NEW YORK, Oct. 31, 2018 (GLOBE NEWSWIRE) -- Global mHealth market is expected to grow significantly from USD 20.5 billion in 2017 to USD 135.3 billion in 2024, at a CAGR of 31.0% from 2018 to 2024. Factors driving the growth of the market are; increasing incidence of lifestyle-related diseases, growing penetration of smartphones and tablets, and rising government initiatives. Moreover, advancements in mobile technologies and applications, and increasing investment in healthcare technology, growing demand for remote patient monitoring, and growing adoption of mHealth products in various healthcare centers are further propelling the market growth. However, security and privacy issues, and lack of awareness among people may restrain the market growth to some extent.
Key findings of the report:
- The global mHealth market is expected to reach USD 135.3 billion in 2024, at a CAGR of 31.0% during 2018 -2024
- Based on device, blood pressure monitors segment held the major share of the market in 2017, due to increasing incidence of hypertension across the globe and growing demand of portable devices for monitoring BP.
- On the basis of service,
- The monitoring services segment held the major of the market in 2017
- The diagnostic services segment is expected to register the highest CAGR during the 2018-2024
- North America held the largest share of the global mHealth market in 2017. Asia-Pacific region is expected to register highest CAGR over the forecast period.
- Some of the key companies operating in the market include GlaxoSmithKline plc., Johnson & Johnson, Apple Inc., Novartis AG, Proteus Digital Health, Inc., AstraZeneca, Firstbeat Technologies Ltd., Dexcom, Inc., WellDoc, Inc, Pear Therapeutics, Inc., Virta Health Corp, Digital Therapeutics Alliance, Livongo Health, Philips Healthcare, Tactio Health Group, and Omron Healthcare, Inc. among others
Huge potential for mHealth market in developing economies
mHealth plays an important role in healthcare sector by enhancing the communication between patients, and the provider. Advancements in mobile technology such as smartphones and tablets have had a positive impact on healthcare systems. Moreover, rapid advancements in mobile technologies and applications, and growing development in coverage of mobile cellular networks has also fueled the market growth. mHealth has a huge potential in developing countries as it can be effectively used to provide health care services in remote locations, and is a cost-effective way to save lives and improve healthcare outcomes. Furthermore, rising government initiatives, and growing awareness about mHealth as a complementary strategy for improving healthcare systems in low and middle-income countries is expected to propel the demand over the forecast period. In addition, many IT companies are also collaborating with healthcare companies to promote mobile health services across the globe.
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Global mHealth Market– Regional insight
Geographically, the global mHealth market is segmented into North America, Europe, Asia-Pacific, Central & South America, and Middle East and Africa. North America held the major share of the global market owing to technological advancements in Healthcare IT sector, and high penetration of smartphones and tablets in the region. The growth of mHealth market in Europe is primarily attributed to the growing adoption of mHealth apps, robust growth of digitalization, and rising health expenditure. Moreover, favorable government policies and growing investments in digital health is also expected to drive the market growth in the region. Asia-Pacific is expected to witness the highest CAGR during 2018-2024, due to increasing incidence of lifestyle-related diseases such as diabetes and hypertension, and growing development in mobile cellular networks in the region.
This report segments global mHealth market based on device, service, mHealth apps, application, stake holder, and geography.
By Device
- Blood Pressure Monitors
- Neurological Monitoring
- Blood Glucose Meter
- Pulse Oximetry
- Wearable Fitness Sensor Device
- Cardiac Monitors
- Apnea and Sleep Monitors
- Others
By Service
- Diagnostic Services
- Monitoring Services
- Remote monitoring
- Fitness and wellness services
- Treatment services
- Prevention
- Others
By mHealth Apps
- Medical Apps
- Personal Health Record (PHR) Apps
- Chronic Care Management Apps
- Medication Management
- Women's Health Apps
- Fitness Apps
- Others
By Application
- Medication Adherence
- Central Nervous System Disease
- Musculoskeletal Diseases
- Cardiovascular Diseases
- Smoking Cessation
- Respiratory Diseases
- Fitness & Wellness
- Diabetes
- Others
By Stake Holder
- Application Players
- Mobile Operators
- Healthcare Providers
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Central & South America
- Middle East and Africa
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