One of the fastest growing markets, Mobile Health (mHealth) is expected to grow explosively during the forecast period. The key driving factor responsible for this astounding growth is the worldwide increasing adoption of digital devices.
MRFR’s report projects a global market evaluation of 21.71 billion by 2023 and 36.5% CAGR during the forecast period. Key growth factors driving the market include the development of the healthcare sector by leaps and bounds in the past few years as well as the rapidly increasing availability of personal health devices that can be worn easily and connected to a smartphone or tablet.
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Personal digital devices such as smartphones and tablets are used on a wide scale globally and there are a variety of applications that can help patients manage their health with relative ease, thus facilitating rapid growth of the mHealth market. The integration of wireless technologies with portable devices, cost effectiveness and ease of use are other factors that have been identified as growth facilitators for this market.
Developing government regulations and a lack of technological awareness in the geriatric population are expected to restrain growth. However, despite market restraints the scope is expected to overshadow constraints and a significant growth in the global market is expected during the forecast period of 2017 to 2023.
The largest players in the mHealth market are Apple, AT&T, AirStrip, Boston Scientific, CardioNet, Athena health, Sanofi, Fitbit, Telcare, Zephyr Technology and others
However Africa remains a dark continent for the mhealth market due to its poor socio economic conditions. The countries with the least smartphone ownership rates are Tanzania (11%), Uganda (4%) and Ethiopia (4%).
mHealth Market is segmented by devices, services, technology and applications. The device segment is sub segmented into blood glucose meters, BP monitors, pulse oximetry, neurological monitoring, wearable fitness sensor device, heart rate meters and others. The services segment is sub segmented into diagnosis, monitoring, prevention, treatment, and others. The application segment is sub segmented into cardiovascular, respiratory, neurological, genetic diseases and others.
MRFR’s report further analyzes the market based on region including the Americas, Europe, Asia Pacific (APAC) and the Rest of the World (ROW).
The Americas lead the market as the region includes developed countries such as Canada and the U.S. These countries have a well-developed healthcare sector and a strong adoption of the latest digital technology which has helped facilitate growth in the region. There is also a strong presence of key market players in this region.
Asia Pacific is projected to be the fastest growing regional market segment during the forecast period. In rapidly developing countries such as China and India there is a growing awareness of diseases and other health related issues which, is a major market driver. The region is also seeing a high penetration of the mobile platform as well as digital devices and countries such as Japan are embracing modern digital technology with ease.
Europe, due to similar growth patterns as North America is also expected to grow significantly during the forecast period.
Over all, the global market is expected grow across all regions with the exception of underdeveloped nation in Africa where there is a low penetration of mobile platforms and digital devices.
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