LONDON, March 30, 2016 /PRNewswire/ -- According to the new report "Global Smart Phone Enabled Healthcare Diagnostics Market Assessment & Forecast: 2016 - 2020" by SA-Business Research & Consulting Group, Cardiology and Hematology were largest medical applications for introducing commercial and marketable smart phone enabled diagnostic devices. Continuous glucose monitoring, blood pressure monitoring, ECG and pulse oximetry were the most adopted devices using smart phones as a platform. In 2015 the smart phone enabled cardiology diagnostics market was valued at US$ 1,991.3 million and is forecast to grow to US$ 4,812.3 million by 2020 at a CAGR of 19.2% from 2016 to 2020.
Developing economies in regions such as Africa, Asia-Pacific, Latin America and Eastern Europe lack required number of medical professionals in certain medical specialties such as respiratory diseases. Smart phone enabled diagnostics for sexually transmitted diseases such as HIV and Syphilis can help prevent deaths potentially numbering into millions since most of these diseases are identified too late. The rate of diagnosing diabetes and other chronic illnesses are also very low in remote villages since equipment may be expensive for small clinics to purchase or diagnostic test may be too expensive for people. According to International Diabetes Federation and Routledge Handbook of Global Public Health in Asia, over 50% people may be undiagnosed for diabetes. Innovating affordable, portable smart-phone enabled devices to diagnose and monitor developing regions diseases such as malaria, tuberculosis, HIV and other major "high-mortality" conditions will open a large revenue generating possibility in coming years.
Excellent internet connectivity among developed nations will continue to push market in coming years. Although developing countries such as Brazil, Mexico, India and several others have a high penetration of smart phones, the lack of stable telecommunications infrastructure will prevent adoption to a great degree throughout the forecast period. Asia-Pacific has one of the largest aging populations and also accounts for over half of world's diabetics. As strong scientific evidence suggests diabetics to be more prone to cataracts, SA-BRC anticipates that the market for smart phone enabled diagnostics such as glucometers and lens attachments for smart phones will increase tremendously in coming years and boost the diagnostic rates. The diagnosis of cardiovascular diseases, diabetes, ophthalmology and sexually transmitted infections is anticipated to churn greatest revenue post the technology's penetration into the regions.
It is estimated that by 2016 over 2 billion people will have purchased a smart phone and a large percentage of this population use smart phones for functions besides music, calls and clicking photos. Over 550 million are anticipated to use smartphone users worldwide will be using health-related apps. Awareness and increased comfort of technology particularly among aging population has prompted independence in taking care of illnesses at home by patients. The availability of easy to understand smart phone based devices will further propel the adoption. Analysts at SA-BRC anticipate that an additional niche segment is childcare at home wherein parents resort to smart phone enabled diagnostics to routinely monitor fever, ear-nose-throat infections, skin infections among others that affect young children. Smart phones are capable of taking pictures and analysing dermatological disorders or skin disorders and will provide parents with the proper steps to combat the diseases.
The market is highly fragmented in all 3 areas of hardware, software and services. This report covered notable companies such as AliveCor, iHealth, Cerora, Philips Healthcare, Glooko Inc, McKesson Israel ltd, Shanghai Berry Electronic Tech Co., Ltd AkibaH Inc, Gentag, CellScope, EyeNetra, Entra Health, SonoStar Technologies, Mobisante, Nonin, OJ-Bio, Mega Electronics, Holomic LLC, MobileODT, CardioSecur, SHL Telemedicine, Welch Allyn, Hera Med, Samsung, and Calgary Scientific among others.
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