iCrowd Newswire – Jul 20, 2020
The Global mHealth Market is estimated to grow at a CAGR of 22.3% during the forecast period 2020-2027. As per the detailed market study, the global mHealth industry was valued at $46.04 billion in the year 2019 and is anticipated to reach $230.41 billion by the end of the year 2027.
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Electronic health (eHealth) is an integrated solution that uses information and communication technologies in healthcare sector; and Mobile health (mHealth) is a branch of eHealth which is a practice to use mobile devices such as mobile phones, personal digitals assistants (PDAs), wearable devices, tablets and other devices to collect and store data related to medical practices. mHealth is also used to monitor diseases and chronic disorders. Some of the major services offered by mHealth include disease diagnosis, disease prevention, and offering solutions related to strengthening of wellness and healthcare system. The clinical fields that uses mHealth devices and services include neurology, respiratory, diabetes, cardiovascular diseases and others.
The global mHealth industry is driven by various growth factors such as increase in prevalence of lifestyle disorders, favourable government initiatives, technological innovations and integration of wireless technologies with portable healthcare devices. Also, rise in adoption of mHealth among medical professionals and affordability of smartphones support the market growth over the forecast period. Whereas, lack of technological awareness among the aging population and lack of reimbursement coverage related to mHealth may impede the market growth over the forecast period. On the contrary, untapped market of developing regions are some potential opportunities for the market players operating in the global mHealth market over the forecast period.
Segmentation Overview of the Global mHealth Market
The global mHealth market is segmented on the basis of type, stakeholders and application. These market segments are further categorized into various sub-segments.
The Type Segment of the Global mHealth Market is Sub-Segmented into:
- mHealth Devices
- Wearable Fitness Sensor Device & Heart Rate Meters
- Apnea & Sleep Monitors
- Cardiac Monitors
- Neurological Monitors
- Pulse Oximetry
- BP Monitors
- Blood Glucose Meters
- mHealth Services
- Wellness & Healthcare System Strengthening Solutions
- Monitoring Services
- Diagnostic Services
The Stakeholders Segment of the Global mHealth Market is Sub-Segmented into:
- Mobile Operators
- Application & Content Players
- Healthcare Providers
- Device Vendors
The Application Segment of the Global mHealth Market is Sub-Segmented into:
- Neurological Diseases
- Respiratory Diseases
- Cardiovascular Diseases
Competitive Insights of the Global mHealth Market
SoftServe, Inc., Allscripts Healthcare Solutions, Inc., Sanofi, Samsung Group, Omron Corporation, Medtronic plc, Masimo Corporation, Koninklijke Philips N.V., Johnson & Johnson, Dexcom, Inc., Boston Scientific Corporation and Bayer Healthcare are some major players included in the global mHealth market.
Geographical Overview of the Global mHealth Market
As per the regional study, the North America mHealth market dominated the global marketplace with around 2/5th of the market share in the year 2019 and is anticipated to maintain the dominance over the forecast period. The regional market dominance is attributed to increase in awareness related to demand of frequent symptoms monitoring of chronic diseases. However, the Asia-Pacific mHealth market is estimated to grow at the highest growth rate with a CAGR of 25.7% during the forecast period 2020-2027. The regional market growth is attributed to surge in usage of mHealth application in the region.
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Keywords: mHealth Market