The global mHelath market stood at US$23.9 bn in 2017. This revenue is expected to gain an impressive value of US$118.4bn by the end of 2025. Experts project this growth to occur with a meteoric CAGR of 22.1% during the forecast period from 2017 to 2025.
Mobile health or mHealth relates to medicine and facilities of public health through the use and strengthening of mobile devices. One of the top three areas to accelerate the development of mobile devices has been named the health and medical industry. Mobile health has the capacity to enhance the general healthcare system by enhancing healthcare services ‘ effectiveness, communication, expenses and quality.
Taking advantage of emerging possibilities and acquiring the newest technologies and instruments has achieved maximum popularity from the multiple strategic partnerships taken by players in the worldwide mHelath industry to maintain a significant stake. With increasing use of techniques and intelligent devices such as wearables, the level of rivalry among major suppliers is escalating. The global mHelath market is expected to grow steadily due to the presence of highly established players who are concentrating on improving their product quality, facilitating product differentiation, and enhancing geographical reach. These companies are also attempting to introduce advanced and new products into the industry on a daily basis.
Global Mhealth market share
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Among various products in the global mHelath market, connected medical devices hold substantial share, which is expected to boost the global mHelath market during the forecast period. This is because of rising focus towards fitness and increasing use of heart rate monitors among people. Region wise, North America is expected to lead the global mHelath market in the coming years. This is attributed to a strong technological infrastructure along with high healthcare expenditure in the region.
Growing demand for healthcare information systems and launch of new mobile applications related to mHealth technologies are the factors driving the growth of global market. According to the Centers for Disease Control and Prevention (CDC), mHealth is the practice of using mobile technologies to support public health and medicine. Hence, ease of access and mobility provided by the application of mHealth offers immense opportunities for the healthcare industry, thereby resulting into more accessible, faster, better, and cheaper healthcare solutions.
Some of the leading key players include AT&T, Allscripts Healthcare Solutions, mQure, Apple Inc., Samsung Electronics Corporation, Omron HealthCare Inc., Philips healthcare, Bayer Healthcare, Cardionet Inc., LifeWatch AG, Masimo Corporation, Boston Scientific, Sanofi, Qualcomm Inc. and others. These companies have implemented strategic decisions such as mergers, acquisitions and partnerships to expand their product portfolio and geographic reach. Such strategic move will also help in supporting patient’s growing demands for convenient and accessible mode of treatment.
Read more from the following mhealth market report:
global mHelath market stood at US$23.9 bn in 2017. This revenue is expected to gain an impressive value of US$118.4bn by the end of 2025.
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