According to Market Research Future’s (MRFR) latest market report on the subject, the Real-Time Health Monitoring Market is set to grow at a thriving CAGR of 14.29% during the forecast period of 2016 to 2022 and is expected to value an approximate USD 67.98 billion by the end of 2022. Recent trends have seen increasing adoption of smartphones and compatible wearable devices which have effectively driven considerable growth for the global real-time health monitoring devices market.
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Global Real Time Health Monitoring Devices Market – Key Players
Some of the key players in this market are:
- GE Healthcare (U.K.)
- Qualcomm (U.S.)
- Jawbone Inc. (U.S.)
- Withings SA (France)
- Fitbit Inc. (U.S.)
- Garmin Ltd. (Switzerland)
Latest Industry News
With the recent launch of Versa, Fitbit has introduced two new features for iOS and Windows apps with Android coming in the next few months. The new features include female health tracking and quick replies for Android users. Moreover, Fitbit has announced the added support for several health-related apps.
Israeli scientists at the Wolfson Faculty of Chemical Engineering of the Technion-Israel Institute of Technology have created the first-ever self-powered, self-repairing health wearable monitor which assists in the detection of early markets for various diseases with an 86% accuracy.
Global Real Time Health Monitoring Devices Market – Insights
The strong penetration of smartphones on a global scale has made the adoption of wearable devices easier. These devices have become increasingly affordable, thus driving robust growth for the market. Medical professionals find it more efficient to keep track of patient progress and patients themselves find monitoring chronic conditions as such diabetes and blood pressure much more manageable. As a result, the usage for smart devices for health management has increased, thus facilitating market growth.
Awareness regarding this technology is yet to be widely spread, and as such applications for these devices continue to grow and present opportunities. Health issues are often private, and confidential matters which patients may be worried is insecure when using real-time health monitoring devices. Additionally, the low literacy rate and language barriers in underdeveloped or developing countries is a key challenge for this market. However, due to the unrealized potential of this market and the ongoing development of inclusive real-time health monitoring devices is expected to address these issues in the coming years and overall affect positive growth for the market.
Global Real Time Health Monitoring Devices Market – Regional Analysis
North America dominates the Global Real Time Health Monitoring Devices Market increasing diseases management for the growing geriatric population. Moreover, the presence of the developed economies like the U.S. and Canada provides the technological backgrounds for the market growth. Europe holds the second largest market. The need to reduce the healthcare costs and improve patient health management for the ageing population has led to the adoption of real time health monitoring devices in this region. The Asia Pacific region is expected to be the fastest growing region while the Middle East and Africa holds the least share of the global market.
Global Real Time Health Monitoring Devices Market – Segments
The global real-time health monitoring devices market has been analyzed by segmentation based on type, end-user, and region.
By type, the market has been divided to include wearable devices, home health medical devices. Further sub-segmentation includes:
• Wearable Devices – fitness bands, head bands, smart watch, smart clothing and others.
• Home Health Medical Devices – blood pressure monitors, glucometers, pulse oximeters, and other medical devices.
Due to the current fitness trends wearable devices possesses the most significant market share which is expected to value an estimated $16.19 billion by 2022.
By end-user, the market has been segregated into hospitals, clinics, ambulatory centers and homecare settings. Of these, hospitals hold a majority share of the total market which is expected to value approximately $8.78 billion by 2022.
By region, the global market is divided into North America, Europe, Asia Pacific, and the Middle East & Africa.
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Major Table of Content
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope of the Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
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