mHealth market is Expected to Reach $58.8 Billion Globally by 2020 According to Allied Market Research Projections
Allied Market Research has announced the most comprehensive and strategically analyzed report titled "mHealth Market (Devices, Applications, Services & Therapeutics) - Global Mobile Healthcare Industry Size, Analysis, Share, Growth, Trends and Forecast, 2012 - 2020".
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The study observed that the global mHealth market was valued at $6.7 billion in 2012 and is estimated to reach $8.3 billion by the end of 2013. With growing per capita healthcare expenditure both in developed and advanced developing countries, the mobile healthcare market is further projected to reach $58.8 billion by 2020, at a CAGR of 32.3% from 2013 to 2020.
"Per capita expenditure on healthcare in developed economies is increasing at a faster rate than inflation and income levels, chiefly due to ageing population and chronic diseases which are lifestyle driven," note Allied Market Research analysts James Franco and Yojana Jeevane. "However, there has not been corresponding improvement in the quality of healthcare services delivered, especially in developing regions. Additionally, developing economies are even struggling to provide healthcare access at every level to their people", explains the analysts.
On contrary, ubiquitous access of smart mobile devices globally has enabled diagnostic and monitoring devices to render seamless healthcare services. Thus, this market is expected to grow at a significant pace in the next seven years. This projection is backed by the fact such as due to technological advancement integration of wireless technology with the portable healthcare devices is feasible, increasing incidences of lifestyle diseases, cost and convenience factors, government initiatives, affordability of smartphones.
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However, weak reimbursement policies, lower adoption due to lack of accuracy and technology infancy and uncertainty in the government regulations is expected to hinder the growth rate. Moreover, untapped markets in developing economies provide a lot of growth opportunities for this market due to increase in adoption of mHealth services to control the spread of communicable as well as non-communicable diseases. Such challenges can be very well taken by adoption of mHealth devices and services as they work irrespective of location and skilled professionals. The only mandatory requirement is the mobile access and a smartphone.
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This report segments the global mHealth Market on the basis of devices, services, stakeholders, and therapeutic areas. The global mHealth devices market is forecast to reach market value over $1.5 billion in 2013 from $0.8 billion in 2011. The contributory factors for this growth is high revenue generated from blood glucose meters, cardiac monitors and BP monitors in descending order. The services market is projected to grow over $6 billion by 2013 from 2011 market values of $4 billion mainly due to increase in revenues generated from monitoring and diagnostic services. In stakeholders market study mobile operators as well as device vendors will account for more than 75% of the overall market share by 2020.
The geography market assessment signifies that Europe along with North America will account for about 55% of the overall market revenue in 2013 and may reduce with growing demand in Asia Pacific region. The study also offers an updated review on the present major market player such as manufacturers of mobile medical devices, and mobile network providers; which also includes description of relevant recent developments activities. Companies profiles in this report includes Philips healthcare, Omron HealthCare Inc., Bayer Healthcare, LifeWatch, Cardionet Inc., Masimo Corporation, Sanofie, Boston Scientific, AT&T Inc., and Johnson & Johnson.