Global mHealth Devices and Services Market Will Growing at 35% CAGR from 2014 to 2020
Zion Market Research has published a new report titled “mHealth Devices (Glucose Monitors, Blood Pressure Monitors, Cardiac Monitors, Pulse Oximeters, Sleep Apnea Monitors, Multiparameter Monitors and Others) and Services (Remote Monitoring, Fitness and Wellness, Diagnosis and Consultation and Others) Market: Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 – 2020”. According to the report, the global mHealth Devices and Services market was valued at approximately USD 14.5 billion in 2014 and is expected to reach approximately USD 50.0 billion by 2020, growing at a CAGR of over 35% between 2015 and 2020.
mHealth (Mobile Health) refers to use of mobile and communication technologies to provide effective, safe, and affordable healthcare services. Mobile phones, PDA, tablet computers and wireless devices are mainly employed in mHealth. mHealth technology is able to capture real time health information and helps to monitor and diagnose diseases in people living in remote locations. Blood pressure monitors, pulse oximeters, multi-parameter monitors and others are mHealth diagnostics devices plays vital role in mHealth services in monitoring and diagnosis of diseases. mHealth services are also accessible on mobile app which includes chronic care management apps, general health and fitness apps, and women’s health apps. mHealth is an attractive solution that leverages the ability of mobile devices to address the prevalent problem of access to healthcare and rising costs.
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The global mHealth Devices and Services Market is mainly driven by increasing geriatric population and ubiquitous access to smartphones. With increasing health awareness among people, increase in people affected by chronic diseases such as diabetes and increasing healthcare cost, the demand for mHealth Devices and Services is expected to witness outstanding growth over the forecast period. Cost efficacy of health care services, easy accessibility and time efficiency are the key factors to fuel the growth of mHealth Devices and Services Market. Additionally, rapid growth of population and increasing adoption of smartphones is expected to keep driving demand for mHealth Market. However, data security and safety is major threat for the growth of this industry. mHealth market is still in nascent stage and facing uncertainty in government regulations and policies. This is expected to have adverse effect on growth of mHealth market.
Glucose monitors, blood pressure monitors, cardiac monitors, pulse oximeters, sleep apnea monitors, multi-parameter monitors and others are the key product segments of mHealth Devices and Services Market. Blood pressure monitors was one of the largest segments in terms of revenue in 2014. Blood pressure monitors are growing popularity among end-users due to increasing health awareness among people. Glucose monitors is expected to be the fastest growing segment due to growing prevalence of diabetes across the globe. Diagnosis & consultation segment is also expected to exhibit rapid growth during the forecast period. Cardiac monitors held significant market share in 2014.
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On the basis of services, mHealth Devices and Services Market has been segmented into remote monitoring, fitness and wellness, diagnosis & consultation and others. Remote monitoring service segment dominated the global mHealth Devices and Services Market with over 60% share of the total revenue generated in 2014. Diagnosis & consultation is expected to be one of the fastest growing segments in the market.
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North America, Europe, Asia Pacific, Latin America and Middle East & Africa are key regional markets for mHealth Devices and Services Market. mHealth Devices and Services Market was dominated by North America with over 30% share in 2014. North America was followed by Asia-Pacific. Asia Pacific is also expected to grow at a rapid pace in the years to come. Increasing health awareness among end-users in emerging economies such as India and China is fuelling growth of mHealth Devices and Services Market in the region. Latin America and Middle East & Africa hold very little market share in global mHealth Devices and Services Market.
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Some of the major participants in global mHealth Devices and Services Market include AT&T, Inc., Bayer HealthCare AG, BioTelemetry, Inc., Boston Scientific Corporation, DexCom, Inc., Dräger AG, F. Hoffmann La-Roche Ltd., Johnson & Johnson, LifeWatch AG, Masimo Corporation, Medtronic, Inc. and Omron Healthcare.
This report segments the global mHealth devices and services market as follows:
Global mHealth Devices and Services Market: Product Segment Analysis
- Glucose Monitors
- Blood Pressure Monitors
- Cardiac Monitors
- Pulse Oximeters
- Sleep Apnea Monitors
- Multi-parameter Monitors
Global mHealth Devices and Services Market: Service Segment Analysis
- Remote Monitoring
- Fitness and wellness
- Diagnosis and Consultation
Global mHealth Devices and Services Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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