Global mHealth Market is Growing Due to Increasing Healthcare Cost and Growing Demand for Patient Centric Healthcare Model

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The global mHealth market was valued at $13,674.3 million in 2015, and it is expected to grow at a CAGR of 34.0% during 2016 – 2022. Among the various products and services, the mHealth application segment is expected to witness the fastest growth, at a CAGR of 40.1%, during the forecast period. The global mhealth market is growing at a significant rate, due to increasing healthcare cost, increasing demand for patient centric healthcare model, and increasing prevalence of chronic and lifestyle associated diseases. In addition, the growing demand for mhealth technologies, increasing access of mobile platforms, tablets and smartphones, increasing utilization of connected medical devices and mhealth applications, and growing need for remote patient monitoring services are also driving the growth of the global mhealth market.

Mobile health (mHealth) is the use of mobile information and communication technologies for improving healthcare. It helps to tackle major challenges faced by the healthcare industry such as regulatory changes, continuous remote monitoring at home, increasing demand for quality healthcare, increasing error occurrence and integration with existing IT systems.

Factors, such as lack of data security and privacy, and insufficient memory, computational, and energy limitations are inhibiting the growth of the global market. The increasing number of collaborations and partnerships, growing number of product launches and approvals, and increasing demand for cloud technology in healthcare are the key trends observed in the global mhealth market.

Geographically, North America dominated the global market of mhealth in 2015; whereas the Asia-Pacific market is expected to witness the fastest growth, CAGR of 40.5%, during the forecast period.

Some of the key companies operating in the global mhealth market include LifeWatch AG, Cisco Systems Inc., Cerner Corporation, OMRON Corporation, AT&T Inc., athenahealth Inc., Airstrip Technologies Inc., AliveCor Inc., AgaMatrix Inc., iHealth Labs Inc., Koninklijke Philips N.V., BioTelemetry Inc., Medtronic PLC, Withings SAS, and Johnson & Johnson.

News Courtesy: P&S Market Research

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