over the forecast period. The medical devices segment held an 82% share in the global m-health device market, followed by the health and fitness devices segment with 12%.
Global M-Health Device Market, by Type (%):
M-Health Device Market Research Report- Global Forecast to 2023 -Report image 00
By application, the global m-health device market is segmented into monitoring, treatment and diagnostics, education and awareness, healthcare management, wellness and prevention, and others.
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North America is likely to dominate the global m-health device market over the forecast period due to the growing adoption of advanced medical technology in the U.S. and Canada and the increasing acceptance of network-dependent healthcare solutions such as m-health devices. Widespread availability of upgraded communication infrastructure is also likely to be a major driver for the m-health device market in North America over the forecast period. Europe holds the second largest market share in the global m-health device market and is likely to remain a major regional contributor to the global market over the forecast period due to the growing demand for technologically advanced healthcare solutions in advanced countries in Western Europe.
Asia Pacific is expected to exhibit rapid growth at a CAGR of 35.71% over the forecast period due to the growing demand for advanced healthcare machinery in emerging countries in the region and the increasing disposable income of consumers in the region.
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