mHealth Device Market Share, Major Companies Growth Analysis and Regional Forecast - 2023

 

Global mHealth Device Market The healthcare sector which is overburdened with a large patient pool and a shortage of skilled personnel required the integration of technology which can alleviate its burden. Penetration of smartphones has led to developers creating mobile health applications which allow patients to maintain contact with their doctors. Its wide array of benefits of appointment scheduling, synchronization with wearables and ingestible, creation of alerts and notifications, and others have led to researchers consider its potential. Market Research Future (MRFR) has encapsulated the drivers, opportunities, and restraints of the global mHealth device market report.

Market Outlook

The global mHealth device market is expected to touch a towering valuation by exhibiting 35.03% CAGR from 2017 to 2023 (forecast period). It can reach a valuation of USD 48,663.2 million by 2023. Changing healthcare policies and reduced risk associated with mobile health applications are likely to encourage its demand over the forecast period. Popularity of wearables and technological advances capable of pulse and heart rate monitoring are expected to propel the market volume.

Rising cases of lifestyle diseases, benefits of mHealth devices, patient inclination towards personalized healthcare, and introduction of connected healthcare solutions are other major drivers of the market. Availability of a slew of mHealth applications available on all major smartphone operating systems and preference for it due to its user-friendly look can spur the market demand. According to the United Healthcare Consumer Sentiment Survey in 2017, close to 28% Americans used mobile health applications for consulting with their doctors and physicians.

Lack of awareness of mHealth among patients combined with concerns of cybercrimes can be challenging for the market.

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Segmentation Analysis

The global mHealth device market is segmented by type and application.

By type, it is segmented into health and fitness devices, medical devices, and others. Medical devices had touched a valuation of USD 4,752.5 million in 2016. This can be attributed to the use of mHealth for capturing vital data of patients and reporting it in times of emergencies. The segment is expected to enjoy a respectable growth rate during the forecast period. On the other hand, health and fitness devices can experience a massive growth rate due to adoption of wearables and download of health applications due to changing tendencies of patients regarding health.

By application, it is segmented into wellness & prevention, diagnosis & treatment, education & awareness, healthcare management, monitoring applications, and others. Monitoring applications can garner massive revenue for the global mHealth device market due to patients in remote locations taking advantage of technology to keep in constant touch with their doctors.

Regional Analysis

Europe, the Middle East & Africa (MEA), Asia Pacific, and North America are regions covered in the mHealth device market report.

North America is predicted to dominate the global market due to the high penetration rate of smartphones, its constant usage by patients, and download of mobile applications for easy consultancy. Well-defined regulatory framework and a well-established healthcare ecosystem are other drivers of the regional market. Europe is touted to follow North America and contribute a respectable share of revenue to the global mHealth device market primarily due to personal digital assistants, smartphones, and other medical devices.

The APAC region is projected to exhibit a robust CAGR of 35.71% over the forecast period due to demand of mobile applications for monitoring and diagnosis and cardiovascular diseases. Increasing development of mobile health apps for monitoring and post-acute care of diseases can drive the regional market growth.

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Competitive Outlook

Koninklijke Philips NV, Athenahealth, Inc., Cerner, Allscripts, Apple Inc., GE Healthcare, Medtronic, Inc, and others are some of the notable players in the global mHealth device market. Acquisitions, product development, and partnerships are major strategies adopted by these players. In August 2019, Fitbit decided to partner with the Singapore Health Promotion Board for promoting the country’s initiative of health and wellness. The National Steps Challenge which can use of artificial intelligence and behavior insights for assisting the local denizens can bode well for the global mHealth device market.

 

List of Tables

TABLE 1 GLOBAL M-HEALTH DEVICE MARKET, BY REGION, 2013-2023 (USD MILLION)

TABLE 2 MEDICAL DEVICE MARKET, BY REGION, 2013-2023 (USD MILLION)

TABLE 3 HEALTH AND FITNESS DEVICE MARKET, BY REGION, 2013-2023 (USD MILLION)

TABLE 4 OTHER DEVICES MARKET, BY REGION, 2013-2023 (USD MILLION)

TABLE 5 GLOBAL M-HEALTH DEVICE MARKET VALUE, BY APPLICATION, 2013-2023 (USD MILLION)

TABLE 6 MONITORING APPLICATIONS MARKET, BY REGION, 2013-2023 (USD MILLION)

TABLE 7 DIAGNOSIS & TREATMENTS MARKET, BY REGION, 2013-2023 (USD MILLION)

TABLE 8 EDUCATION & AWARENESSS MARKET, BY REGION, 2013-2023 (USD MILLION)

TABLE 9 HEALTHCARE MANAGEMENTS MARKET, BY REGION, 2013-2023 (USD MILLION)

TABLE 10 WELLNESS & PREVENTIONS MARKET, BY REGION, 2013-2023 (USD MILLION)

TABLE 11 OTHER APPLICATIONS (OF M-HEALTH DEVICE MARKET), BY REGION, 2013-2023 (USD MILLION)

…To be Continued.

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About Market Research Future: MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

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