mHealth Market - Mobile Health Market, Industry Growth
Global mHealth market was valued at $6.7 billion in 2012 and is estimated to reach $8.3 billion by the end of 2013. With growing per capita healthcare expenditure both in developed and advanced developing countries, the mobile healthcare market is further projected to reach $58.8 billion by 2020, at a CAGR of 32.3% from 2013 to 2020.
The mHealth market is in its infancy and is expected to yield significant revenues with increasing awareness level and favorable regulatory impositions specific to the quality and feasibility of mobile-based medical devices. Penetration of mobile phones in healthcare has created a long lasting impact on the overall health industry. The mHealth or mobile health market is primarily segmented with respect to devices, software, stakeholders and technologies. mHealth as defined in this report, is associated with the medical data derived through a wireless diagnostic or patient monitoring devices (e.g.: blood glucose monitors, cardiac monitors etc.) and delivered to mobile (wireless) devices (e.g.: smartphones, tablets etc.).
mHealth Market Definition
The “mHealth device market” in this report does not merely include home healthcare market or “portable” medical devices without its ability to communicate, alert or to provide information/image to a mobile devices. For example - blood glucose meters that are not mobile enabled or that do not allow its data to be integrated with a mobile device is excluded from the scope of the study. This also excludes use of smartphones, tablets and other mobile technologies used for doctor appointments, workflow and administration purposes at hospitals or physician’s office. mHealth services market as defined in this report is associated with the mobile network services those used in healthcare facilities as well as home based monitoring devices. The mHealth service segment holds clarity and is comparatively more distinguished. The objective of the report is to identify dominant markets in the current scenario and their future growths. However, mHealth market is extremely dynamic given the technological innovations.
Asia Pacific mHealth Market Review:
Developing market such as Asia Pacific is expected to have faster growth rate of 34.2% during 2013 ‐ 2020 mainly due to large portion of untapped population, poor healthcare delivery infrastructure, rising incidences of chronic diseases as well as managing initially prevalent communicable diseases. Furthermore, countries such as India, Vietnam, Indonesia are in its transition phase wherein have to handle burden of rise in non-communication diseases in relation to communication diseases. Hence, in such situation mHealth can become an important tool in handling these challenges.
Most of the mHealth services in Asia Pacific focus on improving the efficiency of the healthcare delivery system as well as workforce. Solutions such as bulk messaging are very popular in Asia to aid disease spread and awareness about disease. Countries such as India, Vietnam has witness launch of many solutions aiming at spreading awareness about certain diseases as well as improving efficiency of community healthcare workers. The Asia Pacific mHealth market is expected to reach market revenue of $16,581 million in 2020 from 2012 value of $1,678 million.
Top impacting factors:
The impact of cost and convenience factors, technological innovations, affordability of smartphones and integration of wireless technologies with medical devices will have significant impact. These are key factors for the success of any medical device or service. These factors together are mandatory for any devices or services to function efficiently. The other factors that cannot be ignored are increasing lifestyle diseases and government initiatives, which are expected to boost the demand of the mHealth market.
- Cost and convenience: Cost and convenience is the biggest factor, though technology is a key factor that will enable breakthrough in monitoring and diagnostics. However, cost is a significant factor impacting the adoption levels among the patients.
- Technological innovations: Product development, extended application areas, accuracy and consistency are key focus areas of innovations currently.
- Integration of wireless technologies: Currently the medical devices provide alerts and information promptly than ever before. However, images and networks remain key issues that are expected to be resolved with increased innovation and adoption on 4G and WiMax.
- Government initiatives: Government in developed economies, especially in European countries is currently focusing on building healthcare IT infrastructure at every level (e.g.: Integration of healthcare data to EHR or EMR) for effective control and measures. Additionally disease awareness mobile campaigns are significantly creating awareness levels among patients.
- Affordability of smartphones: Smartphones are becoming more affordable and so are mHealth applications and software.
- Increasing lifestyle diseases: Diabetes, blood pressure and cardiovascular disease are currently having high levels of prevalence and incidence rates are expected to increase in the future.
- Untapped market for developing economies: Developing economies are expected to be major markets, given the population rates, increasing smart phone adoption levels. However, developing healthcare infrastructure in the future can enable effective targeting of mHealth concept in these economies.
- Weak re-imbursement coverage: The re-imbursement coverage and policies are yet being scooped-out by the insurers and mHealth device participants. This hinders the adoption levels currently.
- Technological awareness among aging population: mHealth devices such as blood glucose meters or cardiac monitors are much applicable to the aging population; however, they are not very tech-savvy. However, specialists insist and recommend continuous monitoring of certain disorders, therefore enabling effective adoption levels even from middle to higher age group.
- Lack of accuracy due to technology infancy: Technology currently is unable to provide accurate and consistent results. Many patients complain of extreme results of blood sugar levels when tested even within few minutes of time duration. However, most of the players are acknowledging that they are focusing on innovations that can provide accurate and consistent results.
mHEALTH MARKET KEY SEGMENTS
- Blood Glucose Meters
- BP Monitors
- Pulse Oximeters
- Neurological Monitoring
- Cardiac Monitors
- Apnea & Sleep Monitor
- Wearable fitness sensor device and Heart Rate Meters
- Wellness Services Market
- Prevention Services Market
- Treatment Services Market
- Diagnosis Service Market
- Monitoring Services Market
- Healthcare Systems Strengthening Solutions Market
- Mobile Operators
- Device Vendors
- Healthcare Providers
- Application Players
BY THERAPEUTIC SEGMENT
- North America
- Asia Pacific
- Rest of the World