Mobile health, also known as mHealth, is medical care provided using mobile devices. Sensor is a type of device that detects and responds to inputs from physical environment. Advances in telecommunication and sensor manufacturing have brought new technologies and applications in mobile health care. The primary reason to use sensors in mHealth is to improve the quality of and provide easy access to health care services. Integration of sensor device into electronics enables health care providers to gather medical data, provide home care, and other preventive digital health programs. Mobile-based health care solutions can also decrease service cost.
The global sensor devices for mobile health care market is expected to witness robust growth during the forecast period owing to maturation of technology leading to miniaturization of sensor devices. Major factors propelling the market are low cost of sensors, integration of sensors into consumer devices, surging geriatric population, rise in awareness about health and fitness, increase in remote patient monitoring, and prevalence of chronic and lifestyle diseases. Surge in penetration rate of mobile and smartphone and reimbursement policies are the other factors likely to drive the global market from 2017 to 2025. Regulatory issues, privacy and security concerns, lack of clarity in health communication, and standard protocols are projected to restrain the global sensor devices for mobile health care market during the forecast period.
The global sensor devices for mobile health care market can be segmented base on product type, application, and region. In terms of product type, the global market can be divided into microphone sensors, camera sensors, accelerometer sensors & geolocation facilities, and others. Based on application, the global sensor devices for mobile health care market can be segmented into health and wellness monitoring, safety monitoring, home rehabilitation, early diagnosis of disorders, efficacy assessment (clinical trials), and others. The health and wellness segment is expected to witness high growth owing to rise in awareness about fitness and health and prevalence of chronic disease.
Geographically, the sensor devices for mobile health care market can be segmented into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is expected to dominate the global market in terms of value and volume, followed by Europe. Growth of the market in North America is attributed to rapid innovation of technology, rise in enthusiasm in individuals about gathering quantified data about their health, and prevalence of unhealthy lifestyle.
The sensor devices for health care market in Asia Pacific is expected to experience fastest growth rate owing to improving technology, rise in geriatric population, health awareness initiatives undertaken by governments, change in lifestyle, and rise in awareness about health and fitness. China is expected to be the fastest growing market due to factors such as low cost, easy availability of the devices, and growing population.
The massive potential of the world’s smallest sensor device integrated into consumer devices is the future of the global market. Hence, to maintain a significant position in the global sensor devices for mobile health care market, the key players are adopting various strategies such developing a technologically advanced and highly efficient product, mergers and acquisitions, and geographical expansion to enter into untapped market. Key players operating in the global market are Apple, Inc., Fitbit, Inc., Koninklijke Philips N.V., Samsung, and Medtronic MiniMed.
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.