mHealth Devices Market Evolving Technologies, Applications and Growth in Regional Size Analysis attain a 35.03% CAGR Till the End of 2023
Oct 2, 2019
M-Health Device Market By Type (Medical Devices, Health & Fitness Devices, Other Devices (Mobile Telemedicine/Tele-Care Devices and Home Care Devices)), Application (Monitoring Applications, Diagnosis & Treatment, Education & Awareness, Healthcare Management, Wellness & Prevention and others) and Regions- Forecast till 2023
Pune, India - October 2, 2019 /MarketersMedia/ —
Market Analysis
The trend of wearable devices that integrate with medical applications is creating worthwhile growth prospects for m-health devices. Market Research Future projected that “The Global M-Health Devices Market is anticipated to attain a CAGR of 35.03% and valued $48,663.2 at the end of the forecast period, 2013-2023”.
Feasibility of mHealth functionalities such as disease management, wellness, complex case management, fitness, care provision has fueled the demand for the mHealth devices. Swift technological development and convergence of infrastructures such as reliable local networks, bandwidth capacity, broadband, download speeds, and wireless networks are expected to be the tipping point for the global mHealth device adoption and would drive the market growth.
Growing patient involvement in personal healthcare, emergence of connected healthcare solutions and patient convenience-led product offering are some of the key drivers driving the global m-health device market. Advent of mobile technology connecting patient with physician in various scenarios such as taking appointments and prescriptions refills has reduced the patient efforts and increased adoption for healthcare supported technologies. Access to wide database of highly qualified and certified physicians is booming the demand for m-health devices market indirectly.
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Various reforms in the healthcare sector are forcing healthcare firms to seek more efficient methods to enhance quality of care, provide care delivery beyond healthcare facilities and hospitals, emphasize more on patient-centric security and privacy engagement, and reimbursements methods. These initiatives have helped to increase the adoption of m-health treatment procedures, driving the growth m-health device market.
Major Competitive Key Players
The key players are functioning in the m-health device market applying various strategies to build better relationships with consumers via medical and health initiatives that are backed by consumer relationship management, data analytics, and communication channel-focused approaches. Some of major industrial players include Athenahealth, Koninklijke, GE Healthcare, Apple Inc., Allscripts, Medtronics, and Cerner.
On the other side, increasing cybercrimes and privacy hacks, people unaware of the benefits of m-health are some restraining factors that could impact the m-health devices market growth.
Market Segmentation
The global m-health device market is broadly segmented based on type and application.
Based on type, the global m-health device market is classified into telecare devices, medical devices, home care devices, mobile telemedicine, and health & fitness devices.
The global m-health market is divided based on application into wellness & prevention, healthcare management, monitoring applications, education & awareness, and diagnosis & treatment.
Regional Outlook
Geographically, North America is expected to play an influencing role in the global m-health device market owing to the presence of some leading technology companies and sophisticated healthcare systems in region. Europe is predicted to follow North America and stand second owing to increased adoption of PDAs, wearable devices, and smartphones among others.
Moreover, the Asia Pacific region is projected to be the fastest developing market. Introduction of remote diagnosis, telemedicine, remote monitoring, and convenient access to m-health device application. The offering of cost-effective m-health device solutions is another factor fueling the growth of the global market. In 2016, South Korea had a market share of 10%.
Rest of World, the Middle East & Africa are anticipated to grow with moderate growth owing to upward efforts of health care practitioners and workers with mobile health deployments in Africa. The data of patients is captured and transmitted through smart wearable devices, mobile phones, and PDAs.
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Industry Updates
In September 2019, The French pharmaceutical giant, Sanofi made an alliance with Happify Health, a New York-based therapeutic company to build an m-health platform that can aid people with multiple sclerosis with neural disorders. The platform would apply cognitive behavioral therapy to multiple sclerosis patients with anxiety and depression. The joint venture aims to apply the possibilities of connected health to gauge depression and stress in people living with chronic diseases and integrate care management with mental health treatment. The adoption rate of using digital therapeutic mediums is increasing in a move to shift from traditional medication procedures to modern ones.
More Related Reports
Global mHealth Applications Market information, by type (Monitoring Applications, Diagnosis & Treatment, Education & Awareness, Healthcare Management, Wellness & Prevention, and others) - Forecast to 2023 - https://www.marketresearchfuture.com/reports/mhealth-applications-market-3195
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