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mHealth Market - New Business Opportunities and Investment Research Report 2023
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Based on the offering, the mHealth market has been categorized into connected devices, services, and mHealth apps. The market for mHealth apps is projected to witness fastest growth, at CAGR 38.9% during the forecast period. This is attributed to rising number of smart phone users and increasing mobile health application downloads.
The connected devices category is further bifurcated into blood pressure monitors, blood glucose monitors, ECG monitors, multiparameter monitors, pulse oximeters, sleep apnea monitors, and others. Among these, blood pressure monitors held the largest share of 28.7% in the mHealth connected devices market in 2017. This is attributed to the increasing prevalence of chronic diseases and easy mobility of these devices.
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Geographically, during the historical period, North America held the largest share in the mHealth market, with 37.8% in 2017. This leading position of the regional market is mainly due to the increasing healthcare spending, growing geriatric population, rising prevalence of chronic and lifestyle associated disease and improving consumer accessibility to connected medical devices. Increasing aging population with chronic diseases further add to the demand of remote monitoring devices and different mobile health applications.
The major players in the mHealth industry are acquiring related business unit of the other companies for introducing new digital health solutions. For instance, in July 2017, BioTelemetry Inc., acquired LifeWatch AG, a healthcare technology and solutions company, specialized in advanced digital health systems and wireless remote diagnostics patient monitoring services. The acquisition was aimed at strengthening BioTelemetry’s market position in remote cardiac monitoring and diagnostic services.
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Some of the other key players in the mHealth market are Medtronic plc, Koninklijke Philips N.V., OMRON Corporation, Johnson & Johnson, athenahealth Inc., Cisco Systems Inc., iHealth Labs Inc., AliveCor Inc., AgaMatrix Inc., and AirStrip Technologies Inc.
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