“Blood pressure monitors hold the largest share in the global mHealth device market followed by blood glucose monitors and cardiac monitors. Geographically, North America will continue to retain its leading position in the overall mHealth market throughout the analysis period.”
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.
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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.
The growth of mHealth device market is mainly attributed to the high revenue generated from blood glucose meters, cardiac monitors and BP monitors, which collectively accounted for 5/7th of the global mHealth devices revenue in 2015. This is attributed to the growing number of cardiac and BP disorders. BP monitors is the highest revenue generating segment in global mHealth devices market, whereas, blood glucose monitor is the fastest growing segment. Cardiac monitors market is the third largest segment growing with a CAGR of 37.5% during the forecast period.
Global mHealth services market consists of diagnostic services, monitoring services, treatment, prevention and wellness & healthcare system strengthening solutions. The global mHealth service market is projected to grow at a CAGR of 32.2% during the analysis period. The growth of mHealth services market is attributed to rising revenues generated from monitoring services market. The rising adoption of monitoring services for chronic disease management, post-acute care management as well as aging population are supporting the monitoring services market growth. Going forward, diagnosis services and wellness & healthcare system strengthening solution collectively accounted for about 48% of global mHealth services market. The growth of these segments is attributed to the increased awareness about fitness & general wellness, growing government initiatives and rise in physician’s acceptance. Geographically, North America is expected to be the largest revenue-generating region for monitoring services market followed by Europe and Asia Pacific. Monitoring services are largely adopted in developed regions such as North America and Europe; however, Asia Pacific will generate significant level of revenue by 2020. This is mainly due to the increase in awareness of diseases and higher penetration of mobile platform in Asia Pacific region.
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mHealth stakeholders market consist of mobile operator, healthcare providers, application/content players and device vendors. Mobile operators are the most crucial players in the overall mHealth stakeholders market. North America is expected to be the largest revenue-generating region, mainly due to well-penetrated healthcare system.
Global mHealth market further segmented into applications, which consists of cardiovascular disease, diabetes, respiratory diseases, neurological diseases and others. Cardiovascular segment was the largest revenue-generating segment, whereas, Diabetes, is the fastest growing segments registering a CAGR of 35.4% during the forecast period.
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
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. Key players profiled in this report include – Philips healthcare, Omron HealthCare Inc., Bayer Healthcare, LifeWatch, Cardionet Inc., Masimo Corporation, Sanofi, Boston Scientific, AT&T Inc., and Johnson & Johnson.
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