Global mHealth Market Research and Forecast 2018-2023

mHealth Market or mobile health, is a component of eHealth. It is defined as a medical health practice supported by wireless devices, which include mobile phones, wearable medical devices, patient monitoring devices, sensors and personal digital assistants. The health of individuals is analysed and monitored on the basis of various parameters such as heart rate, blood pressure and so forth.

Increasing emphasis on patient-centric healthcare delivery, rising adoption of connected devices and mHealth apps, and supportive government regulations are the major factors that are augmenting the market growth. Besides, low cost and effective utility of medical devices, rising usage of smartphones, tablets and other mobile platforms for healthcare are further motivating the market. As mHealth apps and wireless medical devices are heavily dependent on internet, increasing penetration of internet services are estimated to boost the market growth of the mHealth. In 2017, as per international Telecommunication Union, the estimated total number of internet users across the globe was 3.5 billion, up from 3.1 billion in 2015.

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However, certain factors such as data security issues associated with the use of wireless devices and rising incidences of data theft are estimated to be the major restraints in the growth of the market. Less internet penetration in the underdeveloped economies, lack of a standardized regulation and accuracy problem of devices are some restrains to the market. Accuracy of all apps are not trustable due to lack of any standardized regulation across the globe, which also hinder the growth of the market.

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The global mHealth market is analysed on the basis of the geographical regions that are contributing significantly towards the growth of the market. North America is estimated to be the dominating region in the global mHealth market owing to high penetration of mobile phones and internet in the region. Well-developed healthcare infrastructure, high adoption rate of innovative technologies, increasing awareness among population regarding their health, and presence of major companies in the region are the major factors backing the growth of the market. On the other hand, Asia Pacific is estimated to be the fastest growing region in the global mHealth market. The growth of the market in the region is attributed to the rapidly developing healthcare infrastructure in the emerging economies such as India and China, rising pressure to curtail healthcare delivery cost and rising geriatric population.

Some of the players contributing into the growth of global mHealth market include Apple, Athena health, Boston Scientific, Cerner Corporation, Cisco Systems, Fitbit, GE Healthcare, Johnson & Johnson, Phillips Medtronic Omron and Sanofi. These companies are focusing on product innovations, expansions, M&As, and finding new markets or innovating in their core competency in order to expand their individual market share. Moreover, numerous companies such as Omron and Vive have developed smartphone applications, which can be configured to their devices to keep a record of the reading and other important data. Additional to large market players, various start-ups have come into existence in the recent times. Wink Health, HealthTap, Figure 1, Mindbloom, and Jawbone are some major start-ups in the mHealth market and raised funding through various sources. In Jan, 2016, Jawbone, a US- based wearable tech creator, raised $165 million in new equity funding from the Kuwait Investment Authority (KIA). The funding will bring new products in the market.

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