The global mHealth solutions market is projected to reach USD 90.49 billion by 2022 at a CAGR of 33.7% during the forecast period. The factors expected to drive the growing utilization of mHealth apps and connected health devices are rising penetration of smart gadgets and the need to curtail the soaring healthcare costs. The rapid growth in developing countries across APAC is also expected to provide an opportunity for revenue generation in the market. However, weak reimbursement coverage, low guidance from physicians in selecting apps, and reluctance to use advanced solutions by traditional healthcare providers may hinder the growth of the mHealth solutions market to some extent.
The mHealth apps segment is expected to grow at the highest CAGR during the forecast period
Based on product & service, the market is categorized into connected medical devices, mHealth applications, and mHealth services. The mHealth apps segment is expected to register the highest CAGR during the forecast period. The growth of this market can be attributed to the rising digitalization across the health continuum, the increasing concerns for health, wellness, and self-health management among patients and high adoption of smartphones and tablets across the globe.
The vital signs monitoring devices is expected to grow at the highest CAGR during the forecast period
The connected medical devices market is further segmented into consumer health devices and clinical devices. Clinical devices segment is categorized into vital signs monitoring devices, peak flow meters, neurological monitoring devices, sleep apnea monitors, multi-parameter trackers, and others. The vital signs monitoring devices will be the fastest growing market during the forecast period. This is attributed to the rise in prevalence and incidence of diabetes and cardiovascular diseases across the globe and increasing adoption of blood glucose monitoring (CGM) systems and various chronic condition monitoring devices.
The healthcare application segment is showing the highest CAGR during the forecast period
The mHealth applications market is segmented into healthcare applications (designed for patients) by activity, and medical applications (designed for professionals). The healthcare application segment is showing the highest CAGR during the forecast period. This growth is attributed to the factors such as increasing number of people using smart phones and the increasing preference for health management & fitness apps leading to the rising adoption of healthcare apps.
North America accounted for the largest share of the market in 2016
North America accounted for the largest share of the mHealth solutions market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The modernization and rising adoption of various healthcare IT solutions in the country’s healthcare system, the high penetration of health wearable devices and various government initiatives are some of the factors contributing to the large share of North America in the market. However, the Asia-Pacific market is expected to register the highest growth during the forecast period owing to the growing need to curtail healthcare delivery costs, increasing government initiative for implementations of mHealth solutions, and rising geriatric population rising from increased incidence and prevalence of chronic disorders in this region.
Break of primary participants was as mentioned below:
- By Company Type – Tier 1–42%, Tier 2–38% and Tier 3–20%
- By Designation – C-level–40%, Director Level–35%, Others–25%
- By Region – North America–35%, Europe–30%, Asia-Pacific–20%, RoW–15%
The major players in the mHealth solutions market are Medtronic plc (Ireland), Apple, Inc. (U.S.), AirStrip Technologies, Inc. (U.S.), AliveCor, Inc. (U.S.), LifeWatch AG (Switzerland), Nike Inc. (U.S.), Koninklijke Philips N.V. (Netherlands), Jawbone (U.S.), OMRON Corporation (Japan), Withings (France), BioTelemetry Inc. (U.S.), athenahealth, Inc. (U.S.), AgaMatrix, Inc. (U.S.), iHealth Lab, Inc. (U.S.), AT&T (U.S.), Qualcomm (U.S.), Cerner Corporation (U.S.), and Cisco Systems, Inc. (U.S.), and Nokia Corporation (Finland).
The report analyzes the mHealth solutions market and aims at estimating the market size and future growth potential of this market based on various segments such as product & service and region. The report also includes an in-depth regulatory analysis for various regions across the globe and competitive analysis of the key players in this market along with their company profiles, product and service offerings, recent developments, and key market strategies. This report also provides market information on North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Reasons To Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help garner a greater share. Firms purchasing the report could use one or any combination of the below-mentioned five strategies.
This report provides insights on the following pointers:
- Market Penetration: Comprehensive information on product portfolios offered by the top players in the mHealth solutions market. This report analyzes the market by product & service and region
- Product Development/Innovation: Detailed insights on the upcoming trends and product launches in the mHealth solutions market
- Market Development: Comprehensive information about the lucrative emerging markets for mHealth solutions
- Market Diversification: Exhaustive information about new products, growing regions, recent developments, and investments in the mHealth solutions market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, products, and technological capabilities of the leading players in the mHealth solutions market