The Global Mobile Health market is projected to reach USD X billion in 2022, up from about USD X billion in 2017, growing at a CAGR of X% during the forecast period 2017-2022.The major driver for this market has been identified as the growing penetration of mobile devices such as smartphones and tablets. The market has flourished because of the need to provide a cost-effective and efficient healthcare system globally.
The need arose due to rising incidences of chronic diseases and increasing healthcare costs. And this need has been taken care of by the use of mApps, connected mobile devices, and wearables by patients. In the near future, innovation in the m Health market will be led by the evolution of smart devices, better wireless coverage and enhanced remote monitoring. With rising awareness and favourable regulatory impositions, the market is expected to yield significant revenues in the future.
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Affordability of smartphones and their widespread penetration.
Integration of wireless technologies and other technological innovations.
Low cost and higher convenience associated with the use of mobile devices.
Rising incidences of chronic diseases and other lifestyle diseases.
Stringent regulations by administrations such as the FDA and EU.
Lack of skilled personnel and thus improper guidance for patients.
Risk of data thefts and other data privacy issues.
Lack of accuracy due to technology in its beta state.
The global mobile health market can be segmented on the basis of:
1. Equipment/Connected Medical Devices:Blood Glucose Meters, BP Monitors, Pulse Oximeters, Neurological Monitoring, Cardiac Monitors, Apnea & Sleep Monitor, Wearable fitness sensor device and Heart Rate Meters, Others. Blood pressure Monitors Market has up to date accounted for the largest share of the global connected medical devices market. But, with a worldwide increase in diabetes cases, the Blood Glucose Meters market is the fastest growing segment during the forecast period.
2. mHealth Services:Prevention Services, Treatment Services, Diagnosis Service,Monitoring Services, Wellness Services,Strengthening Solutions, Healthcare Systems. The Monitoring Services Segment has held the highest market share till 2017 although the fitness and wellness service is the fastest growing segment during the forecast period. This is due to the increasing awareness of the benefits of maintaining healthy lifestyles.
3. mHealth Apps:General Health and Fitness Apps, Chronic Care Management Apps, Women’s Health Apps, Personal Health Record, Medication Management, and others. General health and fitness apps segment held the highest market share till 2017 but is expected to be overshadowed by the chronic care management apps segment during the forecast period.
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On the basis of geography, the global mobile health market can be segmented into North America, Europe, Asia-Pacific and Rest of the World.
North America: It is the market leader in terms of value up until the forecast period and is expected to continue its dominance in the forecast period. High per capita income, existing infrastructure for said market, rising healthcare issues and favorable government rulings, all work in favor for high growth of mHealth market in this region in the forecast period.
Europe: Expected to grow at a slightly higher growth rate than North America, Europe is presently 2nd behind North America in terms of value in the mHealth market.
Asia-Pacific: This region is expected to offer considerable growth opportunities for market players in the forecast period. Improving facilities for internet connectivity, smartphone availability, and network expansion partnered with rising healthcare problems is sure to set the market growth on an upward curve.
Ihealth Lab, Inc.
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