The global mobile health (mHealth) market is projected to reach USD 62.84 billion by 2021, growing at a CAGR of 39.35% during the forecast period from 2016 to 2021.
In spite of the immense technological advances in the field of medical sciences, a majority of the worldnations are facing major challenges when it comes to proper services in healthcare. Be it the USA, China or the developing nations in the African and Latin American regions, each country is facing its own set of challenges in providing proper healthcare to its population. Various issues, such as increased healthcare expenditure, rising incidences of chronic diseases, and the expenses associated with the treatment of the same, are still a major cause of concern to the global populations. Governments and organizations are desperate to adopt measures that will ensure the reduction of healthcare expenditure.
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Global Mobile Health Market-Market Dynamics
Mobile access has witnessed exponential penetration rates globally. The prospect of mobile healthcare is more evident than ever in the current circumstances. Mobile health is expected to ensure the management of healthcare at various levels with the minimal use of resources. This way, unnecessary healthcare expenditures are avoided. The global mobile health market is certainly on the rise and many organizations are on the verge of exploiting the immense potential of this market.
The market is driven by major factors such as:
Need to reduce healthcare expenditure
Rising incidence of chronic diseases
Increase in aging population
Widespread mobile smartphone penetration globally
Prospect of personal healthcare management
Technological advances in the form of 3G & 4G networks
Need for cost-efficient healthcare delivery
Increased awareness levels among the population about the need for proper healthcare management
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Regardless of the immense potential the mobile health market, it has its own set of challenges, such as:
Stringent regulatory framework
Lack of skilled personnel
Lack of proper infrastructure
Data privacy concerns
The global mobile health (mHealth) market can be segmented on the basis of monitoring device type (blood glucose monitoring, hemodynamic monitoring, neurological monitoring, remote patient monitoring, respiratory monitoring, body & temperature monitoring, and others), sports and fitness apps (exercise, weight loss, and others), technology (3G/4G/5G, Wi-Fi, ZigBee, Ethernet, Z-Wave, and Others), end users (hospitals & clinics, home healthcare, and others), and geography (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America).
Some of the key players in the market are:
Ihealth Lab, Inc.
Samsung Electronics Co. Ltd.
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Key Deliverables in the Study
Market analysis for the mobile health market, with region-specific assessments and competition analysis on the global and regional scale.
Market definition along with the identification of key drivers and restraints.
Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale.
Extensively researched competitive landscape section with profiles of major companies along with their market share.
Identification and analysis of the macro and micro factors that affect the mobile health market on both global and regional scale.
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market.
Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped.
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