The report observed that global mHealth market was valued at $46 billion in 2019, and is expected to reach $230 billion by 2027, registering a CAGR of 22.3% from 2020 to 2027. This can be majorly credited to increasing per capita healthcare expenditure both in developing and developed economies.
“Per capita expenditure on healthcare in developed economies is increasing at a faster rate than inflation and income levels, chiefly due to ageing population and chronic diseases which are lifestyle driven,” note Allied Market Research analysts. “However, there has not been corresponding improvement in the quality of healthcare services delivered, especially in developing regions. Additionally, developing economies are even struggling to provide healthcare access at every level to their people,” explain the analysts.
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Wide use of Smartphones globally has triggered monitoring and diagnostic services to provide continuous healthcare services. Mhealth market is expected to grow exponentially during the analyzed period due to technological advancements that make the integration of wireless technology with the portable healthcare devices feasible. Other factors that are positively impacting the growth of this market are increasing incidences of lifestyle diseases, cost and convenience factors, government initiatives, affordability of smart phones. There are many unexplored markets in developing nations that further provide an immense amount of possibilities for the growth. Also, need to control communicable and non-communicable diseases would propel the growth of Mhealth market, since Mhealth devices operate irrespective of skilled professionals and locations. You only need access to a Smartphone.
However, less effective reimbursement policies, lack of accuracy & technology infancy, with resultant lower adoption and uncertainty in the government regulations are expected to work as a major deterrent for the growth of market.
In 2019, North America accounted for the major share of mHealth market size and is expected to continue this trend owing to rise in prevalence of diabetes, blood pressure, cardiovascular diseases, and others. Moreover, other factors such as easy availability of mHealth devices and services, and surge in adoption of these devices boost the market growth in this region. Asia-Pacific is expected to exhibit fastest growth rate owing to surge in awareness related to use of mHealth devices. The other factors that boost the growth of the market include huge patient base of diabetes and rise in healthcare expenditure in the region. The developing economies offer lucrative opportunities for mHealth providers to expand their business.
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The report provides detailed view about the important market manufacturers. They are:
Philips healthcare,
Omron HealthCare, Inc.
Bayer Healthcare
Life Watch Cardionet, Inc.
Masimo Corporation
Sanofi,
Boston Scientific,
AT&T Inc.,
Johnson & Johnson.
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