Growing health awareness and inclination towards health-oriented devices are fuelling the market growth to a great extent.
The mhealth solutions market is expected to expand at an impressive CAGR of 26.8% through the forecast period (2020-2030) across the globe. COVID-19 has fuelled the demand as sales of smart devices have witnessed considerable profit due to digitalization. Though major challenges like cyber-crime will affect the market yet a steady growth will be noticed as features will be modified.
“Bolstering demand for wearable devices and adoption of smart health and fitness tracking devices are driving the market growth. Key players are regularly working on product innovation in technical aspects with customer friendly features, thereby, enhancing market growth,” states the FMI Analyst.
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MHealth Solutions Market – Key Highlights
- Global MHealth Solutions Market is expected to reach a value of US$ 63.7 billion through 2030.
- Disease tracking system is set to dominate the market with 31.7% share due to increasing health awareness.
- South Asia and Pacific region will present lucrative opportunities through the forecast period, owing to huge investment and digitalization.
- Among the end-user segments, patients segment will cover 32.5% share due to increased adoption of m-health apps.
MHealth Solutions Market- Driving Factors
- Surging demand for digitalized health records and advanced clinical information is driving the growth exponentially.
- Remarkable development of IT infrastructure coupled with improved investment in healthcare sectors are also contributing to the growth.
- Rising number of geriatric population and increasing burden of chronic illness in East Asia are fuelling the demand for MHealth solutions in the region.
- Introduction of cloud-based services to accelerate operational speed in IT infrastructure also remains a key driving factor.
MHealth Solutions Market – Key Constraints
- Lack of trained professionals and associated complications can cause hindrance to the growth.
- Inadequate awareness regarding digitalized solutions can hamper the market growth too.
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Expected Impact on Market by Coronavirus Outbreak
Growth in the market will not suffer much of a loss because social distancing norms will only promote internet utility and people will avoid the manual process. In the coming years, reliance on smart devices is only expected to rise owing to the digitalization of industrial as well as financial sectors. Therefore, it is probably safe to assume that market will gain proper momentum and will not suffer declination. Mobile Health market is expected to reach US$ 300 billion by 2025 which shows that the market will witness a steady growth while Europe market will reach USD 28.61 through 2025. Due to expanding healthcare facilities these regions will not undergo any further losses.
Key players in the market Bayer Pharmaceuticals, Medtronic, Apple, AirStrip, AliveCor, Inc. BioTelemetry Inc., athenahealth, AgaMatrix, LifeWatch Services, Inc., Philips, iHealth, ATandT, Omron Healthcare, Inc., Qualcomm Technologies.
Companies are focussing on well-organized start-ups and long-term investment in artificial intelligence for discovery of drugs.
For instance, Bayer has started collaborating with other companies and is practicing long-term investments in digital therapeutics and is also working on patient engagement activities.
Omron Healthcare was recognized as CES 2020 Innovation Awards for launching first blood pressure monitor with EKG capability in just a single device.
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More on the report
FMI’s report presents segmentation like end-use (pharmaceuticals, patients, physicians etc.), application (disease tracking, wellness management, patient monitoring etc.), product and services (MHealth devices, apps, services etc.), and a region-wise segmentation (North America, Latin America, Europe, Russia etc.)
Table Of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Innovation / Development Trends
3.3. Key Success Factors
4. Global M-Health Solution Market – Pricing Analysis
4.1. Pricing Analysis, By Application
4.1.1. Hardware Devices, Unit Price Analysis
4.1.2. Software Pricing Models
18.104.22.168. Subscription-based Pricing ( Per User/Month)
22.214.171.124. Perpetual License (One Time License Fee)
4.2. Global Average Pricing Analysis Benchmark
5. Impact Analysis of Pandemic Crisis & Economic Slowdown
5.1. Impact of crisis (such as SAARs/ 2008 Recession/COVID-19) on M-Health Solution Market
5.2. Current Economic Projection and Probable Impact on GDP
5.3. Future Market Impact Trends
5.4. Recovery Scenario (Short Term/Mid Term/Long Term Impact on Market)
5.5. Other Key Trends
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