Global mHealth Market: Snapshot
Mobile technology has expanded significantly across the globe in recent years. As per the Cisco Visual Networking Index, mobile traffic has increased four-fold in recent years and it is expected to grow exponentially in the near future. This increase in mobile traffic is seen due to advances in 3G and 4G network that has enabled utilization of smartphones and tablets in the field of commerce, entertainment, healthcare and others. Integration of mobile technology into healthcare services has allowed consumers to manage their daily activities effectively. mHealth helps to reduce healthcare expenditure by limiting the number of hospital visits and also reduces readmissions. Mobile connectivity with healthcare professionals helps in decreasing the bridge between healthcare professionals and patients.
Based on Product, the Demand for Connected Medical Devices Likely to be high
The global mHealth market is divided into three segments: by product, by end user and by geography. Based on product, the global mHealth market has been segmented into connected medical devices, mHealth applications and mHealth services. Connected medical devices segment accounted for leading market share in 2016. Further connected medical devices is segmented into heart rate monitors, activity monitors, electrocardiograph, fetal monitoring, neuromonitoring and others and mHealth applications is further segmented into fitness & wellness, diabetes, cardiovascular diseases, central nervous system disease, respiratory diseases, musculoskeletal diseases, smoking cessation, medication adherence and others. Increasing penetration of internet across the region and technological advancements such as introduction of 3G/4G/5G internet services, increasing focus of general population towards fitness, wellness and nutrition diets are expected to propel the growth of mHealth application segment in the forecast period.
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Based on end user, the mHealth market is segmented into B2C and B2B. B2C end user is further segmented into patients and caregivers and B2B is further classified into providers, payers, employers, and others. B2B segment accounted for leading market share in 2016. Increasing adoption of mHealth solutions by hospitals, health insurance companies and government organizations are expected to drive the growth of the B2B segment in the forecast period.
North America Held Leading Market Share in 2016, Trailed by Europe
Geographically, the mHealth market has been categorized into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America was the largest market in 2016, followed by Europe. High health care expenditure, government initiatives, high rate of adoption of new technologies and increasing funding by private and public organizations are some of the factors driving the growth of the mHealth market in North America and Europe.
On the other hand, the mHealth market in Asia Pacific is anticipated to grow at the higher CAGR compared to other regions during the forecast period from 2017 to 2025. Increasing prevalence of chronic diseases, aging population and increasing disposable income are some of the major factor likely to drive the growth of the mHealth market in the Asia Pacific. The mHealth market in Latin America is a promising market, offering significant growth opportunities due to increasing government initiatives and increasing funding by public and private investors and establishment of new companies and new product launches.
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Major players operating in the global mHealth market are Dexcom, Inc., Apple Inc., FitBit, Inc., Withings, Jawbone, Proteus Digital Health, Omada Health, Inc., WellDoc, Inc., Livongo Health, Noom, Inc., Ginger.io, Inc., Propeller Health, 2Morrow, Inc., Canary Health, Mango Health, BiogeniQ Inc., Twine Health, Inc., Glooko, Inc., Firstbeat Technologies Ltd., Claritas MindSciences, Big Health, Dthera Sciences, Virta Health Corp, Zest Health, LLC, Meru Health, Inc., HealthMine, Inc., Pear Therapeutics, Inc., BioTelemetry, Inc., Blue Mesa Health, and Digital Therapeutics
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