The global mHealth market bears a highly
fragmented vendor landscape, says Transparency Market Research (TMR) in a
recently published report. This is solely because of the existence of large,
medium, and small-scale players in the market. Withings, FitBit, Apple Inc.,
Jawbone, and Dexcom are the dominant players working in the global mHelath
market.
Out of the various strategic
alliances adopted by players in the global mHelath market to hold a sizeable
stakes, capitalizing on the emerging opportunities and acquiring latest technologies
and tools has gained maximum popularity. The level of competition among leading
vendors is getting escalated with rising use of technologies and smart devices
such as wearables. 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.
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According to experts from TMR,
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.
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.
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Integration of Wireless Technologies to Fuel mHealth Market’s Growth
Health-related technologies and
mobile applications are often known as mHealth, which helps in managing
patients’ experiences. Such health mobile technologies and apps utilize
advanced data analytics to help medical professionals in providing their
patients best care at low cost. These health mobile applications facilitate
easy and better health management through simple apps such as diet, exercise
trackers, and calorie-counting. Such USPs are driving the global mHelath
market. Along with this, rising penetration of internet connections and
smartphones, and rapid technological advancements in healthcare industry are
the factors majorly fueling growth in the global mHelath market.
Furthermore, mHelath ensures
continuous communication between medical professionals and patients, thereby
allow physicians to monitor, and diagnose patients without seeing them in
person. Such benefits are also boosting the global mHelath market. Apart from
these, rapid adoption of connected devices for monitoring various chronic
diseases, and increasing demand for cost-effective medical services are also
propelling expansion in the global mHelath market.
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Low Physician Density May Hinder mHealth Market’s Growth
Growing reluctance of physicians
to move over conventional methods, lack of regulations, concerns about data
security, and low density of skilled professionals are some of the major
challenges in the global mHealth market. Nonetheless, persistent demand and
rising prevalence of various lifestyle
disorders is believed to help industry players overcome these challenges in the
near future.
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