Albany, NY, May 14, 2018 (GLOBE NEWSWIRE) -- As per the projections of the TMR report, the global mhealth market will be worth US$118.4 billion by the end of 2025, with the demand expanding at an impressive CAGR of 22.1% during the forecast period of 2017 to 2025. The market was valued at merely US$23.9 billion as of 2017. In terms of product, connected medical devices segment, including heart rate monitors, neuromonitoring, fetal monitoring, electrocardiograph, and activity monitors are expected to provide for the most prominent chunk of demand over the course of the forecast period. Based on end-users, the market for mHealth is primed to continue gaining greatest share of demand from the Business to Business (B2B), which is a reflective of increasing adoption by hospitals and insurance firms.
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Geographically, the analyst of the report has prognosticated North America as the leading consumer of mHealth products, gaining traction from the developed country of the U.S. wherein government insurance initiatives and high adoption rate are fueling the demand. While Europe currently follows North America in terms of demand share, Asia Pacific is foreseen to expand at a stronger growth rate on the back of emerging economies of China and India.
Growing ubiquity of smartphones and other mobile platforms is the primary driver of the global mHealth solutions market. Consumers are now able to access their diagnostic reports, book appointments with physicians, and make payments with their smartphones which in turn not only eases up the process but also makes a log for a follow-up. The report has observed increasing utilization of connected devices in the management of chronic diseases, whose strong prevalence is anticipated to drive the market. Additionally, benefits of cost for the overall delivery of healthcare, robust penetration of high-speed internet connections in most parts of the world, and rising focus on patient-centric healthcare are some of the other drivers of the global mHealth market.
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On the other hand, the lack of regulations and standards for proper reimbursement, low guidance from physicians when it comes to selecting application, and resistance from traditional methods, and threat of data privacy are some of the restraints holding back the progress of the mHealth market. However, increasing incidences of lifestyle disorders and low density of physicians in developed regions are expected to open new opportunities in the near future.
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While there are radically increasing revenue opportunities in the mHealth market, the entry barriers fairly high too, which will continue to keep the global shares consolidated, according to the findings of a fresh business intelligence report by Transparency Market Research (TMR). The analyst of the report has observed that a nominal number of domestic players are making a foray in the mHealth market while major players such as FitBit, Inc., Apple Inc., Withings, Jawbone, and Dexcom, Inc. are regularly expanding their territory and are expected to remain ahead of the curve in the near future. These major players are also expected to dominate the wearables segment of the mHealth market.
Key Takeaways
- Demand in the global mHealth market is projected to expand at an exuberant CAGR of 22.1% during 2017 to 2025
- Strong prevalence of chronic diseases and advent of wearables market’s key drivers
About TMR
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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