Expanding Penetration of Wearable Devices and Smartphones into Healthcare Are Driving the Real Time Health Monitoring Devices Market

Publish Date : 2018-05-22

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Market Outlook:

Real Time Health Monitoring Devices provide constant analysis and tracking of the health parameters of a patient. In the recent years healthcare monitoring systems have gained significant traction in the medical sector. The prime objective was to create a reliable patient monitoring system so the patients can be monitored by healthcare professionals, who are either hospitalized or executing their daily life activities. Patients are sharing their issues and their healthcare data with their specialists with the assistance of these devices for easy and flexible monitoring and treatments. The vital signs of health status that are imperative parameter in health monitoring system include heart rate, blood pressure, body temperature, oxygen saturation and respiratory rate. As per the statistics of the last decade on medical records, death rates because of heart disease, demonstrates that the pulse is a critical risk factor for atherosclerosis and ischemic heart infections; hence, preventive measures must to be taken against hypertension which give the capacity to track, follow and spare patient's life at proper time is a basic requirement for mankind. Internet of Things (IOT) is colossally improving the social insurance states of patients. Monitoring the patient and drug management has become convenient because of the adoption of the IOT medicinal devices in the healthcare sector.

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Growth Boosters of the Market:

The Real Time Health Monitoring Devices Market is driven by several factors and is foreseen to grow significantly in the medical sector. The major factor that boost the growth of the market is that these devices provide precise data of the patient’s health on real time basis and the advent of Internet of Things in medical devices that has made it extremely convenient for healthcare professionals to monitor the health of the patients. Besides, growing usage of wearable devices and smartphones into healthcare sector, cost viability and convenience of patients' to make use of these devices have brought about a surging demand for these devices. Real time health monitoring devices have proven to be extremely efficient as it assists in effectively managing and averting medical emergencies such raised blood pressure and heart attack. Owing to this, several hospitals and healthcare settings have made it mandatory in several countries to adopt real time health monitoring systems. Moreover, Wireless technology has developed in several applications that are becoming a part of human activities such as military, agriculture, medical care, smart home system etc. Subsequently, wireless sensor networks (WSN) play a vital part in health monitoring systems, for the reason that WSN can provide benefits over other types of wireless systems, particularly its scalability, power management and flexibility.

Major Players:

The leading players in the market are Qualcomm, Withings, Jawbone Inc, Fitbit, Wipro GE Healthcare Pvt Ltd and Garmin Ltd. In October-2017, Qualcomm, along with Netgearand other collaborators declared the launch of the first product to support gigabit LTE, a mobile hotspot. The hotspot utilizes a variety of technologies to reach those high speeds, including carrier aggregation. It runs on Telstra’s existing LTE networks.

Restraining Factors of the Market:

Apart from the various benefits provided by real time health monitoring devices, there are certain factors that hamper its growth in the market. The major restraining factor of the market is the lack of awareness among patient’s as wells as healthcare professionals regarding the benefits of real time health monitoring devices. These devices are in the growing phase in developing regions, thereby prompting lack of awareness and inclination towards these devices. Moreover, lack of medical work force affects the nature of treatment, care and nursing which hampers the growth of the market.

The Real Time Health Monitoring Devices Market is segmented on the basis of type and end user. Based on type the market is segmented into Home health medical devices and Wearable devices. Various enhancements in technology have brought about surging interest for wearable devices as they provide ease and comfort. Based on end user the market is segmented into Clinics, Hospitals and Ambulatory Centers. Based on geography, the market is segmented into Europe, South America, Asia Pacific, North America and Rest of the world. North America holds the biggest share of the market of real time health monitoring devices market, enlisting 39.08 % in 2016. Japan accounted for the biggest market share in 2016 of USD 1,638.0 million and is anticipated to continue growing at a significant pace in the upcoming years. Some of the leading players in the market are Wipro GE Healthcare Pvt. Ltd, Qualcomm, Fitbit, Withings, Jawbone Inc. and Garmin Ltd.

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