The growing adoption of smartphones, increasing penetration of 3G/4G networks, rising focus on cost containment in healthcare delivery, and the increasing demand for home healthcare services are some of the key factors driving the growth of this market.
The global mHealth solutions market is projected to reach USD 213.6 billion by 2025 from USD 50.8 billion in 2020, at a high CAGR of 33.3% during the forecast period of 2020 to 2025
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Market Segmentation: –
Based on product and service, the mHealth apps segment accounted for the largest share of the mHealth solutions market in 2019. The large share of this segment can be attributed to the high and growing penetration of smartphones and healthcare apps and the rising incidence of chronic and lifestyle-related diseases across the globe (coupled with the effective utilization of apps in chronic disease management).
In 2019, the vital signs monitoring devices segment dominated the connected medical devices market. Vital signs monitoring devices will continue to dominate the connected medical devices market majorly due to the increasing prevalence of chronic disorders, growing demand for vital signs monitoring at home, and the increasing focus on minimizing the cost of treating lifestyle-related diseases.
Regional Analysis:
Based on region, the mHealth solutions market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest market share in 2019. This is due to the increasing penetration of smartphones, rising prevalence of chronic and lifestyle disorders, increasing healthcare costs, increasing demand for better healthcare services, government initiatives to promote digital health, robust penetration of 3G and 4G networks, and the rising awareness of self-health management.
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Top Key Players: –
The prominent players in this market are Medtronic plc (Ireland), Apple, Inc. (US), AirStrip Technologies (US), AliveCor, Inc. (US), Nike, Inc. (US), Koninklijke Philips N.V. (Netherlands), Johnson & Johnson (US), Omron Corporation (Japan), BioTelemetry, Inc. (US), athenahealth, Inc. (US), AgaMatrix, Inc. (US), Withings S.A. (France), and iHealth Labs, Inc. (US).
