Impact of COVID-19 on Mobile Health Market to Reach Valuation of $230.41 Billion by 2027

“Blood pressure monitors hold the largest share in the global mHealth device market followed by blood glucose monitors and cardiac monitors. Geographically, North America will continue to retain its leading position in the overall mHealth market throughout the analysis period.”

mHealth Market Outlook 2020-2027:

The global Mobile Health market generated $46.04 billion in 2019, and is estimated to reach $230.41 billion by 2027, registering a CAGR of 22.3% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.

Integration of wireless technologies with portable healthcare devices, cost and convenience factors, high-end innovations in technology, government initiatives, and affordability of smartphones have fueled the growth of the global mHealth market. On the other hand, lower adoption across developing economies, weak reimbursement coverage, technological awareness among the ageing population, and uncertainty in government regulations hamper the growth to certain extent. However, untapped market of developing economies is expected to create multiple opportunities in the segment.

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Global mHealth Market Report provides an overview of the market based on key parameters such as market size, sales, sales analysis and key drivers. The market size of the market is expected to grow on a large scale during the forecast period (2020-2027). This report covers the impact of the latest COVID-19 on the market. The coronavirus epidemic (COVID-19) has affected all aspects of life around the world. This has changed some of the market situation. The main purpose of the research report is to provide users with a broad view of the market. Initial and future assessments of rapidly changing market scenarios and their impact are covered in the report.

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 reimbur sement 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.

The global mHealth market is segmented on the basis of device, service, stakeholder, application, and region to provide a detailed assessment of the market. By device, the market is divided into blood glucose meter, BP monitors, pulse oximetry, neurological monitors, cardiac monitors, apnea & sleep monitors, wearable fitness sensor device & heart rate meters, and others. By service, it is classified into prevention, diagnostic services, monitoring services, treatment, and wellness & healthcare system strengthening solutions. By stakeholder, it is divided into mobile operators, device vendors, healthcare providers, and Application & Content Players. By application, it is categorized into cardiovascular diseases, diabetes, respiratory diseases, neurology diseases, and others. By region, the mHealth market size is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Russia, and rest of Europe), Asia-Pacific (Japan, China, India, Australia, and rest of Asia-Pacific), and Middle East (Saudi Arabia, Kuwait, UAE, Qatar, Bahrain, Oman, and rest of Middle East), and Latin America & Africa.

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.

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The Major Key Players Are:

Boston Scientific Corporation, Bayer Healthcare, Johnson & Johnson, Dexcom, Inc., Masimo Corporation, Koninklijke Philips N.V., Omron Corporation, Medtronic plc, Sanofi, and Samsung Group.

Scope of the Report:

Report Attribute	Details
Market size available for years	2019-2027
Base year considered	2020
Forecast period	2020-2027
Forecast units	Value (USD)
Segments covered	Type, Stakeholders, and Application
Geographies covered	North America, Europe, Asia-Pacific, LAMEA

Source Medium: https://www.prnewswire.com/news-releases/mhealth-market-to-reach-230-41-bn-globally-by-2027-at-22-3-cagr-allied-market-research-301044312.html