The Global MHealth Solutions Market is expected to grow at a CAGR of 33.4% during the forecast period (2015 to 2020).
The Mobile Healthcare Solutions Market covers smartphone-connected medical devices (hardware), paid mHealth applications (software), and services. Currently, connected devices contribute the maximum share (~63.7%) to the mHealth solutions market, although the download volume of mHealth applications is higher than the installed base of connected devices.
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The increasing penetration of smartphones, tablets, and other mobile platforms; increasing utilization of connected medical devices and mHealth apps in the management of chronic diseases; the advent of advanced connectivity and network technologies; robust penetration of 3G and 4G networks to provide uninterrupted healthcare services; and rising focus on patient-centric healthcare are the major drivers for this market. However, the risk of data theft, stringent regulations by the FDA and EU, low guidance from physicians in selecting apps, and resistance from traditional healthcare providers may restrain market growth.
In MHealth Solutions Market report, the MHealth Solutions industry is segmented by products &services and region the basis of products & services, the mHealth solutions market is segmented into connected medical devices, mHealth applications, and mHealth services. In 2014, the connected medical devices segment accounted for the largest share of the global mHealth solutions market. This market is poised to reach USD 25.26 billion by 2020, growing at a CAGR of 24.2% during the forecast period. The connected medical devices market is further segmented into blood glucose meters, ECG monitors, blood pressure monitors, pulse oximeters, peak flow meters, neurological monitoring devices, sleep apnea monitors, multiparameter trackers, and others.
Key Market Drivers of MHealth Solutions Industry:
- Increasing penetration of smartphones, tablets, and other mobile platforms
- Increasing utilization of connected devices and mhealth apps in the management of chronic diseases
- Robust penetration of 3g and 4g networks to provide uninterrupted healthcare services
- Rising focus on patient-centric healthcare delivery
Key Market Restraints of MHealth Solutions Industry:
- Lack of data security giving rise to concerns regarding data theft and healthcare fraud
- Lack of standards and regulations resulting in low interoperability of solutions
- Difficulty in finding mhealth apps on Android or apple stores and low guidance from physicians in selecting apps
- Resistance from traditional healthcare providers
Key Market Opportunities in MHealth Solutions Industry:
- Low physician density creates platforms for greater adoption of mhealth apps in developing countries
- Expansion in mHEALTH solutions providing medium from smartphones to other mobile options
Key Challenges in MHealth Solutions Industry:
- Patent protection for MHEALTH devices and Applications
- Interoperability among apps and platforms to provide reimbursements
Some of the major players profiled in the mHealthSolutions Market report include:
- Medtronic, Inc. (U.S.),
- AirStrip Technologies, Inc. (U.S.),
- AliveCor, Inc. (U.S.),
- LifeWatch AG (Switzerland),
- Koninklijke Philips N.V. (Netherlands),
- Johnson & Johnson (U.S.),
- Omron Corporation (Japan),
- Withings (France),
- BioTelemetry Inc. (U.S.),
- Athenahealth, Inc. (U.S.),
- AgaMatrix, Inc. (U.S.),
- iHealth Lab, Inc. (U.S.),
- AT&T (U.S.),
- Cerner Corporation (U.S.),
- Cisco, Inc. (U.S.)
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In 2014, the blood pressure monitors segment accounted for the largest share of 28.0% of the global connected medical devices market. However, the blood glucose meters market is expected to grow at the highest CAGR of 26.1% during the forecast period. This market is mainly driven by the increasing prevalence of diabetes, which will correspondingly drive the adoption of blood glucose monitoring devices among patients. Moreover, a shift in consumer preference, from traditional glucose tests to multifunctional blood glucose meters for continuous glucose monitoring using smartphones, is also expected to play a pivotal role in the growth of the blood glucose meters segment in the coming years.
In 2014, North America commanded the largest share of the global mHealth solutions market, followed by Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Developed geographies like North America and Europe are likely to grow at a lower CAGR as compared to the Asia-Pacific market, which is expected to grow at the highest CAGR of 38.1% during the forecast period. Growth in this regional segment is largely driven by the rapidly aging population, increasing prevalence of chronic diseases, and lack of primary healthcare facilities in the rural areas of this region.
Reasons to buy themHealthSolutions Market Report:
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them garner a greater market share. Firms purchasing the report could use one or any combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for reaping greater market shares.
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mHealth Solutions Market report provides insights on the following pointers:
- Market Penetration: Comprehensive information on product portfolios offered by the top players in the mHealth solutions market. The report analyzes the mHealth solutions market by connected medical devices, mHealth applications, and mHealth services across all regions.
- Product Development/Innovation: Detailed insights on upcoming trends, research and development activities, and new product launches in the mHealth solutions market.
- Market Development: Comprehensive information on the lucrative emerging markets by connected medical devices, mHealth applications, mHealth services and region.
- Market Diversification: Exhaustive information about new products, growing regions, recent developments, and investments in the mHealth solutions market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, products, manufacturing capabilities, and SWOT analyses of leading players in the mHealth solutions market.
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