MHealth Market Size is Projected To Be Around $217 Billion By 2025
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A research study titled, mHealth Market by Product - Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the mHealth market is projected to be around $217 billion by 2025.
The outlook towards healthcare has drastically changed in recent times. The use of mobile and wireless technology has enabled the transformation of health services delivery across the globe; the most crucial contribution being the elimination of the geographic distance or boundaries between the patients and the healthcare providers. The proliferation of mobile devices and electronic health systems is creating wonders in the healthcare industry. With the advent of mobile technology based products and services, diagnosis and treatment decisions are becoming more patient centric. These products provide key information and early warnings about an illness. mHealth is a medical practice enabled and supported by different mobile devices such as mobile phones, tablets, computers, patient monitoring devices, personal digital assistants, and other wireless devices. Lately, mHealth has become a necessity rather than an option. mHealth applications are being widely used by doctors in their daily practice. They assist doctors to consult, diagnose, treat, and monitor their patients. Doctors can provide optimal treatment to their patients as mHealth enables them to lookup patient’s information instantly and take informed decisions.
Rapid increase in penetration of smartphones, rising utilization of mHealth mobile apps by people, high adoption of wireless technology enabled medical devices by the healthcare industry, and increased emphasis on patient-centric healthcare service delivery are some of factors contributing to the market growth. According to the data revealed by the National Center for Biotechnology Information (NCBI), as of 2015, two-third of the overall U.S. population and 82% of U.S. citizens in the age group 18 to 49 years owned an app enabled mobile-phone. With rising penetration of high speed internet connectivity in low and middle income countries and availability of affordable smartphones, the global mHealth market is set to witness robust growth in next five years. However, concerns related to data security and resistance by traditional healthcare providers in developing countries can hamper the growth of the global mHealth market.
The major players have been developing highly sophisticated products to outperform their competitors in the global mHealth market. In June 2014, Apple, Inc. launched Health kit, a health data tracking platform which collects data from different fitness and health apps and makes it available to Apple users through its Health app. In September 2016, Nike Inc. and Apple Inc. collaborated together to launch the Apple Watch Nike+, a combination of Apple Watch Series 2 and Nike sports bands along with integration with the Nike+ Run Club app. This device is exclusively designed for runners to assist them in scheduling, monitoring, and enhancing their running routines. Some of the key players operating in the global mHealth market are, Fitbit, Inc., Dexcom, Inc., AliphComdba Jawbone, Dexcom, Inc., Nike, Inc., iHealth Labs Inc., AT&T Corp, AgaMatrix, Inc., AliveCor, Inc., Life Watch AG (acquired by BioTelemetry, Inc.), athenahealth, Inc., Apple, Inc., Cerner Corporation, Medtronic plc, Koninklijke Philips N.V, Omron Healthcare, Inc.
Rapid innovations will characterize the future growth of the mHealth market. With more and more companies launching innovative products, the competition in the market is and will be fierce over the coming years. Emerging markets propose lucrative growth opportunities for mHealth providers. For instance, in January 2016, the Government of India launched Kilkari, a mobile health service under the Digital India program. This platform delivers weekly audio messages to the expecting mothers giving them helpful insights about child care, pregnancy, and child birth.
Browse full research report with TOC on “MHealth Market by Product and by Service - Global Industry Analysis and Forecast to 2025” at:
Key Findings of the Research Study:
- Vital signs monitoring segment held the largest share of mHealth market in 2016 owing to the associated convenience of these devices for the patients in monitoring their vital health parameters personally eliminating the need to visit a physician.
- In the mHealth apps segment, the healthcare apps sub-segment accounted for a majority market-share in 2016 as such consumer-centric apps are being rapidly adopted around the world for regularly monitoring heath status by consumers.
- North America held the largest share of the global mHealth market in 2016 owing to factors such as rapid adoption of mHealth devices and mobile apps by the population, presence of robust internet connectivity in the region along with extensive penetration of smart mobile devices such as tablets and smartphones.
- Asia-Pacific mHealth market is expected to grow with the highest CAGR throughout the forecast period owing to increasing demand for mHealth solutions such as wearable health devices in the region along with favorable government initiative to promote adoption of mHealth solutions.