NEW YORK, Oct. 31, 2018 (GLOBE NEWSWIRE) -- Global mHealth market is expected to grow significantly from USD 20.5 billion in 2017 to USD 135.3 billion in 2024, at a CAGR of 31.0% from 2018 to 2024. Factors driving the growth of the market are; increasing incidence of lifestyle-related diseases, growing penetration of smartphones and tablets, and rising government initiatives. Moreover, advancements in mobile technologies and applications, and increasing investment in healthcare technology, growing demand for remote patient monitoring, and growing adoption of mHealth products in various healthcare centers are further propelling the market growth. However, security and privacy issues, and lack of awareness among people may restrain the market growth to some extent.
Key findings of the report:
Huge potential for mHealth market in developing economies
mHealth plays an important role in healthcare sector by enhancing the communication between patients, and the provider. Advancements in mobile technology such as smartphones and tablets have had a positive impact on healthcare systems. Moreover, rapid advancements in mobile technologies and applications, and growing development in coverage of mobile cellular networks has also fueled the market growth. mHealth has a huge potential in developing countries as it can be effectively used to provide health care services in remote locations, and is a cost-effective way to save lives and improve healthcare outcomes. Furthermore, rising government initiatives, and growing awareness about mHealth as a complementary strategy for improving healthcare systems in low and middle-income countries is expected to propel the demand over the forecast period. In addition, many IT companies are also collaborating with healthcare companies to promote mobile health services across the globe.
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Global mHealth Market– Regional insight
Geographically, the global mHealth market is segmented into North America, Europe, Asia-Pacific, Central & South America, and Middle East and Africa. North America held the major share of the global market owing to technological advancements in Healthcare IT sector, and high penetration of smartphones and tablets in the region. The growth of mHealth market in Europe is primarily attributed to the growing adoption of mHealth apps, robust growth of digitalization, and rising health expenditure. Moreover, favorable government policies and growing investments in digital health is also expected to drive the market growth in the region. Asia-Pacific is expected to witness the highest CAGR during 2018-2024, due to increasing incidence of lifestyle-related diseases such as diabetes and hypertension, and growing development in mobile cellular networks in the region.
This report segments global mHealth market based on device, service, mHealth apps, application, stake holder, and geography.
By Device
By Service
By mHealth Apps
By Application
By Stake Holder
By Geography
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