mHealth Market Overview
MRFR (Market Research Future) projects the mHealth market size to grow at a striking pace of 36.5% from 2016 to 2022 (analysis period). The market size is also deemed to touch USD 21.71Billion by 2022, adds MRFR. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the mHealth market post the coronavirus disease outbreak.
mHealth Market Impacting Factors and Restraints
Escalating focus on precision medicine and personalized care could stimulate the mHealth market growth for next few years. A number of pharmaceutical and healthcare organizations are increasingly adopting apps as well as wearable devices to gather patient-related information and use to achieve a holistic solution. Surge in online patients, growing popularity of social media that provide healthcare solutions and the high influence of innovative and modern technologies could also result in significant business expansion. Mounting disposable income, especially in emerging countries combined with the coupled with the soaring number of firms coming up with technically developed wearables can also foster market growth in the ensuing years.
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Heightened use of tablets and smartphones, in view of increasing technological advances and improving connectivity, is expected to be a key growth booster. Remote monitoring segment in the global mHealth market is creating a lot of buzz as the burden of chronic disorders has been augmenting at an alarming pace, while also giving a boost to the need to address the same. Remote monitoring allows healthcare professionals as well as caregivers to provide real-time analysis about the disease profile to the patient, also enabling them to offer the required therapy course. In a nutshell, it is expected that the remote monitoring segment can emerge as a growth rendering trend in the mHealth market over the next few years.
Many of the industry participants are fixated on coming up with superior quality products that can provide holistic solutions to the patients. Acquisition, merger, business expansion and collaboration are a few other strategies being leveraged by the players to solidify their operational capabilities. Introduction of new apps or advancements in the existing apps are also some of the steps taken by the renowned brands to bolster their presence in the industry. For instance, in November 2020, Google updated its Fit mobile apps, introducing a centralized home screen that has sleep tracking information and health-related data. These updates will be available on both iOS and Android versions of Google Fit. Additionally, Google will be adding new app features in its Wear OS smart watch related to weather, breathing exercises as well as workouts.
mHealth Market Segmentation
mHealth industry can be segmented in terms of therapeutics and application.
Therapeutics-wise, the key categories can be diabetes, respiratory, mental and neurological disorders, fitness & lifestyle therapeutics, and others.
Monitoring, wellness & prevention, diagnosis & treatment, education and awareness, remote data collection, healthcare management, and others are some of the top market applications. The monitoring category can possibly seize a 61.8% mHealth market share in the industry during the forecast timeline.
mHealth Market Regional Study
APAC/Asia Pacific and America along with Europe and MEA/Middle East & Africa have been considered in the regional study of the mHealth market in the MRFR report.
Americas will charge ahead relentlessly and remain unbeatable throughout the conjectured period, by virtue of the striking growth in healthcare digitization. Expanding pool of wearable users paired with the surging number of health-conscious people also helps bolster the market position. Various new digital healthcare players in the US are adopting the B2C approach, leading to faster penetration in the country’s healthcare sector. Moreover, the soaring deployment of EHR or electronic health records and e-prescription systems in a rising number of medical centers also boosts the mHealth market in the region.
Emerging as the second highest gainer, APAC is expanding with a lot of promise on account of the amplifying demand for mhealth applications among medical professionals for the latest updates. Increased deployment of modern technologies in the healthcare industry, developments in network infrastructure and the significant rise in in 3G and 4G technologies also bolster business growth in the region.
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Expanding pool of mobile subscribers, burgeoning elderly populace in Japan and China and the intensifying burden of various chronic diseases also lead to higher uptake of mHealth solutions in the region. China is an attractive mHealth market, thanks to the presence of a well-developed telecommunication infrastructure going hand in hand with the fact that the country is a major producer of smartphones and other consumer electronics.
mHealth Market Renowned Contenders
Some of the most renowned contenders in the global mHealth market include Johnson & Johnson, Laboratory Corporation of America Holdings, Alivecor INC, Jawbone INC, GE Healthcare, Google INC, Athenahealth INC, Apple INC, Agamatrix INC, Philips Healthcare, AT&T, INC, Biotelemetry INC. (CARDIONET), to name a few.
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