Global mHealth market was valued at $10.5 billion in 2014 and is expected to grow at a CAGR of 33.5% during 2015-2020. The mHealth market is in its nascent stage and is expected to yield significant revenues with increasing awareness and favorable regulatory impositions specific to the quality and feasibility of mobile-based medical devices. Penetration of mobile phones in healthcare segment has had a significant impact on the overall healthcare industry.
Currently mobile penetration is more than 100% in developed markets and is expected to increase in developing markets such as Asia-Pacific, Latin America and Africa. Additionally, increasing exposure to smartphones along with 3G and 4G networks will further increase the use of mobile platforms in most of the sectors, especially in the healthcare systems.
Some of the other factors responsible for substantial market growth include low cost and convenience of medical devices, technological innovations, integration of wireless technologies, and affordability of smartphones, government initiatives and increasing lifestyle diseases. Factors such as lower adoption due to lower accuracy, nascent technology in underdeveloped economies, limited reimbursement coverage, lack of technological awareness among the ageing population and uncertainty in government regulations are restricting market growth to a certain extent.
The growth of mHealth device market is mainly attributed to the high revenue generated from blood glucose meters, cardiac monitors and BP monitors, which collectively accounted for 5/7th of the global mHealth devices revenue in 2015. This is attributed to the growing number of cardiac and BP disorders. BP monitors is the highest revenue generating segment in global mHealth devices market, whereas, blood glucose monitor is the fastest growing segment. Cardiac monitors market is the third largest segment growing with a CAGR of 37.5% during the forecast period.
Global mHealth services market consists of diagnostic services, monitoring services, treatment, prevention and wellness & healthcare system strengthening solutions. The global mHealth service market is projected to grow at a CAGR of 32.2% during the analysis period. The growth of mHealth services market is attributed to rising revenues generated from monitoring services market. The rising adoption of monitoring services for chronic disease management, post-acute care management as well as aging population are supporting the monitoring services market growth. Going forward, diagnosis services and wellness & healthcare system strengthening solution collectively accounted for about 48% of global mHealth services market. The growth of these segments is attributed to the increased awareness about fitness & general wellness, growing government initiatives and rise in physician’s acceptance. Geographically, North America is expected to be the largest revenue-generating region for monitoring services market followed by Europe and Asia Pacific. Monitoring services are largely adopted in developed regions such as North America and Europe; however, Asia Pacific will generate significant level of revenue by 2020. This is mainly due to the increase in awareness of diseases and higher penetration of mobile platform in Asia Pacific region.
mHealth stakeholders market consist of mobile operator, healthcare providers, application/content players and device vendors. Mobile operators are the most crucial players in the overall mHealth stakeholders market. North America is expected to be the largest revenue-generating region, mainly due to well-penetrated healthcare system.
Global mHealth market further segmented into applications, which consists of cardiovascular disease, diabetes, respiratory diseases, neurological diseases and others. Cardiovascular segment was the largest revenue-generating segment, whereas, Diabetes, is the fastest growing segments registering a CAGR of 35.4% during the forecast period.
Value chain of global mHealth market
New product launches and industry collaborations are some of the principal growth strategies adopted by marketers. The current product launches focus on basic cardiology and blood glucose monitors. Moreover, Smartwatches, Health monitors, Pedometers and Activity trackers are some of the trendy wearable devices launched by several companies such as Philips Healthcare, iHealth, LifeWatch AG, Apple, Samsung, etc. in mHealth market. Key players in the market are collaborating with service providers to retain their hold in the global mHealth market. One of the key players operating within the market, LifeWatch collaborated with China telecom for sales of medical smartphones. Key players included in the report are AT&T Inc., LifeWatch AG, Boston Scientific, Omron Healthcare, Philips Healthcare, Sanofi, Bayer Healthcare, Johnson & Johnson and Masimo Corporation.
India Market Review:
The increased burden of non-communicable disease in India has exacerbated healthcare problems in India. Chronic diseases are the leading cause of death and disabilities. Moreover, India has the second highest prevalence of diabetes in the world after China with more than 61 million diabetes patients. It has been estimated that diabetes population would exceed about 100 million by 2030. This issue can be significantly addressed by the mHealth services, which would ultimately drive the market growth. On contrary, the poor network coverage, security and privacy of healthcare information are some of the factors limiting the growth of mHealth market in India.
mHEALTH MARKET KEY BENEFITS
- The report covers a quantitative analysis of the current market scenario, size and estimations through 2014-2020 for mobile health market. The data would enable the stakeholders to capitalize on prevailing market opportunities as a result of health information systems.
- The mobile health market scenario is comprehensively analyzed based on key regions
- The report profiles the prominent market players and highlights their key strategies to stay ahead in the mHealth industry which helps in understanding the competitive outlook of the market.
- Extensive analysis of the mobile health market size is conducted by closely following key product positioning and monitoring the top contenders within the market framework
- Comprehensive analysis of factors that drive and restrict the growth of the m-health market is provided in the report
- Exhaustive analysis of the mHealth industry, by device type, helps in understanding the types of devices that are presently used, along with the variants that would gain prominence in future
mHEALTH MARKET KEY SEGMENTS
Blood glucose meters
Neurological monitoring devices
Apnea and sleep monitors
Wearable fitness sensor device & heart rate meters
Wellness and healthcare system strengthening solutions
Rest of Europe
Rest of Asia-pacific