mHealth Market to Touch USD 293.29 Billion by 2026; Growing Adoption of Artificial Intelligence for Health Assistance to Boost Market, says Fortune Business Insights™

Pune, June 02, 2020 (GLOBE NEWSWIRE) — The global mHealth market size is projected to witness significant growth on account of the rising demand for home-based remote patient monitoring services especially amongst the elderly population. With mHealth coming into the picture, it is easier to avail telehealth services via the digital media and maintain the healthcare supply chain management with ease. As per a recent report by Fortune Business Insights titled, “mHealth Market Size, Share & Industry Analysis, By Category (By Apps {Disease & Treatment Management, Wellness Management}, By Wearable {Body & Temperature Monitors, Glucose Monitors}) By Services Type (Monitoring Services, Diagnostic Services, Treatment Services) By Service Provider (mHealth App Companies, Hospitals, Health Insurance) and Regional Forecast, 2019-2026,” the value of the market was USD 34.28 billion in 2018 and is likely to reach USD 293.29 billion by the end of 2026 by exhibiting a CAGR of 29.1% during the forecast period, 2019 to 2026.The report is based on quality and quantity assessment of the market and its prospects based on current industry trends, major developments, and other interesting insights. It also discusses the competitive landscape of the market, key drivers, restraints, challenges, and upcoming opportunities. The report also describes the table of segmentation and the names of the leading segment with market figures. The report is provided on the company website.Drivers & Restraints-Increasing Penetration of Smartphones to Add Impetus to MarketThe rise in the geriatric population, increasing prevalence of many chronic, and acute diseases, and the advent of digital health monitoring are the key factors propelling the mHealth market growth. This, coupled with the growing penetration of smartphones, wireless technology, and health applications that helps to record personal health and data are also aiding to the expansion of the market. In addition to that, the and lack of proper healthcare infrastructure in various rural and underdeveloped areas that deprive them of availing medical aid is promoting the demand for mHealth services.On the contrary, the authenticity and reliability of medical health applications may pose a major challenge to the market, coupled with the lack of data securing and patent protection. Nevertheless, the rising adoption of artificial intelligence and 5G for uninterrupted network connectivity are likely to help the market flourish in the coming years.Most of the industries today are at a standstill and facing huge losses owing to the current COVID-19 pandemic. However, every cloud has a silver lining. With the help of government support, it is possible to fight the contagious disease and we all hope to come out of this situation at the earliest possible. We are offering impact analysis on various markets that have been impacted by the coronavirus widespread and the necessary measures adopted by them to draw out revenues.
Segment-Wearable Device Segment to Hold DominanceBased on segmentation by category, the wearable device segment held the largest mHealth market share. This is attributable to the increasing prevalence of chronic diseases such as diabetes, respiratory diseases, heart diseases, and others, coupled with the increasing adoption of wearable devices that keeps track of both medical and fitness goals.Regional Analysis-Europe Emerged Dominant on Account of Increasing Number of Digital Health StartupsGeographically, Europe dominated the market in 2018 on account of the rising number of digital health startups in the region. In addition to this, the increasing prevalence of heart diseases, diabetes, and other chronic disorders are also boosting the demand for mHealth services in the region. Furthermore, the advent of remote patient monitoring has helped patients staying in rural areas and are deprived of medical facilities, thereby augmenting regional market growth.On the other side, the North American market generated a revenue of USD 10.20 billion in 2018 and is likely to gain significant revenue in the coming years. This is on account of the increasing penetration of smartphones in developed nations such as Canada and the U.S., coupled with the increasing number of deaths caused by cardiovascular diseases, followed by hypertension.Competitive Landscape-Companies Emphasizing on Innovative Services for Gaining Competitive EdgeThe global mHealth market is highly fragmented in nature on account of the presence of many players. However, companies such as DEXCOM, Apple Inc., and Fitbit are holding majority shares. Manufacturers are engaged in the launch of multiple startups with innovative services that will not only elevate user experience and motivate them to continue opting for healthy living and eating, but also help them gain momentum in the market competition. For instance, the launch of four new smart wearables namely Fitbit Ace 2, Fitbit Inspire, Fitbit Inspire HR, and Fitbit Versa Lite Edition are likely to help Fitbit gain significant revenues and emerge as one of the leading players in the market.July 2017 – LifeWatch AG was acquired by BioTelemetry Inc. and they collectively emerged as one of the dominant players in remote patient monitoring and digital health to expand their product portfolio in various geographies.October 2019 – A platform for mobile health mSafety was launched by Sony to design and develop patient monitoring solutions, thereby gaining a significant position in the market.
List of Key Companies Operating in the mHealth Market. They are as follows:Apple Inc.Fitbit, Inc.Jawbone Health Hub, Inc.DexcomBioTelemetry, Inc.Omada Health, Inc.AT&TOmron Healthcare, Inc.Livongo HealthBoston Scientific CorporationOther playersIntroductionResearch ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesKey InsightsStatistics on smartphone penetration rate for key countriesHealthcare expenditure for key countriesAverage costs of chronic illnesses by type of medical facility in the U.S.New product launchTechnological AdvancementsFunding and Start-ups: OverviewGlobal mHealth Market Analysis, Insights and Forecast, 2015-2026  Key Findings / SummaryMarket Analysis, Insights and Forecast – By CategoryAppsDisease & Treatment ManagementHealthcare Providers/InsuranceMedication RemindersWomen Health and PregnancyDisease SpecificWellness ManagementFitnessLifestyle and stressDiet and NutritionOthersWearableBody & Temperature MonitorsSleep TrackersFitness TrackersGlucose MonitorsBP MonitorsCardiac MonitorsOthersMarket Analysis, Insights and Forecast – By Services TypeMonitoring ServicesFitness & Wellness SolutionsDiagnostic ServicesTreatment Services OthersMarket Analysis, Insights and Forecast – By Service ProvidermHealth App CompaniesPharmaceutical CompaniesHospitalsHealth InsuranceOthersMarket Analysis, Insights and Forecast – By RegionNorth AmericaEuropeAsia PacificLatin AmericaMiddle East & AfricaTOC Continued….!!!

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