mHealth Industry to be valued $60bn by 2023: Global Market Insights, Inc.

mHealth market size was estimated at over USD 4.8 billion in 2015 and it is anticipated to exceed USD 60 billion by 2023 growing at a CAGR of over 30% from 2016 to 2023. Rising awareness regarding preventative medication is expected to drive the industry growth.
Monitoring services are estimated to gain significant industry share with the majority of the revenue impending from the developed nations. Changing consumer preferences owing to increasing demand as well as consumption of data services are likely to positively impact the industry demand. In addition, changing lifestyle accompanied by growing aging population is likely to increase the prevalence of health issues.

Increasing implementation of mobile and wireless technologies helps to generate data base on individual’s daily environment, biology as well as physiology. Growing proliferation of chronic diseases namely diabetes, cancer and heart ailments is expected to fuel the industry demand over the forecast period. Advent on technology such as 3G and 4G LTE network services aids in high speed data transfers and video calling features which further facilitates swift telemedicine service delivery.

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One way data application facilitates the flow of information from physician or healthcare practitioner to patients with the help of SMS and educative methodology. Increasing healthcare spending owing to affordability accompanied by availability of healthcare services might pose a challenge to the mHealth market growth. Moreover, privacy concerns paired with need for secure infrastructure for data integrity and data security might hamper the industry demand over the forecast period.

It offers various services such as healthcare system strengthening, diagnosis and monitoring. Furthermore, it provides services related to prevention as well as wellness such as elderly care, drug abuse prevention, child care, smoking de-addiction and healthy living. Monitoring services accounted for more than 60% of the overall industry share in 2014. Diagnosis services help healthcare experts to distantly connect with their patients and thus offer diagnosis of illness and other health issues.

The mHealth market can be segmented on the basis of service, connected devices and participants. Based on service the industry can be segregated into diagnosis services, healthcare system strengthening services and monitoring services. Healthcare systems strengthening can be further segmented into emergency response, healthcare practitioners support and healthcare surveillance and administration. On the basis of application the industry can be further segregated as women’s health, weight loss, medication and personal health record.

Monitoring services can also be segregated as chronic disease management, post acute care services, independent aging solutions along with devices such as body trackers that aids in monitoring vital health signs. On the basis of connected devices it can be segmented as glucose meter, blood pressure monitor and pulse oximeter. Based on participants the industry can be segmented into device vendors, mobile operators, content players and healthcare providers.

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North America mHealth market accumulated around 30% of the overall industry share in 2014. The spur in the region can be attributed to flourishing number of live health and pilot projects in the U.S. and Canada. Increasing number of health and wellness apps coupled with rising smartphones adoption among the population is expected to drive the region over the forecast period. Mobile telemedicine is likely to benefit emerging nations through video calls with rural health centres and healthcare professionals. Diagnosis service includes IVR-based services or call centre services along with mobile telemedicine services.

Asia Pacific mHealth market size is anticipated to witness significant growth due to increasing rural population. In addition, lack of medical practitioners in the region is likely to open new avenues for profit generation. Developed countries such as Japan, Singapore, South Korea and Australia are anticipated to furnish numerous growth opportunities owing to rising per user expenditure. Emerging nations are likely face challenges due to scarcity of healthcare delivery infrastructure along with lack of skilled professionals during 2016 to 2023.

Key industry participants occupying major mHealth market share include AT&T, Vodafone, Allscripts Healthcare Solutions, mQure, Apple Inc., Samsung Electronics Corporation, Omron HealthCare Inc., Philips healthcare, Bayer Healthcare, Cardionet Inc., LifeWatch, Masimo Corporation, Boston Scientific, Sanofie, and Qualcomm Inc.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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This release was published on openPR.