mHealth Market Growth Projection, Leading Players, Size Estimation, Latest Trends, Statistics and Future Insights, Forecast to 2022
mHealth is defined as a diverse branch of eHealth that involves the collection of patient data. The mHealth market is one of the fastest-growing industries attributable to the changing dynamics of the legal and regulatory process and the intense competition between a wide number of public companies. mHealth is also one of the most modernized trends in the healthcare sector that has shown massive progress in recent years. This trend is observed due to the growing number of personal health devices that can be easily worn or used with a tablet or smartphone.
mHealth market size is estimated to grow at 36.5% CAGR by 2022, says Market Research Future (MRFR). The patient-related data is collected by wireless electronic means such as mobile devices, wearable devices, and other mHealth devices. In addition, the collected patient data is processed in a remote cloud using the mHealth applications.
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This stored data is used by healthcare professionals to analyze parameters related to the medical condition. For example, the mHealth BP monitor collects readings related to a patient's blood pressure fluctuations. Such measurements are then examined by health practitioners to assess the seriousness of the medical condition. In addition, various kinds of devices and services are available on the mHealth market. For example, blood glucose monitors, BP monitors, pulse oximetry, neurology monitoring, cardiac monitors, Apnea and Sleep Monitors, among others.
The numerous factors that affect the growth of the mHealth market are the involvement of patients in personal healthcare, the introduction of smartphones and wearable devices in the healthcare sector, the convergence of wireless technology with portable healthcare devices, the advantages of cost-effectiveness and patient’s convenience, and a rise in lifestyle diseases.
However, inadequate mHealth-related reimbursement coverage and lack of technical knowledge among the aging population can impede the growth of the market. Conversely, the lucrative growth potential offered by untapped developing-economy markets provides a profitable opportunity for healthy market growth.
mHealth Market Segmentation
The global Mobile Health market has been segmented based on therapeutics and application.
Basis on therapeutics, the global mHealth market has been segmented into diabetes, respiratory, mental and neurological disorders, fitness & lifestyle therapeutics, and others.
Based on the application, the global mHealth market has been segmented into monitoring applications, education and awareness, healthcare management, diagnosis & treatment, wellness & prevention, and remote data collection.
The European market for mHealth is expected to grow at a steady pace.
mHealth Market Key Players
Some of the significant participants in the global mHealth market are Agamatrix, INC, Apple, INC, Alivecor, INC, Athenahealth INC, Google INC, AT&T, INC, Biotelemetry INC. (CARDIONET), GE Healthcare, Jawbone INC, Johnson & Johnson, Laboratory Corporation of America Holdings, Philips Healthcare, and others.
mHealth Market Regional Outlook
Regionally, the global mHealth market has been segmented into the Americas, Europe, and the Asia Pacific.
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The Americas is the leading region for mHealth due to the presence of key market players, the high level of adoption of emerging technology, an increased understanding of connected care. The intense penetration of the Internet and smartphones in the region and the usage of medical/health-related apps is one of the main factors responsible for its mHealth market share.
The Asia Pacific is the second-largest region for mHealth market. Factors that fuel the growth of the mHealth market include a broad patient base for diabetes and a rise in health care spending in the region. Developing economies present lucrative incentives for mHealth providers to grow their businesses.
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