Global Real Time Health Monitoring Devices Market – Overview
The Global Real Time Health Monitoring Devices Market is growing with a rapid pace. According to a recent study report published by the Market Research Future, the Global Real Time Health Monitoring Devices Market is booming and is expected to gain prominence over the forecast period with a sound pace. The market is projected to demonstrate a sound growth by 2022, surpassing its previous growth records in terms of value with a sound CAGR during the anticipated period (2017-2022).
In the process of enhancing healthcare outcomes and minimizing costs for the patients, healthcare providers suffer various problems, especially in terms of the infrequent interactions with their patients, giving them negligible understanding of the patients’ activities impairing their overall health. Healthcare providers can make effective decisions if there is an automatic flow of information between patients and the care givers. This is achieved the integration of the real time health monitoring devices in the healthcare sector. Factors such as increasing use of smartphones and wearable devices into healthcare is a major driver for the market growth during the forecast period. Additionally, introduction of real time health monitoring device in developing economies is estimated to fuel the market growth during the forecast period. However, lack of awareness and reluctance in sharing health related information are the major restraining factors for the market growth.
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Global Real Time Health Monitoring Devices Market – Competitive Analysis
Characterized by the presence of several well-established and small players, the Global Real Time Health Monitoring Devices Market appears to be highly competitive and fragmented. International players are increasingly expanding their footprint in the developing economy, making it difficult for regional vendors to compete with them, especially in terms of features such as product differentiation, product portfolios, quality, and pricing. The market is witnessing intensified competition which is expected to get more intensified further during the forecast period. The intense competition prevalent in the market dictates the consolidation among marketers.
Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position.
In July-2016, GE Healthcare acquired Biosafe Group, which supplied integrated cell bioprocessing systems for the cell therapy and regenerative medicine industry, for an undisclosed sum. The acquisition of Biosafe expanded GE Healthcare’s end-to-end ecosystem of products, solutions, and services for its cell therapy customers and expanded GE’s technology reach to a number of new cell and therapy types.
In October-2017, Qualcomm, along with Netgear, Ericsson, and Australian carrier Telstra, is announced launch of the first product to support gigabit LTE, a mobile hotspot. The hotspot makes use of a variety of technologies to hit those high speeds, including carrier aggregation. It runs on Telstra’s existing LTE networks.
In February-2017, Nokia re-launched the entire Withings portfolio of digital health devices under the Nokia brand, the company announced the same at the Mobile World Congress (MWC) in Barcelona.
In May-2016, Fitbit, Inc., the leader in the connected health and fitness market, acquired wearable payment assets of Coin, a Silicon Valley consumer electronics and financial technology company. The deal includes key personnel and intellectual property specific to Coin’s wearable payment platform. There were no plans to integrate Coin’s wearable payments technology into the 2016 Fitbit product roadmap, the acquisition accelerated Fitbit’s ability to develop an active NFC payment solution that could be embedded into future Fitbit devices, broadening its smart capabilities. The acquisition excluded smart payment products, such as Coin 2.0.
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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.
Key Players:
GE Healthcare (U.K.), Qualcomm (U.S.), Jawbone Inc. (U.S.), Withings SA (France), Fitbit Inc. (U.S.), Garmin Ltd. (Switzerland), and others are some of the prominent players at the forefront of competition in the Global Real Time Health Monitoring Devices Market and are profiled in MRFR Analysis.
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