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MarketersMEDIA / Newsroom / Mobile Health Market Size To See Record Break Revenue $230 billion By 2027

Mobile Health Market Size To See Record Break Revenue $230 billion By 2027

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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.

Mobile health provides health service and information through mobile communication devices to address the health priorities and concerns. The advanced mobile and wireless technologies have transformed the face of healthcare services across the globe and are rendering the growth of mHealth market. Moreover, the continued growth in coverage of mobile cellular networks, rapid advances in mobile technologies & applications, increasing lifestyle diseases and growing awareness among patient population in emerging economies, are some of the key factors fostering the growth of mHealth market. On contrary, the lower accuracy of the devices, technology's infancy in middle and lower income economies, weak reimbursement coverage, uncertainty in government regulations in certain regions, and low adoption among ageing population is hampering the market growth to a certain extent.

The global mHealth market was valued at $46 billion in 2019, and is expected to reach $230 billion by 2027, registering a CAGR of 22.3% from 2020 to 2027. 

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COVID-19 scenario-

1) 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.

2) 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.

3) 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 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.

The major chunk of mHealth devices market - i.e. ~71% - is collectively commanded by BP monitors, blood glucose monitors and cardiac monitors. The largest share of these monitors can be attributed to increased affordability of mobile compatible devices, integration of innovative technologies in monitoring devices and the increasing lifestyle disease such as diabetes, stroke, COPD, ischemic heart to name a few. Within mHealth services, diagnostic, monitoring and treatment services collectively hold about 74% of the market. The rapid growth of mHealth services market is attributed to rising government initiatives, increasing mHealth awareness programs in underdeveloped regions etc.

Geographically, North America and Europe constitute the two largest markets for mHealth and collectively accounted for 67% of the market revenue in 2014. They are expected to continue its hold on the global market throughout the forecast period. Early adoption of innovative technology, large patient population and high capacity to pay for services are some of the key factors responsible for the growth of mHealth market in these regions. However, the market outlook across developing economies is looking favorable and strong owing to the increasing awareness of chronic diseases, favorable government regulations and increased healthcare expenditure. Philips healthcare, Bayer Healthcare and Sanofi are some of the key companies enjoying a strong foothold in mHealth market, especially in Asian countries.

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The Major Key players profiled Are:

Bayer Healthcare., Boston Scientific Corporation, Dexcom, Inc., Johnson & Johnson, Koninklijke Philips N.V., Masimo Corporation, Medtronic plc, Omron Corporation, Samsung Group, and Sanofi.

Key Findings Of The Study 

By type, the mHealth services segment occupied approximatelytwo-thirds share of the global mHealth market in 2019.
By application, the cardiovascular diseasessegment occupied approximately half of the global mHealth market share in 2019.
By application, the neurological diseasessegment is anticipated to grow with the highest CAGR throughout the forecast period.
By stakeholders, the healthcare providers segment is anticipated to grow with the highest CAGR throughout the mHealth marketforecast period.
By region, Asia-Pacific is anticipated to grow at the highest rate during the analysis period, followed by Middle East.

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Source URL: https://marketersmedia.com/mobile-health-market-size-to-see-record-break-revenue-230-billion-by-2027/89028985

Source: MarketersMedia

Release ID: 89028985

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