Health device market to reach $8bn by 2019
A new report published by Transparency Market Research expects the global market for what it describes as ‘mHealth monitoring and diagnostic medical devices’ to grow from a reported $0.65bn in 2012 to a whopping $8.03bn by 2019! The report goes on to explain that much of the growth over this period would be driven by year-on-year increases in the aging population, increasing incidences of chronic diseases, widespread adoption of smartphones and rapid growth of mobile web technology. However, the research does also warn that uncertainty over regulation, privacy concerns, data loss and low awareness level in developing countries are some of the factors that could also pose a challenge to this growth.
Transparency Market Research’s estimate of $8bn by 2019 is conservative compared to other reports, which have been as high as $49bn by 2020 or $21.5bn by 2018. Obviously, we at Pixel Health are looking forward to a more connected and trackable health future, but one does have to question if the growth is quite this dramatic. We’ll just have to wait and see!