mHealth Solutions Market size is estimated to be $43.1 billion in 2019, growing at a CAGR of 26.8% during the forecast period 2020-2025. Rising population along with increasing adoption of smart phones and tablets coupled with healthcare apps, the rise in the prevalence of chronic disease is a major factor driving the mHealth Solutions Market during the forecast period 2020-2025.Futhermore, mHealth is a medical and public health practice supported by mobile devices such as cell phones, patient monitoring devices, personal digital assistants and other devices. With the rapid adoption of innovations and technology, the healthcare industry is reshaping and transforming itself in bigger and better ways. Moreover, the digital therapeutic treatments that are offered through devices such as phone, sensor, apps and computers are driving the mHealth Solution Market during the forecast period 2020-2025. Furthermore, the increasing number of diabetes and chronic patients and the use of mobile health, telemedicine, remote patient monitoring, vital signs monitoring devices for monitoring patients is contributing to its market growth.
By Application- Segment Analysis
In 2019, the Vital Signs Monitoring Devices dominated the mHealth Solutions Market owing to the increase in the number of diabetes patients around the world and their preference to adopt different types of treatment.Rapid urbanization, changing lifestyle and eating habits is further contributing to its market growth. Moreover, according to the World Health Organization (WHO) the number of people with diabetes has risen from 108 million in 1980 to 422 million in 2014.Technological advancement along with growing innovation such as Internet of Things (IoT) advanced data analytics have made the wearable medical devices such as smart watches efficient in the management of chronic disease of diabetes, asthma and heart diseases the occurrence of which around the world is increasing.
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By Apps- Segment Analysis
By Apps the mHealth Solutions Market is segmented into healthcare apps, medication management apps and medical apps. Among these the healthcare apps accounted for the largest market share in 2019 owing to the increasing numbers of patients around the world and innovations in mobile apps. Furthermore, the use of Aetna ITriage app which allows patients to directly find information on their health condition and gives them step-by-step guidance to treat condition in the most effective way possible is contributing to its market growth.
Geography- Segment Analysis
North America dominated the mHealth Solutions Market with a region share 42% in 2019 followed by Europe and APAC. Technological advancement along with government initiatives, increasing investments in mHealth Solution is a major factor driving its market growth in that region. Furthermore the presence of major players such as Evolent Health Inc and Pear Therapeutics in that region is contributing to its market growth.
Drivers –mHealth Solutions Market
Increase in the adoption of smart phones
Increase in the adoption of Smartphone’s coupled with healthcare apps is a major factor driving the mHealth Solutions Market during the forecast period 2020-2025.Futhermore, the modern healthcare industry employs a magnitude of technological innovations so that the patients receives optimum benefits. Moreover, a mobile health (mHealth) includes fitness trackers and nutrition apps thereby contributing to the growth of mHealth solutions market.
Increase In The Number Of Diabetes Patients
The increase in the prevalence of diabetes patients and their preference to adapt to different types of treatment is driving the demand of mHealth Solutions Market during the forecast period 2020-2025.Rapid urbanization, changing lifestyle and eating habits is the major cause of the increase of diabetes patients. Moreover, according to the World Health Organization about 422 million people worldwide have diabetes particularly in low and middle-income countries and 1.6 million deaths are directly attributed to diabetes each year.
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Challenges – mHealth Solutions Market
Lack Of Awareness & Access To mHealth Solutions in Developing Countries
Lack of awareness & access to mhealth solutions in developing countries is a major factor restraining the mHealth Solutions Market during the forecast period 2020-2025.Moreover, according to the perspective of clinic research U.S. spends 86% of all the healthcare on chronic disease every year, and approximately half of the American population from diseases such as diabetes, obesity, hypertension, smoking and chronic respiratory disorders. Furthermore, developing countries such as India and China also have the highest incidence of Type 2 diabetes in the world.
mHealth Solutions Market Industry Outlook
Product Launches, Merger & Acquistion, joint ventures and R&D activities are key strategies adopted by the players in the mHealth Solutions Market. mHealth Solutions Market top 10 companies are Medtronic plc, Philips Healthcare, iHealth Labs Inc, AirStrip Technologies, Omron Corporation, Cerner Corporation, Agamatrix Inc, Nike Inc, Athenahealth Inc and AT &T, Inc.
August 2019:HCL Technolgies and Oracle Health Science collaborated to help life science companies execute and scale the next generation of digital clinical trials to reduce the time and cost of drug development.
Vital Signs Monitoring Devices dominated the mHealth Solutions Market owing to the increase in the number of diabetes patients around the world and their preference to adopt different types of treatment is driving the demand of mHealth Solutions Market during the forecast period 2020-2025. Among this, the Blood glucose meters are projected to be the fastest growing with a CAGR of 18.3% during the forecast period 2020-2025.
The healthcare apps accounted for the largest market share in 2019 owing to the increasing numbers of patients around the world and innovations in mobile apps.
North America dominated the Digital Therapeutics Market in 2019 owing to the presence of major players in that region.
Increase in the adoption of Smartphone’s coupled with healthcare apps is a major factor driving the mHealth Solutions Market during the forecast period 2020-2025.
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