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mHealth Market Is Generating Revenue of $10.5 billion by 2020, at CAGR 33.5% Growth Rate
- 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.
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.
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.
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.
Source: https://www.openpr.com/news/1925119/mhealth-market-is-generating-revenue-of-10-5-billion-by-2020