mHealth Solutions Market Worth USD 59.15 Billion by 2020
PUNE, India, November 17, 2015 /PRNewswire/ --
According to a new market research report "mHealth Solutions Market Connected Devices (Blood Pressure Monitor, Glucose Meter, Pulse Oximeter) Apps (Weight Loss, Womens Health, Personal Health Record, & Medication) Services (Remote Monitoring, Consultation, Prevention) - Global Forecast to 2020", published by MarketsandMarkets, The global mHealth solutions market is expected to witness exponential growth in the coming years. This market is poised to reach USD 59.15 Billion by 2020, growing at a CAGR of 33.4% during the forecast period.
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Growth in this market is mainly attributed to the increasing penetration of smartphones, tablets, and other mobile platforms; increasing utilization of connected medical devices and mHealth apps in the management of chronic diseases to reduce the rising healthcare cost; robust penetration of 3G and 4G networks to provide uninterrupted healthcare services; and rising focus on patient-centric healthcare delivery. However, risk of data theft, stringent regulations by the FDA and EU, low guidance from physicians in selecting apps, and resistance from traditional healthcare providers in emerging countries are some of the key factors that are expected to restrain the overall market growth to a certain extent during the forecast period.
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In this report, the mHealth solutions market is segmented by product and services into connected medical devices, mHealth applications, and mHealth services. The connected medical devices segment comprises blood glucose meters, ECG monitors, blood pressure monitors, pulse oximeters, peak flow meters, neurological monitoring devices, sleep apnea monitors, multiparameter trackers, and others. Blood pressure monitors accounted for the largest share of the global connected medical devices market in 2014.
mHealth apps (comprising healthcare apps for patients and medical apps for healthcare professionals) accounted for a share of 18.8% of the mHealth solutions market in 2014. The healthcare apps market is segmented into chronic care management apps, general health and fitness apps, women's health apps, personal health record (PHR), medication management, and others. The general healthcare and fitness apps segment (comprising fitness and nutrition apps, health tracking tools, and weight-loss apps) dominated the healthcare apps market with the largest share of 33.7% in 2014. The chronic care management apps segments, consisting of mental health and behavioral disorders management apps, diabetes management apps, blood pressure & ECG management apps, cancer management apps, and others, is expected to be the fastest-growing segment during the forecast period.
On the basis of mHealth services, the market is segmented into remote monitoring, diagnostic and consultation, treatment, fitness and wellness, prevention, and healthcare system strengthening services. In 2014, the remote monitoring services segment dominated the mHealth services market with a share of 63.7%. However, fitness and wellness service is the fastest-growing segment, growing at a CAGR of 48.1% during the forecast period. The high growth of this segment is mainly due to the increasing awareness on the benefits of maintaining healthy lifestyles.
North America represented the largest regional market in 2014, followed by Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Asian countries (particularly China and India) and Latin American countries (particularly Brazil) are expected to offer significant growth opportunities for market players in the forecast period. This is majorly attributed to the increasing penetration of smartphones, tablets, and other mobile platforms; increasing utilization of connected medical devices and mHealth apps in the management of chronic diseases; robust penetration of 3G and 4G networks to provide uninterrupted healthcare services; and rising focus on patient-centric healthcare.
Major players in the Mhealth Solutions Market include Medtronic, Inc. (U.S.), Apple, Inc. (U.S.), Sanofi (France), Mobisante, Inc. (U.S.), AirStrip Technologies, Inc. (U.S.), AliveCor, Inc. (U.S.), LifeWatch AG (Switzerland), Nike Inc. (U.S.), Koninklijke Philips N.V. (Netherlands), Johnson & Johnson (U.S.), Jawbone (U.S.), Omron Corporation (Japan), Withings (France), BioTelemetry Inc. (U.S.), athenahealth, Inc. (U.S.), AgaMatrix, Inc. (U.S.), iHealth Lab, Inc. (U.S.), AT&T (U.S.), Qualcomm (U.S.), Cerner Corporation (U.S.), Diversinet (Canada), and Cisco, Inc. (U.S.).
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