Nowadays, the Internet of Things (IoT) is widely recognized by analysts and researchers as the most sophisticated technology, which has potential to not only affect the safety, health, and productivity of many people but also has a big economic impact. It mainly consists of physical objects that are embedded with sensors, computing devices, actuators, and data communication capabilities. These are linked to networks for data transportation. Currently, portable systems for disease diagnosis and monitoring of human functional health are becoming more common. Cardiovascular diseases such as heart disease and stroke remain the leading causes of death around the world. According to a survey conducted by the WHO, about 17.3 million people died of heart disease, which represented 30% of the global deaths in 2008. There has been a significant growth and remarkable progression in the field of the mobile health care market over the years.
Investors have started investing in projects ranging from mobile apps to different sensors. The manufacturers are incorporating advanced sensors with reduced size and low cost, expanding the range of wearable heart monitoring devices. The global mobile heart monitoring market is growing due to technological developments in the mobile health care products and rise in lifestyle diseases and awareness. Furthermore, increase in focus on fitness and healthy lifestyle orientation are anticipated to influence the demand for mobile heart monitoring devices in the near future. Growing trends toward home health care are creating more opportunities for the global heart monitoring market. However, high cost associated with the devices and security issues are projected to hamper the growth of the mobile heart monitoring market.
The global mobile heart monitoring market is segmented on the basis of product, application, end-user, and geography. Based on the product, the global market is categorized into activity monitors, heart rate monitors, EEG/ECG monitors, cardiac event, pulse oximeters, blood pressure monitors, mobile apps, and others. The activity monitors segment is expected to account for a high share of the mobile heart monitoring market. The large market share of the segment are attributed to factors such as increase in unhealthy and sedentary lifestyles, growth in awareness about health and fitness, and rise in health concerns.
On the basis of application, the global market is divided into arrhythmia, high blood pressure, coronary artery disease, fitness, sports, and others. According to the American Heart Association (AHA), arrhythmia afflicts more than 4 million patients and results in approximately half a million deaths in the U.S. Increase in prevalence of arrhythmia globally along with rise in geriatric population are expected to increase the market share of the segment during the forecast period.
On the basis of end-user, the global market is segmented into hospitals, clinics, home care settings, and others (industrial, institutions, academics, and nursing facilities). The hospitals segment is estimated to account for a large share of the market during the forecast period owing to increase in number of chronic cardiac diseases, technological innovation, favorable insurance and reimbursement policies, and rise in per capita health care expenditure.
Based on geography, the global market is distributed over North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the global mobile heart monitoring market due to factors such as increase in geriatric population, rapid innovation in technology, and high R&D expenditure. Asia Pacific is poised to be a fast growing region of the market due to increase in aging population, technological advancement, changes in lifestyle, rise in awareness on wellness and fitness, and increase in prevalence of diseases.
The key players operating in this market are Fitbit, Inc., Medtronic, NeuroMetrix, Inc., Samsung Electronics Co. Ltd., LifeWatch AG, Qardio, Inc., Omron Healthcare, Inc., Philips Healthcare, and Apple Inc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.