mHealth Market to grow with enlarging CAGR of 33.5% during 2015 - 2020
Global mHealth Market was valued at $10.5 billion in 2014 and is expected to grow at a CAGR of 33.5% during 2015-2020.
The mobile market now accounts for more than 100% of the developed market and is expected to expand to developing countries such as Asia Pacific, Latin America and Africa. In addition, as exposure to smartphones increases with 3G and 4G networks, mobile platforms will increase in most sectors, particularly health care systems.
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Moreover, the continued growth in coverage of mobile cellular networks, rapid advances in mobile technologies & applications, increasing lifestyle diseases and growing awareness among patient population in emerging economies, are some of the key factors fostering the growth of mHealth market. On contrary, the lower accuracy of the devices, technology's infancy in middle and lower income economies, weak reimbursement coverage, uncertainty in government regulations in certain regions, and low adoption among ageing population is hampering the market growth to a certain extent.
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.
mHealth stakeholders market consist of mobile operator, healthcare providers, application/content players and device vendors. Mobile operators are the most crucial players in the overall mHealth stakeholders market. North America is expected to be the largest revenue-generating region, mainly due to well-penetrated healthcare system.
Global mHealth market further segmented into applications, which consists of cardiovascular disease, diabetes, respiratory diseases, neurological diseases and others. Cardiovascular segment was the largest revenue-generating segment, whereas, Diabetes, is the fastest growing segments registering a CAGR of 35.4% during the forecast period.
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.
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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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