Why you should invest in the medical device and mHealth market
The mHealth and medical devices market has steadily grown throughout the years, and according to a new report by Transparency Market Research, the global market is expected reach a market value of US$8.03 billion by 2019.
The growth can be attributed to the growing prevalence of communication devices such as tablets, mobile phones and computers in day-to-day lives. It can also be linked to the increasing number of incidences of chronic diseases and a rising geriatric population pool.
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The global mHealth monitoring and diagnostic medical devices market has drastically reduced medical expenses, as they help in monitoring vital parameters for those suffering from diabetes and blood pressure. Additionally, these devices also help monitor heart rate, respiratory rate, and other body monitoring parameters.
Revolutionizing modern health care
mHealth and medical devices help patients access medical information faster than ever before and it has the potential to revolutionize health care systems by driving innovation and improving the way medical services are administered throughout the nation.
Patients with chronic medical conditions, for instance, can become more self-reliant with the adoption of mobile health solutions by living in their own home environment while remote monitoring technology tracks their health status and reports back to their physician.
Expected market growth
According to the report, the global medical device and mHealth market is expected to grow 43.3 percent from 2013 to 2019. The Center for Technology and Aging also reported that the market could help reduce health care expenditure in the U.S. by US$200 billion in the coming 25 years.
“Presently, the North American region is the largest market in the world, owing to presence of large number of manufacturers, technological advancements, increasing population with smartphones and tablet PCs and growing awareness about the devices and technology,” the analysts stated in the report. “However, Asia-Pacific region is considered as the most promising markets during the forecast period 2013 to 2019. The growth is expected owing to factors such as higher incidence rate of chronic diseases, aging population, increased awareness about the diagnostic devices and rising demand for home-care monitoring systems.”
Johnson & Johnson, LifeWatch AG and Masimo Corporation are a few of the prominent companies in the mHealth monitoring and diagnostic medical devices market.
Knowing that the market is predicted to continue to grow, perhaps investing in it isn’t such a bad bet.