mHealth Market to reach USD 21.71 billion by 2022 at expected CAGR of 36.5% Global Technological Enhancement Report 2018
mHealth market Major Key Market drivers are Apple, AT&T, AirStrip, Boston Scientific, CardioNet, Athena health, Sanofi, Fitbit, Telcare, Zephyr Technology and others
Pune, India – December 12, 2018 /MarketersMedia/ —
Global mHealth Market is one of the fastest growing industries, owing to the changing dynamics of the legal and regulatory workflow and the intense competitive rivalry among large number of public companies. Mobile health (mHealth) is also one of the most modernized trends in the healthcare industry that has shown tremendous progress in the last few years.
Globally the market for mHealth is expected to grow at 36.5% CAGR (2016-2022).
This trend is observed due to the increasing growth of personal health devices, which can be easily worn or used with a smartphone or tablet. The various factors that influence the growth of mHealth market are patient’s involvement in personal healthcare, implementation of smartphones and wearable devices into healthcare industry, integration of wireless technologies with healthcare devices that are portable, benefits of Cost effectiveness and patients’ convenience and Increase in lifestyle diseases.
The largest players in the mHealth market are Apple, AT&T, AirStrip, Boston Scientific, CardioNet, Athena health, Sanofi, Fitbit, Telcare, Zephyr Technology and others
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Mobile health or mHealth is the practice use of mobile devices for the purpose of health services, information, and data collection. mHealth has emerged as a booming field due to advancements in the use of information and communication technology (ICT), for health services and information. mHealth applications include the use of mobile devices such as mobile phones, tablet computers and wearable devices such as smart watches, in collecting health data, delivery of healthcare information, real-time monitoring, and direct provision of care via mobile telemedicine.
The mHealth market is growing at an explosive pace due to the factors such as increasing awareness of mobile technology applications, surging focus on patient-centric healthcare deliver, technological innovations, concerns over the rising cost of healthcare delivery, growing integration of wireless technologies, convenience of medical devices, falling prices and growing affordability of mobile devices and others.
The factors constraining the market are low mobile and network coverage in developing and poorer regions of the world, lower accuracy, poor penetration of smart devices, nascent technology in underdeveloped economies, limited reimbursement, lack of technological awareness among the ageing population, concerns over information security and privacy and others.
A careful analysis of the factors reveals the following;
Poor network coverage and quality represent the most critical factor restraining the market
Technological development in the mobile device and information management systems represent the critical opportunity factor for the market
Growing mobile device affordability and awareness are the critical driving factors behind the market growth. According to Pew research, 78% of adults under 30 own a laptop or desktop computer, compared with 88% in 2010. Smartphone ownership, is very high at 86% of in 2015 in the age group of 18- to 29-year-olds.
The global mHealth market is projected to reach USD 21.71 billion by 2022, growing at a CAGR of 35.65% during the forecast period.
mHealth Market is segmented by devices, services, technology and applications. The device segment is sub segmented into blood glucose meters, BP monitors, pulse oximetry, neurological monitoring, wearable fitness sensor device, heart rate meters and others. The services segment is sub segmented into diagnosis, monitoring, prevention, treatment, and others. The application segment is sub segmented into cardiovascular, respiratory, neurological, genetic diseases and others.
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While mHealth grew out of industrialized nations, the field has shifted in favour of the developing countries, stemming from the rapid rise of mobile phone penetration in low-income nations. For example, in a study conducted by Pew research in contrast to a median of 45% across emerging and developing countries reported using the internet occasionally in 2013, the number in 2015, rose to a whopping 54%. The largest growth has been reported from large emerging economies such as Malaysia, Brazil and China. The comparative figures in 2015 was 87% for advanced economies such as U.S. and Canada, major Western European nations, Australia, Japan etc.
Social issues
Gender gaps and digital divide are raging issues that have been not analysed to the degree they demand. Men are more likely than women to use the internet and these differences are especially stark in African nations.
Large gender gaps also appear on smartphone ownership with men being more likely to own a smartphone in many countries, in developing regions. The applications of mHealth also reflect the social reality. mHealth is restricted to dissemination of information, whereas the developed world is moving towards connected healthcare and big data applications.
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