The demand form Health is on a rise, owing to surge in incidence of chronic diseases such as diabetes and cancer.
The demand form Health is on a rise, owing to surge in incidence of chronic diseases such as diabetes and cancer. Furthermore, rise in awareness related to use of mHealth across the globe is another factor that fuels the growth of the market.
Allied Market Research published a report, titled, “mHealth Market by Type (mHealth Devices and mHealth Services), Stakeholders (Mobile Operators, Device Vendors, Healthcare Providers, and Content Players), and Application (Cardiovascular Diseases, Diabetes, Respiratory diseases, Neurological Disorders, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027.” According to the report, the global Mobile Health market generated $46.04 billion in 2019, and is estimated to garner $230.41 billion by 2027, growing at a CAGR of 22.3% from 2020 to 2027.
Drivers, restrains, and opportunities
Increase in prevalence of lifestyle disorders, integration of portable healthcare devices and wireless technologies, and favorable government initiatives drive the growth of the global mHealth market. However, unavailability of standard reimbursement policies along with lack of technological awareness regarding geriatric population hinder the market growth. On the other hand, potential for growth in untapped geographies create new opportunities in the coming years.
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COVID-19 scenario-
- Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.
- However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.
- Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.
The mHealth services segment to maintain its highest contribution by 2026
Based on type, the mHealth services segment accounted for the highest market share in 2019, contributing to more than three-fifths of the global mHealth market, and is estimated to maintain its highest contribution throughout the forecast period. This is due to technological advancements in the healthcare sector and prevalence of chronic diseases. However, the mHealth devices segment is expected to witness the largest CAGR of 23.8% from 2020 to 2027. This is attributed to increase in awareness regarding early detection and monitoring of chronic diseases including hypertension and diabetes.
The cardiovascular diseases segment to continue its lead status during the forecast period
Based on application, the cardiovascular diseases segment accounted for more than half of the global mHealth market in 2019, and is expected to continue its lead status throughout the forecast period. This is due to surge in prevalence of cardiovascular diseases worldwide and increase in adoption of mHealth services to manage such medical conditions. However, the neurological diseases segment would register the fastest CAGR of 23.9% from 2020 to 2027, owing to increased focus of key players on the launch of novel and advanced mHealth devices to manage neurological conditions.
North America to maintain its dominant position throughout the forecast period
Based on region, North America held nearly two-fifths of the global mHealth market in 2019, and is estimated to maintain its dominant position throughout the forecast period. This is due to rise in awareness about the need to frequent monitoring of symptoms of chronic diseases to gain optimum treatment outcomes. However, Asia-Pacific is expected to contribute to the fastest CAGR of 25.7% from 2020 to 2027, owing to surge in mHealth application with huge population suffering from chronic diseases such as diabetes and hypertension.
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Key players in the industry-
- Bayer Healthcare
- Boston Scientific Corporation
- Dexcom, Inc.
- Johnson & Johnson
- Koninklijke Philips N.V.
- Masimo Corporation
- Medtronic plc
- Omron Corporation
- Samsung Group
- Sanofi
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