The U.S. mhealth device market accounted for $12.11 billion in 2019, and is expected to reach $53.25 billion by 2028, registering a CAGR of 19.6% from 2021 to 2028.
Mhealth devices are the connected devices such as smartphones, tablets, IoT devices, mobile broadband, and mobile computers. Mhealth is the component of the connected health that uses networks, sensors, standards, consumer behavior, and augmented intelligence to create opportunities to improve the patient journey. In addition, mhealth devices majorly involve the use of mobile and wireless technologies, which are deployed in monitoring and treatment of several acute and chronic disorders. Some of the other applications of mhealth devices include diagnosis & treatment of diseases, real-time tracking, and data collection.
The major factor that contributes toward the US mhealth device market growth includes change in lifestyle of the people. Furthermore, factors such as increase in use of smartphones, government initiatives, and new product launch also boost the growth of the US mhealth device market. In addition, integration of wireless technologies with portable healthcare devices is another major factor that fuels the growth of the market. However, concerns related to ensuring regulatory compliance of the mhealth devices hinder the growth of the market. Conversely, increase in awareness of the people to remain fit and active offers a lucrative opportunity for the US mhealth device market players.
The U.S. mhealth device market share is segmented on the basis of device type and application. On the basis of device type, the market is segmented into smartphone, tablet, IoT devices, mobile broadband, and mobile computers. Further, by smartphone and tablet sub-segments, the market is divided into 5G and LTE. By IoT devices, the
market is segmented into smartwatch and fitness trackers. By mobile broadband, the market is further classified into hotspot and router. On the basis of application, the market is classified into diagnosis & treatment, real time tracking, and data collection.
The key players profiled in the U.S. mhealth device market share include Ascom Holding AG, Kaiser Permanente, Honeywell International Inc., General Electric Company, Zebra Technologies Corp, Vivify Health, Inc., Cybernet Manufacturing, Inc., Medtronic Plc, NETSCOUT Systems, Inc., Boston Scientific Corporation, Masimo, Agamatrix Inc., Athenahealth Inc., Omron Corporation, Koninklijke Philips NV, and HCHB. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to enhance their US mhealth device market penetration.
Covid-19 Impact Analysis:
The ongoing spread of COVID-19 has become one of the biggest threats to the economy and is causing widespread concerns and economic hardship for consumers, businesses, and communities across the globe. The “New Normal” that includes social distance and working from home has created challenges with daily activities, regular work, needs, and supplies, causing delayed initiatives, and missed opportunities.
The COVID-19 pandemic is impacting the society and overall economy across the global. The impact of this outbreak is growing day-by-day as well as affecting the supply chain. It is creating uncertainty in the stock market, falling business confidence, massive slowing of supply chain, and increasing panic among customers. U.S. country have suffered a major loss of business and revenue due to restricted working hours of manufacturing units in the region. Operations of production and manufacturing industries have been heavily impacted by the outbreak of COVID-19; which has led to slowdown in growth of the mhealth devices market analysis in 2020.
According to the US mhealth device market trends, COVID-19 has severely impacted the production facilities have stalled, which, in turn, have led to significant demand in industries.
By Device Type
Mobile Devices segment is projected as one of the most lucrative segments.
Emergence of COVID-19 has forced the security organizations to change the way they operate. It has led to critical medical emergency; therefore, increase in demand for mhealth devices has been witnessed from the healthcare sector as it is an effective tool for healthcare professionals that allows treatment of the patient contactless.
Top impacting factors
Surge in demand for fitness trackers and the easy connectivity of the mhealth devices between the patient and the physicians, changing lifestyle of the people, increasing use of mobile computers are the major factors that impact growth of the mhealth device market. In addition, development of new products with advanced features and technologies such as 5G technology also fuels growth of the market. However, the key players need to check the compliance of the new devices with a set of pre-described mandatory rules in the country is a major restraint for the market growth. Moreover, increase in the health awareness and the ability to remain fit and physically active is expected to create market opportunities for the US mhealth device market players.
Diagnosis & Treatment segment generated highest revenue in 2019.
Key Benefits For Stakeholders
- This study includes the analytical depiction of the U.S. mhealth device market forecast along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information regarding the key drivers, restraints, and opportunities in the U.S. mhealth device market analysis.
- The U.S. mhealth device market trends are quantitatively analyzed from 2019 to 2028 to highlight the financial competency of the industry.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
US mhealth Device Market Segmentation
By Device Type
- IoT Devices
- Fitness Tracker
- Mobile Broadband
- Mobile Computers
- Diagnosis & Treatment
- Real Time Tracking
- Data Collection
U.S. Mhealth Device Market Report Highlights
By DEVICE TYPE
Key Market Players
GENERAL ELECTRIC COMPANY (GE), ATHENAHEALTH, INC., AGAMATRIX INC., KAISER PERMANENTE, ZEBRA TECHNOLOGIES CORPORATION, MASIMO CORPORATION, HOMECARE HOMEBASE, LLC (HCHB), CYBERNET MANUFACTURING INC., HONEYWELL INTERNATIONAL INC., .BOSTON SCIENTIFIC CORPORATION, NETSCOUT SYSTEMS, INC., VIVIFY HEALTH, OMRON CORPORATION, ASCOM, MEDTRONIC PLC, .KONINKLIJKE PHILIPS N.V.
The U.S. mhealth device market is witnessing significant growth, owing to changing lifestyle of the people and increase in use of the smartphone and other mhealth devices.
According to CXOs of the top companies in the market, the factor that fuels the growth of the global mhealth device market includes the profound impact of the use of smartphones and tablets in the healthcare sector. Furthermore, experts of key companies believe that mhealth has the potential to make healthcare innovative, accessible, and affordable. However, it requires a strong wireless network and robust IT infrastructure to handle several devices at the same time. Healthcare firms and service providers are expected to leverage the technologies in the most effective way. The key reason behind the growth of mhealth devices can be attributed to factors such as surge in adoption of smartphones and tablets and the development of new and advanced technologically featured products. These smartphones are widely being used for the patient’s data collection, ongoing condition monitoring, proper communication with healthcare service providers, access to healthcare information, and others.
Market players are striving to gain maximum opportunities from growing mhealth device market by planning their strategies meticulously. Strategic partnership, collaboration, and product launches are some of the prominent strategies adopted by key market players in the U.S. mhealth device market. For instance, Philips acquired BioTelemetry, Inc., a leading U.S.-based provider of remote cardiac diagnostics and monitoring, to strong fit with Philips cardiac care portfolio.
Market players are expanding their businesses to new industry verticals with enhancements to its performance partner program giving channel partner sales representatives of Honeywell Safety and Productivity Solutions like mobile computers, barcode scanners, printers, and other solutions, and provide representatives with the chance to receive rewards by selling products.