Global mHealth Market is expected to grow at a CAGR of 29.2% during the forecast period 2020-2027
A new research report published by Fior Markets with the title mHealth Market by Service (Diagnosis Services, Monitoring Services, Healthcare Systems Strengthening Services, Others), Component (mHealth Apps, Wearables), Participants (Mobile Operators, Healthcare Providers, Device Vendors, Content Players), Regions, And Global Forecast 2020-2027.
The global mHealth market is expected to grow from USD 40.7 billion in 2019 to USD 316.8 billion by 2027, at a CAGR of 29.2% during the forecast period 2020-2027. The Asia-Pacific region stands as a promising market for mHealth and is expected to grow at the highest CAGR during the forecast period. Some of the critical reasons for this growth are the increasing elderly population, rising healthcare expenditure, internet & smartphone penetration and growing prevalence of chronic illnesses. The markets in China and India are proliferating, commanding significant shares in the regional market. In 2018, Europe accounted for the highest revenue and is also forecasted to show a high CAGR during the forecast period thanks to emerging digital health startups.
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Key players in the global mHealth market are Google Inc., Apple Inc., AT&T Inc., SoftServe, AirStrip Technologies, Johnson & Johnson, and Samsung Group, among others. Key companies are mainly focusing on developing new products, forming partnerships, and joint ventures to gain significant market share in the global mHealth market.
The service segment includes diagnosis services, monitoring services, healthcare systems strengthening services, and others. The diagnosis services segment is forecasted to grow at the highest CAGR relative to other segments. This is thanks to the advancement in technology, and flexibility in diagnosis range, allowing doctors to network with patients in remote locations or patients with highly contagious diseases in isolation/quarantine. By components, the market is divided into mHealth apps like diagnostic apps & fitness apps, and wearables such as blood pressure monitors & glucose meters. There is a growing demand for mHealth apps due to factors such as smartphone & internet penetration in developing countries, growing awareness about nutrition & diet, free health & nutrition-related apps, and rising use of fitness tracking apps among others. Wearables is projected to show a significant rate of growth during the forecast period. Wireless connectivity with other devices, including smartphones and a long-lasting battery life, are some of the crucial desirable features in wearables. Based on participants, the market has been segmented into mobile operators, healthcare providers, device vendors, and content players. The healthcare providers segment is forecasted to grow at the highest CAGR. However, the mobile operators segment held the largest share and is expected to continue to do so because of reasons such as increasing network infrastructure investments.
About the report:
The global mHealth market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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- CDN Newswire