Global mHealth Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2024
Global mHealth market is expected to grow significantly from USD 20.5 billion in 2017 to USD 135.3 billion in 2024, at an exponential CAGR of 31.0% from 2018 to 2024.
Factors driving the growth of the market are; increasing incidence of lifestyle-related diseases, growing penetration of smartphones and tablets, and rising government initiatives. Moreover, advancements in mobile technologies and applications, increasing investment in healthcare technology, growing demand for remote patient monitoring, and growing adoption of mHealth products in various healthcare centers are further propelling the market growth.
The years used for the assessment are as follows;
Historical year:2014, 2015, and 2016
Forecast period:2018 – 2024
The research and analysis is based on the data and information obtained from various primary and secondary sources. The data obtained is validated by interacting with the companies of the concerned domain. The steps involved in the research methodology are;
Obtaining historical data of the market based on news, articles, publications, government websites, annual reports, press releases, white papers, surveys, investor presentation of companies, and other secondary sources
Interacting with key opinion leaders of the market and developing data points based on interaction with them
Study of past trends in the market and their year on year Impact on the market size and share
Analyzing the collected data points
Bridging the data points to calculate the total global mHealth market and its various segments
Anticipating potential risks
Analyzing market forces such as drivers, restraints, and opportunities to assess new growth areas for the global mHealth market
Finalizing the overall size and share of the global mHealth market
To analyze market trends, opportunities, drivers, and restraints associated with the global mHealth market
To study market response with respect to the mergers and acquisitions in the industry
To profile key companies operating in the mHealth market and provide their competitive landscape
The research scope for global mHealth market is as follows:
Blood Pressure Monitors
Blood Glucose Meter
Wearable Fitness Sensor Device
Apnea and Sleep Monitors
Fitness and wellness services
By mHealth Apps
Personal Health Record (PHR) Apps
Chronic Care Management Apps
Women’s Health Apps
Central Nervous System Disease
Fitness & Wellness
By Stake Holder
Central & South America
Middle East and Africa
mHealth plays an important role in healthcare sector by enhancing the communication between patients, and the provider. The mHealth apps are able to facilitate information and improve communication between healthcare provider and patients. Approximately, 85% of the world population have access to 3G network coverage, while half of the population reside in the areas where 4G network Infrastructure is available.
Geographically, the global mHealth market is segmented into North America, Europe, Asia-Pacific, Central & South America, and Middle East and Africa. North America held the major share of the global market owing to technological advancements in Healthcare IT sector, and high penetration of smartphones and tablets in the region. The growth of mHealth market in Europe is primarily attributed to the growing adoption of mHealth apps, robust growth of digitalization, and rising health expenditure. Moreover, favorable government policies and growing investments in digital health is also expected to drive the market growth in the region. Asia-Pacific is expected to witness the highest CAGR during 2018-2024, due to increasing incidence of lifestyle-related diseases such as diabetes and hypertension, and growing development in mobile cellular networks in the region.
Some of the key companies operating in the market include GlaxoSmithKline plc., Johnson & Johnson, Apple Inc., Novartis AG, Proteus Digital Health, Inc., AstraZeneca, Firstbeat Technologies Ltd., Dexcom, Inc., WellDoc, Inc, Pear Therapeutics, Inc., Virta Health Corp, Digital Therapeutics Alliance, Livongo Health, Philips Healthcare, Tactio Health Group, and Omron Healthcare, Inc. among others.