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mHealth Market Overview
The global mHealth market generated $23.0 billion revenue in 2017 and is predicted to progress at a CAGR of 33.5% during 2018–2023. This significant growth in the market is mainly led by factors such as increasing penetration of smartphones, tablets and other mobile platform, and rising adoption of connected devices and mHealth apps. Further, growing geriatric population and chronic diseases, rising demand for remote patient monitoring services and rising focus on patient-centric healthcare services are also driving the market growth.
On the basis of various offerings available in the mHealth market, connected devices held the largest share of 57.2% in 2017 and is expected to continue to lead the market in the coming years. This is attributed to various advantages of these devices such as, increasing remote monitoring application, real time disease management, low cost of care and improve patient outcomes.
Among the various connected devices such as blood pressure monitors, blood glucose monitors, ECG monitors, multiparameter monitors, pulse oximeters, and sleep apnea monitors; where blood glucose monitors are expected to exhibit fastest growth, at CAGR 31.9% in the mHealth connected devices market during 2018-2023. This is mainly attributed to the increasing prevalence of diabetes, changing lifestyle and food habits.
The services offered in the mHealth market are further categorized into preventive services, diagnosis and consulting, treatment services, healthcare system strengthening services, fitness and wellness services, and remote monitoring. The mHealth apps are also sub-categorized into healthcare apps and medical apps.
Mobile operators, device vendors, application/content players and healthcare providers are the key stakeholders involved in the mHealth industry. The high revenue obtained by mobile operators received from monitoring services, that also included remote patient monitoring, led to the largest share of the category in this market, in 2017.
During the forecast period, the mHealth market is expected to witness the fastest growth in APAC, exhibiting a CAGR of 36.7%. This growth can be attributed to the growing geriatric population, increasing chronic diseases and rising healthcare investment in the region.
mHealth Market Dynamics
Increasing penetration of smartphones, tablets and other mobile platform; increasing utilization of connected medical devices and mHealth application; increasing healthcare cost; growing geriatric population and chronic diseases; rising demand for remote patient monitoring services and rising focus on patient-centric healthcare services are the major factors driving the growth of the mHealth market. Mobile penetration in the developing countries is increasing enormously. Mobile users are rapidly switching over to the smart phones, due to more affordable 3G and 4G spectrum and increased adoption of other connected medical devices and mobile applications.
According to the World Bank development indicators 2016, globally 44 people used internet out of 100 people. This rapid adoption of smart phones has enhanced the demand of healthcare apps. The development of mobile technology and apps has the potential to transform mHealth. According to the facts released by the China Internet Network Information Center (CNNIC), as of December,2016, China had 731 million internet users that represent the 53.2% of country’s population, with 95% of internet users being mobile users.
The rapid population growth and incidence of various lifestyle diseases are key factors for the growth of connected medical devices and integrated mobile applications. These devices aid in patient personal care and home-based diagnostic solutions, where systems have compound features, from data capture to visualization. It enables doctors to diagnose patient through integrated mobile application and provide a prescription, in case of any emergency.
Healthcare cost is increasing across various hospitals and nursing homes, which is a major concern among patients and insurance companies. This cost is high due to the use of expensive new technologies and drugs, increased cost of healthcare goods and services, and high administrative cost.
mHealth Market - Competitive Landscape
Key players in the mHealth industry are actively engaging in multiple partnership agreement for the development of new connected devices. For instance, in May 2018, Koninklijke Philips N.V. announced partnership with Emory Healthcare, a U.S. based hospital to launch the new remote intensive care monitoring program. The program allowed the clinician to monitor various critically ill patients remotely and alert the ICU staff in case of emergency situation.
In March 2018, Koninklijke Philips N.V. announced the partnership with Samsung Electronics Co. Ltd. to expand the connected health ecosystem. The partnership aimed to connect Samsung’s ARTIK Smart IoT platform to the Philips HealthSuite digital platform.
Some of the other key players in the mHealth market are Medtronic plc, BioTelemetry Inc., OMRON Corporation, Johnson & Johnson, athenahealth Inc., Cisco Systems Inc., iHealth Labs Inc., AliveCor Inc., AgaMatrix Inc., and AirStrip Technologies Inc.