Smart Phone Enabled Healthcare Diagnostic Services Market Forecast Till 2020
Asia-Pacific was pegged as the fastest growing market with a growth of 21.6% from 2016 to 2020. Translated into revenues, the region contributed to sales of US$ xx million in 2015 and is forecast to grow to US$ xx million by 2020 according to the new report “Global Smart Phone Enabled Healthcare Diagnostics Market Assessment & Forecast: 2016-2020” by SA-Business Research & Consulting group.
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The smart phone enabled cardiovascular diagnostics accounted for the largest share of 31.5% in 2015. Miniaturization of sensors has greatly influenced the availability of these devices today. Existing and forthcoming smart phone enabled healthcare diagnostics devices include multiple technologies such as ECG, pulse oximetry, vascular and cardiac ultrasound among others. ECG has developed leaps and bounds in this area. Leading companies such as AliveCor offer smart phone enabled ECG monitors that communicate directly with the phone for providing insights. The device is FDA approved and has also provided platform for competitors. Other devices include smart patches that communicate with companion apps in phones as well as tablets and provide a method of continuous monitoring of a patient.
Patients have grown extremely cautious in terms of permitting data collection, privacy and medical advice. Having smart phone enabled diagnostics provides empowerment to the patients on a greater scale. Patients are able to monitor themselves and thus become more and more aware of their conditions. Analysts believe that this trend will lead to a surge in revenue generated from online consultations and medical advice. True potential will be showcased when these devices, software and services start being regulated by governments and when developing regions begin providing high speed internet and wireless communication infrastructure. It is also anticipated that consolidation of market will begin with increasing regulatory approvals as this will increase authenticity and confidence of patients in the system.
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Spearhead Acuity Business Research & Consulting Private Limited (SA-BRC) is a premium Life Science business intelligence and data analytics firm. SA-BRC team offers a wide range of business intelligence services to multiple stakeholders such as Medical Device Manufacturers, Service Providers (Hospitals, Payers, etc.), Suppliers, Group Purchase Organizations, Distributors and all other individuals in the entire value chain of healthcare industry. Our research and consulting capabilities extend across several sub-domains within the sphere of Life Sciences such as Biotechnology, Healthcare IT, Medical Devices, Veterinary Sciences, Wellness Products and Pharmaceuticals.
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