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.
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The fifth annual Makovsky/Kelton survey, “Pulse of Online Health” was released in February 2015. As per its findings, a comparative excess was noted in regard to the readiness exhibited by Americans to trust mHealth apps in market, rather than their doctor.
The data projections were, however, relative to each other. While people are losing tendencies of consulting healthcare professionals for their lifestyle concerns, they somehow trust sensor-enabled advanced electronics more.
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Analysts agree that the trend definitely varies with age group. Millennials have a greater inclination towards tracking their physical vitalities through smart wearables.
The trend-shift is pretty obvious, yet apprehensions are sustained on the accuracy of such applications.
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Blood pressure monitors hold the largest share in the global mHealth device market followed by blood glucose monitors and cardiac monitors. Geographically, North America will continue to retain its leading position in the overall mHealth market throughout the analysis period.
Global mHealth market Report, published by Allied Market Research, was valued at $10.5 billion in 2014 and is expected to grow at a CAGR of 33.5% during 2015-2020. 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 mHealth market.
On contrary, the lower accuracy of the devices, technology's 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 a 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 largest 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.
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mHealth Market Key Segments By Devices
- Blood glucose meters
- BP monitors
- Pulse oximetry
- Neurological monitoring devices
- Apnea and sleep monitors
- Wearable fitness sensor device & heart rate meters
- Diagnosis services
- Monitoring services
- Wellness and healthcare system strengthening solutions
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