PUBLISHER: Grand View Research | PRODUCT CODE: 1092482
PUBLISHER: Grand View Research | PRODUCT CODE: 1092482
The global eHealth devices market size is estimated to reach USD 28.1 billion by 2028 by advancing at a CAGR of 9.4% from 2022 to 2028, according to a new report by Grand View Research, Inc. The market growth for eHealth is significantly driven by the increasing demand for blood pressure meters and care phone/social alarms from the rising geriatric population around the world. The rapidly increasing sedentary lifestyle and lack of physical activity have given rise to various lifestyle diseases such as obesity and diabetes. The rising prevalence of chronic lifestyle diseases is expected to propel market growth in the near future. Technological developments and product launches with more sophisticated functioning and accuracy are expected to boost market growth. However, the high cost of devices and privacy issues will act as restraints for the eHealth device market.
The rising investment and increased spending on research and development by key players and governments are also expected to facilitate market growth. Owing to the increasing investments, new products are being developed at a rapid pace. For instance, the Indian government has commenced various programs and initiatives in order to strengthen the medical and health devices sector, with emphasis on research and development, as well as 100% foreign direct investment in the market. In January 2022, the health-tech startup BlueSemi, based in India, announced the development of a needle-free glucose meter providing results in 1 minute.
The demand for eHealth devices surged during the COVID-19 pandemic. As a result of COVID-19, consumers started looking for safe ways for health tracking, and healthcare providers sought innovative ways to deliver safe healthcare access. This led to the increased adoption of eHealth devices and services during the pandemic, which has subsequently positively impacted the market growth.
In the global eHealth device market, the blood pressure meter segment is anticipated to witness the highest CAGR of 9.8% from 2022 to 2028. The worldwide cases of hypertension are increasing at an alarming rate due to various hereditary and environmental causes. A busy and hectic lifestyle, and increasing consumption of unhealthy fast-food, are the leading causes of the development of hypertension.
According to the World Health Organization, approximately 1.28 billion adults worldwide have hypertension, with 46% of adults being unaware of their condition. The sharply rising population aged 60 and above is also driving the demand for blood pressure meters, as the risk of hypertension increases with age.
North America dominated the global market for eHealth devices, accounting for around 39% of the revenue share in 2021. This region is further anticipated to witness the 2nd highest growth rate, registering a CAGR of 9.4% from 2022 to 2028. This can be credited to the increasing demand in the U.S. for eHealth devices such as glucose meters. According to the CDC's National Diabetes Statistics Report, 2020, 34.2 million people, or 10.5% of the population in the U.S. had diabetes, while 34.5% of the adult population were prediabetic. This number is projected to rise to 39.7 million by 2030, thereby surging the demand for glucose meter devices.