MarketResearchReports.biz. has announced the addition of a new research report, titled “mHealth App Market Sizing 2015 – 2020,” to its vast market research report repository. The report states that the global market for mobile health applications, which is also one of the fastest growing segments of the global mobile applications market, will expand at a 15% CAGR over the report’s forecast period. At this rate, the market, which is currently valued at US$10 bn, is expected to rise to $31 bn by 2020.
Despite the huge hype around mHealth apps, the fast growth of this market, and the rising demand for health-related mobile applications in the past few years, a vast number of app developers have not yet been able to make significant profits with their apps and have had to develop several monetization strategies.
The report states that the majority of mHealth apps in the market currently are struggling to achieve adequate download volumes. Only a few companies have been able to survive with the help of revenues generated from traditional revenue sources such as advertising and paid downloads alone.
The report presents detailed data about the current state of the mHealth app market in terms of downloads and revenues in countries such as the United Kingdom, China, Germany, France, the USA, Russia, Japan, Italy, Turkey, and Brazil.
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The several business models followed by major mHealth app developing companies in the market, such as paid downloads, commission for appointments, device sales, transactions, advertising, featured listing, sponsored content or incentives, service subscription, technology licensing, sales of user tracking data, fundraising, and processing fee are analyzed in great detail in the report.
The report states that the majority of revenue generated in the market is the result of sales of app-connected devices, such as glucometers and activity trackers. Other streams of revenue, such as advertising, paid downloads, and transactions will amount to a share of less than 10% in the global mHealth apps market over the report’s forecast period.
The market is currently driven majorly by private users paying for mHealth apps. With a rising number of mHealth solutions being used across the globe, investors and traditional healthcare providers have steadily begun venturing into the market.
The report also gives a detailed overview of the competitive scenario of the global mHealth apps market. The market is becoming increasingly competitive and a large number of mHealth app publishers are entering the market every year. The vast rise in supply of a variety of mHealth apps in the market is currently over-compensating for the rise in downloads and users, making it highly necessary for companies in the market to develop smart business strategies for having an effective stance in the market with fewer users.
Some of the key vendors in the global mHealth app market are Azumio, Runtastic, MyFitnessPal.com, Nike, Inc., Fitness Keeper, NexerCise, FitBit Inc., Pacer Health Inc., MapMyFitness, Ovuline Inc,, Kinosis, WebMD, Unbound medicine, CareZone, Allscripts Health, and Leafly.
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