Pune, June 02, 2020 (GLOBE NEWSWIRE) -- The global mHealth market size is projected to witness significant growth on account of the rising demand for home-based remote patient monitoring services especially amongst the elderly population. With mHealth coming into the picture, it is easier to avail telehealth services via the digital media and maintain the healthcare supply chain management with ease. As per a recent report by Fortune Business Insights titled, “mHealth Market Size, Share & Industry Analysis, By Category (By Apps {Disease & Treatment Management, Wellness Management}, By Wearable {Body & Temperature Monitors, Glucose Monitors}) By Services Type (Monitoring Services, Diagnostic Services, Treatment Services) By Service Provider (mHealth App Companies, Hospitals, Health Insurance) and Regional Forecast, 2019-2026,” the value of the market was USD 34.28 billion in 2018 and is likely to reach USD 293.29 billion by the end of 2026 by exhibiting a CAGR of 29.1% during the forecast period, 2019 to 2026.
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What are the Report Highlights?
The report is based on quality and quantity assessment of the market and its prospects based on current industry trends, major developments, and other interesting insights. It also discusses the competitive landscape of the market, key drivers, restraints, challenges, and upcoming opportunities. The report also describes the table of segmentation and the names of the leading segment with market figures. The report is provided on the company website.
Drivers & Restraints-
Increasing Penetration of Smartphones to Add Impetus to Market
The rise in the geriatric population, increasing prevalence of many chronic, and acute diseases, and the advent of digital health monitoring are the key factors propelling the mHealth market growth. This, coupled with the growing penetration of smartphones, wireless technology, and health applications that helps to record personal health and data are also aiding to the expansion of the market. In addition to that, the and lack of proper healthcare infrastructure in various rural and underdeveloped areas that deprive them of availing medical aid is promoting the demand for mHealth services.
On the contrary, the authenticity and reliability of medical health applications may pose a major challenge to the market, coupled with the lack of data securing and patent protection. Nevertheless, the rising adoption of artificial intelligence and 5G for uninterrupted network connectivity are likely to help the market flourish in the coming years.
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Segment-
Wearable Device Segment to Hold Dominance
Based on segmentation by category, the wearable device segment held the largest mHealth market share. This is attributable to the increasing prevalence of chronic diseases such as diabetes, respiratory diseases, heart diseases, and others, coupled with the increasing adoption of wearable devices that keeps track of both medical and fitness goals.
Regional Analysis-
Europe Emerged Dominant on Account of Increasing Number of Digital Health Startups
Geographically, Europe dominated the market in 2018 on account of the rising number of digital health startups in the region. In addition to this, the increasing prevalence of heart diseases, diabetes, and other chronic disorders are also boosting the demand for mHealth services in the region. Furthermore, the advent of remote patient monitoring has helped patients staying in rural areas and are deprived of medical facilities, thereby augmenting regional market growth.
On the other side, the North American market generated a revenue of USD 10.20 billion in 2018 and is likely to gain significant revenue in the coming years. This is on account of the increasing penetration of smartphones in developed nations such as Canada and the U.S., coupled with the increasing number of deaths caused by cardiovascular diseases, followed by hypertension.
Competitive Landscape-
Companies Emphasizing on Innovative Services for Gaining Competitive Edge
The global mHealth market is highly fragmented in nature on account of the presence of many players. However, companies such as DEXCOM, Apple Inc., and Fitbit are holding majority shares. Manufacturers are engaged in the launch of multiple startups with innovative services that will not only elevate user experience and motivate them to continue opting for healthy living and eating, but also help them gain momentum in the market competition. For instance, the launch of four new smart wearables namely Fitbit Ace 2, Fitbit Inspire, Fitbit Inspire HR, and Fitbit Versa Lite Edition are likely to help Fitbit gain significant revenues and emerge as one of the leading players in the market.
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Key Industry Developments of the Market include:
July 2017 – LifeWatch AG was acquired by BioTelemetry Inc. and they collectively emerged as one of the dominant players in remote patient monitoring and digital health to expand their product portfolio in various geographies.
October 2019 – A platform for mobile health mSafety was launched by Sony to design and develop patient monitoring solutions, thereby gaining a significant position in the market.
List of Key Companies Operating in the mHealth Market. They are as follows:
- Apple Inc.
- Fitbit, Inc.
- Jawbone Health Hub, Inc.
- Dexcom
- BioTelemetry, Inc.
- Omada Health, Inc.
- AT&T
- Omron Healthcare, Inc.
- Livongo Health
- Boston Scientific Corporation
- Other players
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Statistics on smartphone penetration rate for key countries
- Healthcare expenditure for key countries
- Average costs of chronic illnesses by type of medical facility in the U.S.
- New product launch
- Technological Advancements
- Funding and Start-ups: Overview
- Global mHealth Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Category
- Apps
- Disease & Treatment Management
- Healthcare Providers/Insurance
- Medication Reminders
- Women Health and Pregnancy
- Disease Specific
- Wellness Management
- Fitness
- Lifestyle and stress
- Diet and Nutrition
- Others
- Disease & Treatment Management
- Wearable
- Body & Temperature Monitors
- Sleep Trackers
- Fitness Trackers
- Glucose Monitors
- BP Monitors
- Cardiac Monitors
- Others
- Apps
- Market Analysis, Insights and Forecast – By Services Type
- Monitoring Services
- Fitness & Wellness Solutions
- Diagnostic Services
- Treatment Services
- Others
- Market Analysis, Insights and Forecast – By Service Provider
- mHealth App Companies
- Pharmaceutical Companies
- Hospitals
- Health Insurance
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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