mHealth Market Expected to Grow CAGR of 33.5% by 2015 - 2020 : Allied Market Research
A latest report "mHealth Market to Grow at an Impressive CAGR of 33.5% During 2015 - 2020", published by Allied Market Research. Mobile health provides health services and information through mobile communication devices to address health priorities and concerns. Advanced mobile and wireless technologies have transformed the face of global healthcare services and led to the growth of the mHealth market. Increased awareness of key factors driving the continued growth of the mobile cellular network coverage, the rapid development of mobile technologies and applications, the growth of lifestyle diseases, population growth, emerging economies and mHealth markets. On the contrary, the accuracy of the technology is low, to some extent due to the inflation of middle and low income countries, the uncertainties of government regulations in certain regions, and the low adoption of the elderly population.
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The major chunk of mHealth devices market - i.e. ~71% - is collectively commanded by BP monitors, blood glucose monitors and cardiac monitors. The largest share of these monitors can be attributed to increased affordability of mobile compatible devices, integration of innovative technologies in monitoring devices and the increasing lifestyle disease such as diabetes, stroke, COPD, ischemic heart to name a few. Within mHealth services, diagnostic, monitoring and treatment services collectively hold about 74% of the market. The rapid growth of mHealth services market is attributed to rising government initiatives, increasing mHealth awareness programs in underdeveloped regions etc.
Key finding of mhealth Market:
• Blood glucose meters are projected to be the fastest growing segment in mHealth devices market registering a CAGR of 41% during the forecast period
• United States continueto be the leading market in the North America mHealth market throughout the forecast period
• Asia-Pacific is projected to be the fastest growing mHealth market registering a CAGR of 35.9% during 2015-2020
• United Kingdome, France and Germany collectively accounts to 45% share in the Europe mHealth device market in 2014
• Cardiovascular and diabetes mHelath application market remains the lucrative market segment for manufacturers
Geographically, North America and Europe constitute the two largest markets for mHealth and collectively accounted for 67% of the market revenue in 2014. They are expected to continue its hold on the global market throughout the forecast period. Early adoption of innovative technology, large patient population and high capacity to pay for services are some of the key factors responsible for the growth of mHealth market in these regions. However, the market outlook across developing economies is looking favorable and strong owing to the increasing awareness of chronic diseases, favorable government regulations and increased healthcare expenditure. Philips healthcare, Bayer Healthcare and Sanofi are some of the key companies enjoying a strong foothold in mHealth market, especially in Asian countries. Key players profiled in this report include - Philips healthcare, Omron HealthCare Inc., Bayer Healthcare, LifeWatch, Cardionet Inc., Masimo Corporation, Sanofi, Boston Scientific, AT&T Inc., and Johnson & Johnson.
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