Market Overview
The mHealth market Trends makes use of a variety of devices like glucose and BP monitors, along with monitors for sleep and cardiac health amongst others. Owing to its consistent use, the mHealth market share is expected to grow at 36.5% CAGR
mHealth technologies have emerged as the most effective options since the COVID-19 outbreak, to monitor individuals affected by the SARS-CoV-2 infection. mHealth is being extensively used for predicting the symptom growth in the patients for faster intervention. Telehealth and mobile health technologies or mHealth have garnered the attention in the healthcare industry, especially following the worldwide lockdown and the constant efforts to curb the spread of the pandemic. mHealth technology, post the advent of the novel coronavirus, is being deployed by clinicians to intervene quickly to attain accurate clinical outcomes. The mhealth apps market size has also been gaining traction across the globe on account of the increasing use of smartphone applications to obtain self-reports as well as wearable sensors to enable collection of physiological data.
Segmental Analysis
The segmental evaluation of the mHealth market is carried out on the basis of therapeutics, applications, and region. On the basis of therapeutics, the mHealth market has been segmented into respiratory, mental and neurological disorders, diabetes, fitness & lifestyle therapeutics and others. Based on the application the mHealth market is segmented into diagnosis & treatment, monitoring applications, healthcare management, education and awareness, wellness & prevention and remote data collection. On the basis of regions, the mHealth market is segmented into Asia Pacific, Europe, the Americas and the rest of the world.
However, the mobile health market size can receive a significant boost from the rising trend of preventive healthcare and the surge in funding on mHealth start-ups. With the mounting number of digital start-ups, mobile healthcare applications are gaining momentum in the healthcare sector. Armed with effective business model and strategic collaborations and alliances, many firms in the global market strive to develop robust revenue channels. To cite an instance, in September 2020, Samsung and Centene joined forces to equip health centers with telehealth tools to enable them to access remote areas. Some of these telehealth tools are smartphones and tablets, coupled with 90 days of free advanced wireless service.
Rise of mhealth solution in recent years has been quite significant, given the escalating need for real-time patient and doctor communication along with the rising demand for apps in remote areas that do not have access to medical specialists. The rising uptake of wireless technologies in portable healthcare devices, cost effectiveness, high convenience and the sharp surge in lifestyle diseases are a few other growth boosters in the global market. The healthcare industry displays a strong growth potential for the IT sector, backed by the favorable government initiatives around the world. Lack of digitization and the presence of substandard healthcare facilities across poor economies could undermine the market growth in the following years.
Competitive Analysis
The eminent competitors shaping the mhealth market around the world are Alivecor, INC, Apple, INC, Athenahealth INC, AT&T, INC, Biotelemetry INC. (CARDIONET), Agamatrix, INC, GE Healthcare, Jawbone INC, Johnson & Johnson, Google INC, Laboratory Corporation of America Holdings, Philips Healthcare and others.
Detailed Regional Analysis
APAC/Asia Pacific and Europe along with the Americas and MEA/Middle East & Africa are the main markets for mHealth.
Americas seems to be unbeatable, in terms of growth, having gained significantly in the past few years owing to the considerable digital advancements in healthcare. The escalating use of wearables among consumers and the growth of the health-conscious populace have also propelled the market position in the region. Most of the digital healthcare start-ups in the United Sates adopt the B2C business approach, which facilitates quicker penetration in the primary healthcare system. Besides, the mounting use of electronic health records/HER as well as e-prescription systems across healthcare centers also works in the mHealth market’s favor.
APAC is the second biggest gainer in the global market, as a result of the soaring demand for mobile health applications among healthcare professionals to remain updated about the latest trends and the rising use of advanced technologies across the mhealth companies healthcare sector. Advancements in network infrastructure, rapid surge in 3G and 4G technologies, and the expanding population of mobile subscribers also help with the market expansion in APAC. Fast burgeoning geriatric populace in Japan and China combined with the intensifying cases of chronic illnesses also boost the uptake of mHealth technologies within the region.
Industry Updates
Apr 2019 Oscar Health, a prominent digital health-based health plan has recently announced a partnership with Cardiogram to offer members accelerated and reimbursable access to follow-up care when their mHealth wearable senses an undiagnosed health concern. The novel service permits Oscar’s members to download the Cardiogram mHealth app on their wearable devices such as Garmin, the Apple Watch, or Google WearOS for Android devices.
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