Global mHealth market is projected to attain a size of $132.2 billion by 2023
LONDON, Oct. 11, 2018 /PRNewswire/ -- mHealth Market by Offering (Connected Devices [Blood Pressure Monitors, Blood Glucose Monitors, ECG Monitors, Multiparameter Monitors, Pulse Oximeters, Sleep Apnea Monitors], Services [Preventive, Diagnosis & Consulting, Treatment, Healthcare System Strengthening, Fitness & Wellness, Remote Monitoring], mHealth Apps (Healthcare Apps [General Health & Fitness {Health Tracking, Obesity & Weight Management, Fitness & Nutrition}, Chronic Care Management Apps {Mental Health & Behavioral Disorder, Diabetes Management, Blood Pressure & ECG Management, Cancer Management}, Medication Management Apps, Women Health Apps {Pregnancy, Fertility, Breastfeeding}, Personal Health Record Apps, Medical Apps {Medical Reference, Diagnostic, Alert & Awareness, Continuing Medical Education}]), by Stakeholder (Mobile Operators, Device Vendors, Application/Content Players, Healthcare Providers), by Geography (U.S., Canada, Germany, U.K., Italy, France, Spain, Japan, China, India, Australia, Brazil, Mexico, Saudi Arabia, South Africa) - Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023
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Global mHealth market is projected to attain a size of $132.2 billion by 2023, according to P&S Market Research.
The market is mainly driven by increasing penetration of smartphones, tablets and other mobile platform; increasing utilization of connected medical devices and mHealth application; and increasing healthcare cost. In addition to this growing geriatric population, rising demand for patient monitoring services and rising focus on patient-centric healthcare service also support the growth of the market.
Insights into market segments
Based on the offering, the mHealth market has been categorized into connected devices, services, and mHealth apps. The market for mHealth apps is projected to witness fastest growth, at CAGR 38.9% during the forecast period. This is attributed to rising number of smart phone users and increasing mobile health application downloads.
The connected devices category is further bifurcated into blood pressure monitors, blood glucose monitors, ECG monitors, multiparameter monitors, pulse oximeters, sleep apnea monitors, and others. Among these, blood pressure monitors held the largest share of 28.7% in the mHealth connected devices market in 2017. This is attributed to the increasing prevalence of chronic diseases and easy mobility of these devices.
Based on the stakeholder, the mHealth market has been categorized into mobile operators, device vendors, application/content players and healthcare providers. During the forecast period, the fastest growth in this market is expected from the application/content player category reporting CAGR of 37.4%.
North America to dominate the global mHealth market throughout the analysis period
Geographically, during the historical period, North America held the largest share in the mHealth market, with 37.8% in 2017. This leading position of the regional market is mainly due to the increasing healthcare spending, growing geriatric population, rising prevalence of chronic and lifestyle associated disease and improving consumer accessibility to connected medical devices. Increasing aging population with chronic diseases further add to the demand of remote monitoring devices and different mobile health applications.
According to the United Nation Department of Economic and Social Affairs (UNDESA), world population aging 2017 report, in North America, the population of people aged 60 years or above was approximately 78.4 million in 2017, and the number is estimated to reach 122.8 billion by 2050. This rise in the aging population and increasing chronic diseases lead to the increasing requirement of patient centric mobile applications, thereby driving the growth of the market in the region.
Market players are introducing new digital health application through acquisitions
The major players in the mHealth industry are acquiring related business unit of the other companies for introducing new digital health solutions. For instance, in July 2017, BioTelemetry Inc., acquired LifeWatch AG, a healthcare technology and solutions company, specialized in advanced digital health systems and wireless remote diagnostics patient monitoring services. The acquisition was aimed at strengthening BioTelemetry's market position in remote cardiac monitoring and diagnostic services.
Some of the other key players in the mHealth market are Medtronic plc, Koninklijke Philips N.V., OMRON Corporation, Johnson & Johnson, athenahealth Inc., Cisco Systems Inc., iHealth Labs Inc., AliveCor Inc., AgaMatrix Inc., and AirStrip Technologies Inc.
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