Global mHealth Market Is Anticipated to Witness Tremendous Growth at A CAGR of 28.6% During 2019-2020

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According to Esticast Research, the global mHealth market accounted for a market value of $38.7 billion in 2019 projected to grow with a CAGR of 28.6% from 2019 to 2026.

Based on geography, the mHealth market has been categorized into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. The high adoption of digital technologies, rising penetration of smartphones and the internet, and increasing chronic disease burden are some factors boosting the market growth in North America. Moreover, the effective installation of e-prescription systems and electronic health records (EHR) in numerous healthcare centers and hospitals in the region propels the growth of the market.

According to Esticast Research, the global mHealth market accounted for a market value of $38.7 billion in 2019 projected to grow with a CAGR of 28.6% from 2019 to 2026.

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OVERVIEW

Increasing adoption of digital health technology, growing prevalence of diseases such as obesity, cardiovascular diseases, and diabetes are some of the major factors driving the growth of mHealth platforms. Moreover, growing internet and smartphone penetration globally is expected to support market growth. According to the data published by Digital.gov, there were 378 million mobile devices in utilization in the U.S. in 2015. Further, the increasing inclination of consumers towards mHealth apps, as these apps provide access to health-related information and enable real-time communication between healthcare providers and patients that facilitates providers to prescribe, diagnose, and monitor their patients. Moreover, technological advancements in wearable devices, rising 3G/4G network penetration, and growing demand for home healthcare services is significantly contributing to the growth of the mHealth market. Despite the drivers, factors such as less guidance from healthcare providers in selecting mHealth apps and resistance of traditional physicians to adopt mHealth platforms especially in developing countries may negatively impact the market growth during the forecast period.

The global mHealth market has been categorized into component, services, and participant. The component segment has been divided into wearables and mHealth apps. The wearables segment has been subdivided into pulse oximeters, sleep apnea monitors (PSG), glucose meters, neurological monitors, BP monitors, and activity trackers/ actigraphs. The mHealth apps has been sub-divided into fitness app and medical app. Further, the fitness app has been segmented into diet & nutrition, exercise & weight loss, and activity tracking. The medical apps has been categorized into chronic disease management apps, women’s health, medication management apps, diagnostic apps, remote monitoring apps, personal health record apps, and others. The services segment has been segmented into diagnosis services, monitoring services, fitness and wellness, and others. Based on participants, the mHealth market has been divided into device operators, mobile operators, healthcare providers, and application/content players.

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Based on geography, the mHealth market has been categorized into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. The high adoption of digital technologies, rising penetration of smartphones and the internet, and increasing chronic disease burden are some factors boosting the market growth in North America. Moreover, the effective installation of e-prescription systems and electronic health records (EHR) in numerous healthcare centers and hospitals in the region propels the growth of the market. In Europe, the rising prevalence of chronic diseases such as diabetes and cancer, and rising demand for remote patient monitoring is anticipated to drive the market growth. Moreover, the increasing number of digital healthcare start-ups in the region is anticipated to offer potential growth opportunities for the market in the near future. Additionally, positive government initiatives for mHealth in Europe is projected to fuel market growth. Furthermore, in the Asia Pacific region, the increasing digitalization programs in nations such as China and India are projected to drive the uptake of digital healthcare platforms such as mHealth. In addition, countries such as India, Australia, and South Korea have significant growth potential owing to the presence of well-established healthcare IT infrastructure and the rising number of domestic and multinational companies entering the country markets.

Prominent companies functioning in the global mHealth market include AirStrip Technologies, Allscripts Healthcare Solutions, Apple Inc., AT&T, Orange, BioTelemetry, Inc., Cerner Corporation, Google Inc., Qualcomm Inc., AgaMatrix, Inc., Omron Healthcare Co., LTD, Koninklijke Philips N.V., and Withings S.A. Key market players are adopting strategies such as mergers & acquisitions, product launches, collaborations, and regional expansion.

Recent Development by Market Players:

  • In May 2019, At &T, Inc. and Gozio Health entered into a strategic alliance to increase In-facility, Mobile Wayfinding Services to Healthcare Systems.
  • In August 2018, Cerner Corporation and Duke Clinical Research Institute developed an atherosclerotic cardiovascular disease (ASCVD) Risk Calculator app that facilitates clinicians to measure whether their patients are at an increased risk of stroke or heart attack.
  • In April 2017, Medtronic plc entered into a collaboration with Garmin International Inc. The collaboration involved the incorporation of Garmin’s wearable device data into Medtronic Care Management Services’ remote patient monitoring platform.

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