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mHealth Market forecast to exceed $102.43 Bn by 2022

Press Release   •   Jan 23, 2018 06:06 EST

mHealth technology is used to provide effective, safe, and affordable healthcare services via different mobile devices, such as mobile phones, PDA, tablet computers and wireless devices. mHealth apps offer patient consultations, health instructions, and many more healthcare services in the easiest way.

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The mHealth market is expected to witness strong growth within the forecast period. The global mHealth market is mainly driven by growing aging population and ubiquitous smartphones access. With increasing health awareness among people, growing chronic diseases such as diabetes, and increasing healthcare expenditure, the demand for mHealth is anticipated to witness outstanding growth over the forecast period. Cost efficacy of health care services, easily available on the mobile app and time efficiency are the key factor to fuel the mHealth monitoring and diagnostics devices market. However, some issues related to security and data safety may hamper the market. Nonetheless, increasing healthcare IT is expected to open up new growth opportunities in the years to come.

Pulse oximeters, multi-parameter trackers, blood glucose meters, sleep & apnea monitor, wearable fitness sensor device, neurological monitoring device, heart rate meters, blood pressure monitors, ECG monitors, cardiac monitors, peak flow meters and others are the key devices included in mHealth market. Blood pressure segment accounted for the largest share, in terms of revenue in 2014. The dominance of blood pressure monitors was attributed to rising health awareness among people for the monitoring and proper treatment. Glucose monitors are the fastest growing segment on account of growing prevalence of diabetes across the globe. Diagnosis & consultation segment is another important segment of this market.

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Some of the key stakeholders of mHealth market including healthcare providers, mobile operators, application players, device vendors and others. Mobile operators accounted for 25.8% share of the overall market in 2014 and are expected to witness the fastest growth within the forecast period. Mobile operators are shifting to solutions that connect the different stakeholders in the healthcare system to the patients to provide fully integrated care.

On the basis of services, the mHealth market has been segmented into treatment service, monitoring services, wellness services, diagnosis service, prevention services, healthcare system strengthening services and other services. Monitoring service segment dominated the global mHealth market with the share around 34% of total revenue generated in 2014. Fitness and wellness and healthcare system strengthening service segment are expected to be the fastest-growing segment.

The mHealth market can be segmented on the basis of therapeutics such as neurology, diabetes, cardiovascular, respiratory and others. In 2014, diabetes segment accounted for over 29% share of the total market and is expected to show significant growth in the years to come. Cardiovascular is another key outlet of this market and is expected to witness exponential growth over the next few years.

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Based on applications, the market can be segmented into chronic care management apps, medical apps, women’s health apps, and medication management, personal health record (PHR) apps, healthcare and fitness apps and others. Chronic care management apps include blood pressure & ECG monitoring apps, cancer management apps, diabetes management apps, mental health and behavioral disorder management apps and others. Healthcare and fitness apps was another key outlet of this market.

The mHealth market has been segmented on the basis of different applications such as chronic care management apps, medical apps, women’s health apps, and medication management, personal health record (PHR) apps, healthcare and fitness apps and others. Chronic care management apps include blood pressure & ECG monitoring apps, cancer management apps, diabetes management apps, mental health and behavioral disorder management apps and others. Healthcare and fitness apps are anticipated to show witness fastest growth in the years to come.

North America, Europe, Asia-Pacific and Rest of World are key regional markets for mHealth. The mHealth market dominated by North America, leading the overall market with over 30% share of total revenue generated in 2014. In terms of revenue, North America was followed by Europe and Asia-Pacific. Asia Pacific is also expected to grow at a rapid pace within the forecast period. Increasing health awareness among end-users in emerging economies such as India and China is fuelling the growth of mHealth market in the region. Latin America, and the Middle East & Africa hold significant market share in global mHealth market.

Some of the major participants in global mHealth monitoring and diagnostic medical devices market include AT&T, Inc. (U.S.), Athenahealth, Inc. (U.S.), BioTelemetry, Inc. (U.S.), Cisco Systems, Inc. (U.S.), Sanofi S.A. (France), Johnson & Johnson (U.S.), Philips N.V. (Netherlands), Apple, Inc. (U.S.), AirStrip Technologies Inc. (U.S.), LifeWatch AG (Switzerland), Nike Inc. (U.S.) Cerner Corporation (U.S.), Medtronic, Inc. (U.S.) and Omron Healthcare (Japan).

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