A research study titled, mHealth Market by Product - Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the mHealth market is projected to be around $217 billion by 2025.
Report outlook:
The outlook towards healthcare has drastically changed in recent times. The use of mobile and wireless technology has enabled the transformation of health services delivery across the globe; the most crucial contribution being the elimination of the geographic distance or boundaries between the patients and the healthcare providers. The proliferation of mobile devices and electronic health systems is creating wonders in the healthcare industry. With the advent of mobile technology based products and services, diagnosis and treatment decisions are becoming more patient centric.
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These products provide key information and early
warnings about an illness. mHealth is a medical practice enabled and supported
by different mobile devices such as mobile phones, tablets, computers, patient
monitoring devices, personal digital assistants, and other wireless devices.
Lately, mHealth has become a necessity rather than an option. mHealth
applications are being widely used by doctors in their daily practice. They
assist doctors to consult, diagnose, treat, and monitor their patients. Doctors
can provide optimal treatment to their patients as mHealth enables them to
lookup patient’s information instantly and take informed decisions.
Rapid increase in penetration of smartphones,
rising utilization of mHealth mobile apps by people, high adoption of wireless
technology enabled medical devices by the healthcare industry, and increased
emphasis on patient-centric healthcare service delivery are some of factors
contributing to the market growth. According to the data revealed by the
National Center for Biotechnology Information (NCBI), as of 2015, two-third of
the overall U.S. population and 82% of U.S. citizens in the age group 18 to 49
years owned an app enabled mobile-phone. With rising penetration of high speed
internet connectivity in low and middle income countries and availability of
affordable smartphones, the global mHealth market is set to witness robust
growth in next five years. However, concerns related to data security and
resistance by traditional healthcare providers in developing countries can
hamper the growth of the global mHealth market.
Key Findings of the Research Study:
Vital signs monitoring segment held the largest share of mHealth market in 2016 owing to the associated convenience of these devices for the patients in monitoring their vital health parameters personally eliminating the need to visit a physician.
In the mHealth apps segment, the healthcare apps sub-segment accounted for a majority market-share in 2016 as such consumer-centric apps are being rapidly adopted around the world for regularly monitoring heath status by consumers.
North America held the largest share of the global mHealth market in 2016 owing to factors such as rapid adoption of mHealth devices and mobile apps by the population, presence of robust internet connectivity in the region along with extensive penetration of smart mobile devices such as tablets and smartphones.
Asia-Pacific mHealth market is expected to grow with the highest CAGR throughout the forecast period owing to increasing demand for mHealth solutions such as wearable health devices in the region along with favorable government initiative to promote adoption of mHealth solutions.
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