Global mHealth market to be worth $230 billion by 2027, report
The “mHealth Market by Type, Stakeholders and Application: Global Opportunity Analysis and Industry Forecast, 2020-2027” report has been added to ResearchAndMarkets.com’s offering.
According to the report, the mHealth market was valued at $46 billion in 2019, and is expected to reach $230 billion by 2027, registering a CAGR of 22.3% from 2020 to 2027.
The major factor that contributes toward the growth of the mHealth market include rise in prevalence of lifestyle diseases. Furthermore, factors such as technological innovations, integration of wireless technologies with portable healthcare devices, affordability of smartphones, rise in adoption of mHealth among medical professionals, and favorable government initiatives also boost of mHealth market growth.
However, weak reimbursement coverage associated with mHealth and lack on technological awareness among the aging population hinder the growth of the market. Conversely, lucrative growth potential offered by untapped market of developing economies offers a lucrative opportunity for the mobile health market.
On the basis of device, BP monitors held the dominant share in 2019, owing to the factors such as surge in incidence of hypertension, which leads to high blood pressure, and rise in adoption of sedentary lifestyle. However, blood glucose meters is estimated to be the fastest growing segment in the global mHealth devices market due to rise in prevalence of diabetes and surge in adoption of continuous blood glucose monitoring (CGM) devices.
By service, the monitoring services occupied the largest share of mHealth services market in 2019 and is also expected to exhibit fastest growth rate during the forecast period. The growth of the segment is due to factors such as rise in prevalence of diseases, which include blood pressure, diabetes, and cardiovascular diseases which require monitoring of the condition of the patient for prevention and better treatment.
In 2019, North America accounted for the major share of mHealth market size and is expected to continue this trend owing to rise in prevalence of diabetes, blood pressure, cardiovascular diseases, and others. Moreover, other factors such as easy availability of mHealth devices and services, and surge in adoption of these devices boost the market growth in this region. Asia-Pacific is expected to exhibit fastest growth rate owing to surge in awareness related to use of mHealth devices. The other factors that boost the growth of the market include huge patient base of diabetes and rise in healthcare expenditure in the region. The developing economies offer lucrative opportunities for mHealth providers to expand their business.
