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Monday, 5 October 2015
mHealth Market to Grow at an Impressive CAGR of 33.5% During 2015 - 2020
A new report by Allied Market Research, titled, "Global mHealth Market(Device, Service, Application, Stakeholders and Geography)- Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2014-2020", stated that the global mHealth market was valued at$10.5 billionin 2014 and is expected to grow at a CAGR of 33.5% during 2015-2020. Blood pressure monitors hold the largest share in the global mHealth device market followed by blood glucose monitors and cardiac monitors. Geographically,North Americawill continue to retain its leading position in the overall mHealth market throughout the analysis period.
Mobile health provides health service and information through mobile communication devices to address the health priorities and concerns. The advanced mobile and wireless technologies have transformed the face of healthcare services across the globe and are rendering the growth of mHealth market. Moreover, the continued growth in coverage of mobile cellular networks, rapid advances in mobile technologies & applications, increasing lifestyle diseases and growing awareness among patient population in emerging economies, are some of the key factors fostering the growth of global mHealth market. On contrary, the lower accuracy of devices, technology infancy in middle and lower income economies, weak reimbursement coverage, uncertainty in government regulations in certain regions, and low adoption among ageing population is hampering the market growth to certain extent.
The major chunk of mHealth devices market - i.e. ~71% - is collectively commanded by BP monitors, blood glucose monitors and cardiac monitors. The large share of these monitors can be attributed to increased affordability of mobile compatible devices, integration of innovative technologies in monitoring devices and the increasing lifestyle disease such as diabetes, stroke, COPD, ischemic heart to name a few. Within mHealth services, diagnostic, monitoring and treatment services collectively hold about 74% of the market. The rapid growth of mHealth services market is attributed to rising government initiatives, increasing mHealth awareness programs in underdeveloped regions etc.
Blood glucose meters is projected to be the fastest growing segment in global mHealth devices market registering a CAGR of 41% during the forecast period
United Statescontinues to be the leading market in theNorth AmericamHealth market throughout the forecast period
Asia-Pacificis projected to be the fastest growing mHealth market registering a CAGR of 35.9% during 2015-2020
United Kingdome,FranceandGermanycollectively accounts to 45% share in theEuropemHealth device market in 2014
Cardiovascular and diabetes mHelath application market remains the lucrative market segment for manufacturers
Geographically,North AmericaandEuropeconstitute the two largest markets for mHealth and collectively accounted for 67% of the market revenue in 2014. They are expected to continue its hold on the global market throughout the forecast period. Early adoption of innovative technology, large patient population and high capacity to pay for services are some of the key factors responsible for the growth of mHealth market in these regions. However, the market outlook across developing economies is looking favorable and strong owing to the increasing awareness of chronic diseases, favorable government regulations and increased healthcare expenditure. Philips healthcare, Bayer Healthcare and Sanofi are some of the key companies enjoying a strong foothold in global mHealth market, especially in Asian countries. Key players profiled in this report include - Philips healthcare, Omron HealthCare Inc., Bayer Healthcare, LifeWatch, Cardionet Inc., Masimo Corporation, Sanofi, Boston Scientific, AT&T Inc., and Johnson & Johnson.
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