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mHealth Market to Reach US$118.4 Bn by 2025, Globally: Transparency Market Research
ALBANY, New York, January 3, 2018 /PRNewswire/ --
TMR has prophesied the global mHealth market to earn an estimated US$118.4 bn by the end of 2025 at a CAGR of 22.1% during the forecast timeframe 2017-2025. In 2017, the market had been worth a US$23.9 bn. By product, connected medical devices had secured a dominant share in 2016. By region, North America stood at a leading position while being worth a US$45.9 bn by the final forecast year.
Shift toward Patient Centered-based Industry Models Raises Demand
The wide range of mHealth applications has been anticipated to bring in scores of lucrative business prospects in the world market. From chronic disease management to complex population health analysis, mHealth could be highly demanded across several applications in the modern times. In a healthcare setting, mHealth could play a vital role as healthcare payers and providers turn their focus to patient outcome and patient centered-based industry models. The growth of the world mHealth market has been predicted to see a rise because of new and budding application areas of mHealth solutions, increase in the occurrence of chronic diseases, and the swelling adoption of high-speed networks and smartphones.
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As per the World Health Organization (WHO), diabetes had been the direct cause of death in case of a nearly 1.6 bn people in 2015. Furthermore, the aggressive growth of mobile web technology and aging population could stimulate additional growth in the world mHealth market.
Limited Reimbursement Coverage Threatens Uptake of New Models
As pointed out by seasoned market researchers, the international mHealth market could be restricted due to the rise of certain factors. Some of them have been envisaged to be uncertainty in government regulations, insufficient technological knowledge amongst older population groups, narrowed reimbursement coverage, and nascent-stage technologies in underdeveloped countries.
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However, in developed regions such as North America, the demand for mHealth has been envisioned to improve on the back of rising mergers and acquisitions and government funding, growing incidences of cardiovascular diseases, and mounting demand for technologically sophisticated products. Developing regions such as Asia Pacific could showcase a faster growth in the market owing to the increasing prevalence of cancer and other diseases, rising healthcare expenditure, and high awareness about technologically advanced products.
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The global mHealth market has been prognosticated by Transparency Market Research (TMR) to include some of the most powerful names in the industry that boast of their extended regional outreach and business in various product type segments. In a report by TMR, the analysts have profiled key players, viz. Jawbone, Withings, FitBit, Inc., Apple Inc., and Dexcom, Inc. Some of the primary growth strategies that have been expected to be adopted by players are industry collaborations and new product launches. Currently, product launches have been highly focused upon blood glucose and basic cardiology monitors. However, the launch of trendy wearable devices such as smartwatches could significantly add to market growth.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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