The Global Mobile Health Market is projected to experience a compound annual growth rate of 33.5 percent between 2015 and 2020. Though this market is just emerging, a significant yield in revenues is expected.
In 2014, the Global Mobile Health Market was worth an estimated $10.5 billion US dollars. Between 2015 and 2020, the compound annual growth rate of this market is expected to be 33.5 percent. This is quite a significant growth for any market, but considering the fact that the Global Mobile Health Market is in its infancy, these projections are quite impressive. This impressive projected growth is due directly related to the increased awareness and positive regulatory impositions that are particular to the quality and excellence and viability of medical devices that are mobile-based.
The Role of Increased Mobile Phone Use
The increased use of mobile phones in the healthcare industry is proving to have a tremendous impact, overall, on the healthcare industry. At present time, mobile phone use in the healthcare market has penetrated developed markets by more than 100 percent. In regard to developing markets, particularly in the African, Asian-Pacific and Latin American markets, the rate of mobile phone use is expected to increase.
Increased exposure to smartphones, as well as 3G and 4G networks is also expected to expand the use of mobile platforms with the healthcare system.
Additional Factors Increasing the Global Mobile Health Market
The growth of the global health market isn’t solely based on the increased use of mobile devices in this sector. Several other factors are playing a key role in the considerable growth that this market is experiencing. These factors include:
- Affordable cost of medical devices
- Convenience of medical devices
- Innovations in technology
- The integration of wireless technology
- The affordability of smartphones
- Initiatives made by the government
- Increased incidence of diseases
Factors Limiting Growth
Though the Global Mobile Health Market is expected to experience a marked increase in compound annual growth rate, there are some factors that could restrict the growth of the market. These factors include:
- Lower accuracy as a result of lower adoption
- Limited technological advances in underdeveloped economies
- Limited coverage in regard to reimbursement
- Lack of knowledge related to technology within the aging population
- Uncertainty regarding government regulations
Global Mobile Health Market Products
The Global Mobile Health Market contains a variety of services. These services include:
Monitors are largely responsible for the high revenue that this market is generating. These monitors include glucose meters, blood pressure monitors and cardiac monitors, which collectively accounted for an estimated five-sevenths of the devices that are utilized in the Global Mobile Health Market in 2015.
The increased rate of blood pressure and cardiac disorders are largely responsible for the increased use and revenue of these devices. Blood pressure monitors generate the highest revenue in the device sector of the Global Mobile Health Market. However, blood glucose monitors are the fastest growing segment of this sector. Cardiac monitors are the third largest growing segment of the device sector, with a projected compound annual growth rate of 37.5 percent between 2015 and 2020.
Moving forward, the increased awareness regarding fitness and general wellness, as well as increased government initiatives and an increase in acceptance from physicians is also expected to contribute to the growth of this market.
Global Mobile Health Market Growth According to Region
While this market is expected to see exponential growth across the globe, the increase of this market is expected to be impacted by specific regions.
The largest region that will develop revenue for this market is North America, specifically in regard to monitoring services. This reason North America contributes so largely to the development of this market is due to the healthcare system that is already well-penetrated. Europe and Asia Pacific are expected to follow close behind.
North America and Europe have already largely adopted monitoring services, and are expected to continue doing so. Asia Pacific is also projected to generate significant revenue by 2020, making this region a key contributor to the Global Mobile Health Market. The increased awareness of diseases and a heightened penetration of mobile platforms is directly responsible for the growth in the Asia Pacific region.
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Stakeholders in the Global Mobile Health Market
There are several stakeholders related to the Global Mobil Health Market. The primary stakeholders consist of:
- Mobile operators
- Healthcare providers
- Device vendors
- Application and content developers
Global Mobile Health Market Segments
The Global Mobile Health Market is segmented further by applications. These applications consist of the following segments:
- Cardiovascular disease
- Neurological disorders and diseases
- Respiratory health disease
The cardiovascular segment generates the most revenue for Global Mobile Health Market; however, diabetes is the fastest growing segment, with a projected compound annual growth rate of 35.4 percent for the forecasted period.
Growth Strategies for the Global Mobile Health Market
While this market would likely continue to grow on its own without aid, marketers are taking strides to further advance the growth of this market. Strategies for growth include launching products that have been recently developed, as well as collaborations within the industry. Some of the primary products that are being launched and are expected to significantly add to the growth of this industry include:
- Health monitors
- Activity trackers
Several companies are involved in this market and will contribute to its growth. These companies are responsible for the creation of mobile health care devices. Some of the biggest players include Philips Healthcare, LifeWatch, iHealth, Apple, AG and Samsung. These key players are working in conjunction with service providers to secure their position in the Global Mobile Health Market. For example, LifeWatch recently collaborated with China telecom in order to boost the sales of smartphones used for medical needs.
Given the projected compound annual growth rate and the advances that are being made, it is safe to say that this industry will continue to grow, moving forward.