mHealth Market will be worth US$118.4 billion by the end of 2025 – Transparency Market Research

Rapidly Increasing Demand for Quality Healthcare Stokes mHealth Market to Grow at 22.1% CAGR during 2017 to 2025

Albany, New York, Dec. 05, 2018 (GLOBE NEWSWIRE) — From a statistical perspective, experts peg the global mHealth market to gain revenue worth US$118.4 bn by 2025. This is a decent growth considering an initial revenue valuation of US$23.9 bn registered by the market in 2025. Thus growth is prophesized to occur at a stellar CAGR of 22.1% during the forecast period ranging from 2017 to 2025.

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Rapidly Improving Cell Phone Connectivity Boosts Growth

Extensively improving cell phone connectivity and Wi-Fi services is primarily driving the global mHealth market. This is mainly due to the fact that mHealth devices can work only if they are connected to quality internet services. With increasing urbanization and enhanced lifestyles, many people are now using wearable devices for fitness-based purposes as well as for recreation means. Thus, a humungous utilization of these devices also is fueling spectacular progress in the global mHealth market. With several players investing large amounts of money to produce fantastic tech that utilizes internet connectivity and sensors for health monitoring purposes, the global mHealth market is anticipated to expand with leaps and bounds in the next few years.

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Fluctuation in Availability of Raw Materials in Some Regions Stunts Progress

However, the mHealth market is notably hindered geographically as less awareness about associated products exists in remote and underdeveloped regions. Moreover, several of the services might be notably expensive thus making it difficult for those having less disposable income from buying them. In addition, volatility in availability of certain raw materials in underdeveloped regions to manufacture fitness-based wearables and other devices too is restraining the market’s growth. Lastly, a lack of regulations for safe mHealth practices and a reluctance from the perspective of traditional medical practitioners to adopt new techniques also are prime obstacles affecting the global mHealth market’s growth.

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Nonetheless, the market is gradually experiencing favorable changes as numerous companies are working towards regulating costs of services and expansion of geographical reach. This is certainly expected to reduce effects of most restraints affecting the global mHealth market.

The global mHealth showcases an extensively competitive and distributed vendor landscape, notes Transparency Market Research on the basis of a recently published report. Such a fragmented scenario is mainly present due to low entry barriers for new companies to proliferate in the market as well as a rapid mushrooming telecommunications industry. Most players are focusing on achieving product differentiation, product innovations, and improved manufacturing speeds. Moreover, with rising demand for quality healthcare services, companies are attempting to provide as many features as possible in their manufactured devices.

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Apple Inc., Proteus Digital Health, Firstbeat Technologies Ltd., Digital Therapeutics, and FitBit, Inc., are key players operating in the global mHealth market. With an increase in the number of players, the competition is expected to highly intensify in the near future.

The information presented in this review is based on a Transparency Market Research report, titled, “mHealth Market (Product – Connected Medical Devices (Heart Rate Monitors, Activity Monitors, Electrocardiograph, Fetal Monitoring, and Neuromonitoring), mHealth Applications (Fitness and Wellness, Diabetes, Cardiovascular Diseases, Central Nervous System Diseases, Respiratory Diseases, Musculoskeletal Diseases, Smoking Cessation, and Medication Adherence), and mHealth Services; End User – B2B (Patients and Caregivers) and B2C (Providers, Payers, and Employers)) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 – 2025.”

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