mHealth Market Size becoming larger and Massively Growing up with CAGR of 22.3% from 2020 to 2027
The market report includes a detailed analysis of the Covid-19 impact on the mHealth market. Over the course of 2019–2027, the market is expected to show significant growth. However, the recent Covid-19 outbreak is likely to affect some of the business operations. The report includes an analysis of how Covid-19 has and will affect the industry, studying reliable sources, interviews of experts, and annual reports of the major market players. The report includes major drivers, restraints, and opportunities within the mHealth market.
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Mobile health provides health service and information through mobile communication devices to address the health priorities and concerns. The advanced mobile and wireless technologies have transformed the face of healthcare services across the globe and are rendering the growth of mHealth market. 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 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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The Major Key Players Are:
Bayer Healthcare., Boston Scientific Corporation, Dexcom, Inc., Johnson & Johnson, Koninklijke Philips N.V., Masimo Corporation, Medtronic plc, Omron Corporation, Samsung Group, and Sanofi.
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