Mobile Health Market Statistics 2020: Market Grow Valuation of $230 Billion by 2027
Pune, Maharashtra, India, November 10 2020 (Wiredrelease) Allied Analytics –:According to the report by Allied Market Research, the global mHealth market is estimated to register a CAGR of 22.3% from 2020 to 2027. The research helps leading players and startups to devise new strategies based on current market trends and changing dynamics. Competitive landscape is mentioned in the report based on business segments, products portfolio, and strategic moves & developments of leading market players. Detailed segmentation assists in determining growing segments and determining further steps to capitalize on lucrative segments. Regional landscape is helpful in determining opportunities and driving factors of each region and taking further steps.
Mobile health provides health service and information through mobile communication devices to address the health priorities and concerns. The advanced mobile and wireless technologies have transformed the face of healthcare services across the globe and are rendering the growth of mHealth market.
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Moreover, the continued growth in coverage of mobile cellular networks, rapid advances in mobile technologies & applications, increasing lifestyle diseases and growing awareness among patient population in emerging economies, are some of the key factors fostering the growth of mHealth market. On contrary, the lower accuracy of the devices, technology’s infancy in middle and lower income economies, weak reimbursement coverage, uncertainty in government regulations in certain regions, and low adoption among ageing population is hampering the market growth to a certain extent.
The major chunk of mHealth devices market – i.e. ~71% – is collectively commanded by BP monitors, blood glucose monitors and cardiac monitors. The largest share of these monitors can be attributed to increased affordability of mobile compatible devices, integration of innovative technologies in monitoring devices and the increasing lifestyle disease such as diabetes, stroke, COPD, ischemic heart to name a few. Within mHealth services, diagnostic, monitoring and treatment services collectively hold about 74% of the market. The rapid growth of mHealth services market is attributed to rising government initiatives, increasing mHealth awareness programs in underdeveloped regions etc.
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Geographically, North America and Europe constitute the two largest markets for mHealth and collectively accounted for 67% of the market revenue in 2014. They are expected to continue its hold on the global market throughout the forecast period. Early adoption of innovative technology, large patient population and high capacity to pay for services are some of the key factors responsible for the growth of mHealth market in these regions. However, the market outlook across developing economies is looking favorable and strong owing to the increasing awareness of chronic diseases, favorable government regulations and increased healthcare expenditure. Philips healthcare, Bayer Healthcare and Sanofi are some of the key companies enjoying a strong foothold in mHealth market, especially in Asian countries.
The Major Key players profiled Are:
Bayer Healthcare., Boston Scientific Corporation, Dexcom, Inc., Johnson & Johnson, Koninklijke Philips N.V., Masimo Corporation, Medtronic plc, Omron Corporation, Samsung Group, and Sanofi.
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Key Findings Of The Study:
• By type, the mHealth services segment occupied approximatelytwo-thirds share of the global mHealth market in 2019.
• By application, the cardiovascular diseasessegment occupied approximately half of the global mHealth market share in 2019.
• By application, the neurological diseasessegment is anticipated to grow with the highest CAGR throughout the forecast period.
• By stakeholders, the healthcare providers segment is anticipated to grow with the highest CAGR throughout the mHealth marketforecast period.
• By region, Asia-Pacific is anticipated to grow at the highest rate during the analysis period, followed by Middle East.
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