mHealth Market is Driven by Growing Ubiquity of Smartphones

While there are exponentially incrementing opportunities in the mHealth market, the global shares are fairly fragmented among a large number of players, which can be attributed to low entry barriers. This has been detected by a recent business intelligence study published by Transparency Market Research (TMR), which has projected the demand in the global mHealth market to multiply at an impressive CAGR of 22.1% during the forecast period of 2017 to 2025. If the projections of the TMR report are to be believed, the global mHealth market will be worth US$118.4 billion by the end of 2025, mounting from its evaluated worth of US$23.9 billion as of 2017.

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The technology and tools required to enter the mHealth market are quite achievable even for vendors who only operate at country-wide levels. Collectively, a number of them are eating out considerable chunk of shares. That being said, major players such as Apple Inc., FitBit, Inc., Withings, Dexcom, Inc., and Jawbone are operating across regions and hold a prominent position. Additionally, these players are vastly ahead in upcoming niche segments such as wearables, and are expected to dominate the market in the near future.

For instance, FitBit recently announced its plans to acquire Twine Health to provide its mHealth and wellness platforms a boost with improved patient engagement. Twine Health is a prestigious name in the development of online coaching tools for patients with chronic diseases and helps in lifestyle monitoring such as smoking cessation and weight loss. On the other hand, Apple recent added new features to its iOS to allow users to collect EMR data on a dozen national health systems on their highly rated iPhones and iPads.

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Based on product type, the TMR report segments the mHealth market into connected medical devices and mHealth application. While neuromonitoring, fetal monitoring, electrocardiograph, activity monitors, and heart rate monitors are the sub-segments of the connected medical devices, the application segment has been further bifurcated into medication adherence, smoking cessation, musculoskeletal diseases, respiratory diseases, central nervous system diseases, cardiovascular diseases, diabetes, and fitness and wellness. Both B2B and B2C end users have been studied under this report, which also has rated the U.S. as the nation that is maintaining North America are the most lucrative country for the vendors of this market.

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Growing ubiquity of smartphones and other interconnected devices such as tablets and laptops, increasing adoption of connected devices for the monitoring of chronic diseases, cost benefits, and robustness of broadband internet connections are some of the primary drivers of the mHealth market. On the other hand, lack of standards and regulations, reluctance of medical practitioners to move over traditional methods, concerns regarding data security, and low physician density are some of the restraints curtailing the progress of the mHealth market. This being said, the growing prevalence of lifestyle disorders, growing percentage of geriatrics, increasing disposable income of urban populations, and low density of specialized physicians are expected to continue opening strong opportunities in the near future.

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This release was published on openPR.