Impact of COVID-19 Outbreak on mHealth Market 2020 | Top Key Players are BioTelemetry, Inc., OMRON Corporation, AgaMatrix, AliveCor Inc., iHealth Labs, Johnson & Johnson, athenahealth

The increasing usage of smartphones and connected devices and surging geriatric population, prevalence of chronic diseases, focus on patient-centric healthcare services, and demand for remote patient monitoring services are driving the adoption of mobile health (mHealth). The mHealth market generated $23.0 billion in revenue in 2017, which is predicted to grow at a CAGR of 33.5% during the forecast period (2018-2023), to ultimately reach $132.2 billion by 2023. The term refers to the provision of healthcare services via mobile phones and other telecommunication devices.

Global mHealth Market Key Players are:
1- BioTelemetry, Inc.
2- OMRON Corporation
3- AgaMatrix
4- AliveCor Inc.
5- iHealth Labs
6- Johnson & Johnson
7- athenahealth

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When segmented by offering, the market is divided into services, mHealth apps, and connected devices. Among these, the connected devices division dominated the mHealth market in 2017, with a revenue share of 57.2%, and it is predicted to continue on this path during the forecast period. This is attributed to the increasing sale of such devices, as they offer numerous advantages, such as real-time disease management, remote patient monitoring, reduced healthcare expenses, and better patient outcomes.

Blood glucose monitors, blood pressure monitors, multiparameter monitors, electrocardiograph (ECG) monitors, sleep apnea monitors, and pulse oximeters are among the various connected devices available. Among these, blood glucose monitors are expected to experience the fastest growth in the market, at a CAGR of 31.9%, during the forecast period. This would be due to the growing prevalence of diabetes, as a result of the changing lifestyle and food habits of people across the world.

In 2017, North America contributed 37.8% revenue to the market, which was the highest of all regions. The key factors behind the dominance of the region in the mHealth market are the growing geriatric population, increasing healthcare spending, improving consumer access to connected medical devices, and rising prevalence of lifestyle-associated and chronic diseases. It is because of these reasons that the continent will continue being the largest user of mHealth during the forecast period.

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Therefore, as more people purchase mobile communication devices and realize their advantages in the area of health and wellbeing, the market for mHealth will keep prospering.

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