mHealth Market to Grow at an Impressive CAGR of 33.5% During 2015 - 2020 Global mHealth Market was valued at $10.5 billion in 2014 and is expected to grow at a CAGR of 33.5% during 2015-2020. The mHealth market is in its nascent stage and is expected to yield significant revenues with increasing awareness and favorable regulatory impositions specific to the quality and feasibility of mobile-based medical devices. Penetration of mobile phones in healthcare segment has had a significant impact on the overall healthcare industry. Currently mobile penetration is more than 100% in developed markets and is expected to increase in developing markets such as Asia-Pacific, Latin America and Africa. Additionally, increasing exposure to smartphones along with 3G and 4G networks will further increase the use of mobile platforms in most of the sectors, especially in the healthcare systems. Some of the other factors responsible for substantial market growth include low cost and convenience of medical devices, technological innovations, integration of wireless technologies, and affordability of smartphones, government initiatives and increasing lifestyle diseases. Factors such as lower adoption due to lower accuracy, nascent technology in underdeveloped economies, limited reimbursement coverage, lack of technological awareness among the ageing population and uncertainty in government regulations are restricting market growth to a certain extent.
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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. Key finding of mhealth Market: Blood glucose meters are projected to be the fastest growing segment in mHealth devices market registering a CAGR of 41% during the forecast period United States continueto be the leading market in the North America mHealth market throughout the forecast period Asia-Pacific is projected to be the fastest growing mHealth market registering a CAGR of 35.9% during 2015-2020 United Kingdome, France and Germany collectively accounts to 45% share in the Europe mHealth device market in 2014 Cardiovascular and diabetes mHelath application market remains the lucrative market segment for manufacturers Top key players in the market : Philips healthcare
Omron HealthCare Inc.
Bayer Healthcare
LifeWatch
Cardionet Inc.
Masimo Corporation
Sanofi
Boston Scientific
AT&T Inc.
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Johnson & Johnson.
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