COVID-19 Impact on mHealth Market Size to hit $230 billion by 2027, Top Prominent Players: Bayer Healthcare., Boston Scientific Corporation

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The global mHealth market was valued at $46 billion in 2019, and is expected to reach $230 billion by 2027, registering a CAGR of 22.3% from 2020 to 2027.

Global Mobile Health Market Report provides an overview of the market based on key parameters such as market size, sales, sales analysis and key drivers. The market size of the market is expected to grow on a large scale during the forecast period (2020-2027). This report covers the impact of the latest COVID-19 on the market. The coronavirus epidemic (COVID-19) has affected all aspects of life around the world. This has changed some of the market situation. The main purpose of the research report is to provide users with a broad view of the market. Initial and future assessments of rapidly changing market scenarios and their impact are covered in the report.

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The demand form Health is on a rise, owing to surge in incidence of chronic diseases such as diabetes and cancer. Furthermore, rise in awareness related to use of mHealth across the globe is another factor that fuels the growth of the market.

Mobile health is a branch of electronic health, which is defined as medical and public health practice supported by mobile devices. The mobile devices used in mHealth include mobile phones, patient monitoring devices, personal digital assistants, and other devices. These devices are utilized to collect and store patient information to obtain accurate results, which are used to treat and diagnose various medical conditions such as diabetes, blood pressure, and others. In addition, other mHealth services include prevention of diseases, monitoring of diseases, and others.

Furthermore, these services are used in various clinical fields such as diabetes, respiratory diseases, cardiovascular diseases, and others. Moreover, some of the mHealth devices offered by various key players in the market include blood glucose meter, BP monitors, pulse oximetry, neurological monitors, cardiac monitors, and others.

The major factor that contributes toward the growth of the mHealth market include rise in prevalence of lifestyle diseases. Furthermore, factors such as technological innovations, integration of wireless technologies with portable healthcare devices, affordability of smartphones, rise in adoption of mHealth among medical professionals, and favorable government initiatives also boost of mHealth market growth. However, weak reimbur sement coverage associated with mHealth and lack on technological awareness among the aging population hinder the growth of the market. Conversely, lucrative growth potential offered by untapped market of developing economies offers a lucrative opportunity for the mobile health market.

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The global mHealth market is segmented on the basis of device, service, stakeholder, application, and region to provide a detailed assessment of the market.

By device, the market is divided into blood glucose meter, BP monitors, pulse oximetry, neurological monitors, cardiac monitors, apnea & sleep monitors, wearable fitness sensor device & heart rate meters, and others.

By service, it is classified into prevention, diagnostic services, monitoring services, treatment, and wellness & healthcare system strengthening solutions.

By stakeholder, it is divided into mobile operators, device vendors, healthcare providers, and Application & Content Players.

By application, it is categorized into cardiovascular diseases, diabetes, respiratory diseases, neurology diseases, and others.

By region, the mHealth market size is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Russia, and rest of Europe), Asia-Pacific (Japan, China, India, Australia, and rest of Asia-Pacific), and Middle East (Saudi Arabia, Kuwait, UAE, Qatar, Bahrain, Oman, and rest of Middle East), and Latin America & Africa.

On the basis of device, BP monitors held the dominant share in 2019, owing to the factors such as surge in incidence of hypertension, which leads to high blood pressure, and rise in adoption of sedentary lifestyle. However, blood glucose meters is estimated to be the fastest growing segment in the global mHealth devices market due to rise in prevalence of diabetes and surge in adoption of continuous blood glucose monitoring (CGM) devices.

By service, the monitoring services occupied the largest share of mHealth services market in 2019 and is also expected to exhibit fastest growth rate during the forecast period. The growth of the segment is due to factors such as rise in prevalence of diseases, which include blood pressure, diabetes, and cardiovascular diseases which require monitoring of the condition of the patient for prevention and better treatment.

In 2019, North America accounted for the major share of mHealth market size and is expected to continue this trend owing to rise in prevalence of diabetes, blood pressure, cardiovascular diseases, and others. Moreover, other factors such as easy availability of mHealth devices and services, and surge in adoption of these devices boost the market growth in this region. Asia-Pacific is expected to exhibit fastest growth rate owing to surge in awareness related to use of mHealth devices. The other factors that boost the growth of the market include huge patient base of diabetes and rise in healthcare expenditure in the region. The developing economies offer lucrative opportunities for mHealth providers to expand their business.

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