The growing popularity of fitness and activity monitoring among fitness-conscious consumers is likely to be the major driver for the global mHealth Device market over the forecast period. The growing preference for regular exercising among the urban population has driven the demand for fitness trackers and other associated mHealth Devices, as they allow the consumers to keep track of their workouts in a simple format. The rising use of mobile apps for fitness tracking is also likely to drive the global mHealth Device market over the forecast period, as m-health solutions make it easier for users to track their exercises and the benefits garnered from the same. The increased functionality provided by app platforms is likely to be a major driver for the global mHealth Device market over the forecast period.
The mHealth Device Market is projected to register an outstanding CAGR of 9.90% to reach the revenue of around USD 48.91 Billion by the forecast period (2022-2030).
The global mHealth Device market trends report reveals that the industry has become extremely competitive in the last few years due to the growing popularity of fitness trackers and the increasing efforts being taken by manufacturers to keep up with the global product standards and innovate new features that can help them get an edge over their competitors. Increasing product development efforts from manufacturers are likely to be a key driver for the global mHealth Device market over the forecast period. Increasing acceptance of advanced mHealth Devices in hospitals is also likely to remain a major driver for the global mHealth Device market over the forecast period.
On the other hand, the lucrative commercial promise of the m-heath device market has led to false advertising and other more serious offences being committed by manufacturers of mHealth Devices in the last few years. In February 2019, the U.S. FDA warned six m-health vendors against advertising that their products were equivalent to a mammogram. This is likely to remain a threat in the mHealth Device market over the forecast period, as the increasing financial implications of the healthcare sector have raised the stakes for players operating in the industry.
The global mHealth Device market is expected to rise to a valuation of USD 48.91 billion by 2030, growing at a stunning CAGR of more than 9.90% over the forecast period from 2022 to 2030. The rapid development of the telecommunications industry is likely to remain a key complement to the mHealth Device market over the forecast period.
Leading players in the global mHealth Device market include tech giants as well as medical industry players looking to make the most of the technological innovations sweeping the healthcare products industry. Key players in the global mHealth Device market include Apple Inc., Allscripts, GE Healthcare, Cerner, Medtronic, and Athenahealth.
The global mHealth Device market is segmented on the basis of type, application, and region.
The global mHealth Device market has been segmented on the basis of type into medical devices, health and fitness devices, and other devices. Medical devices hold the dominant share in the global m-health market and are likely to remain the leading contributor to the global market over the forecast period.
By application, the global mHealth Device market is segmented into monitoring, treatment and diagnostics, education and awareness, healthcare management, wellness and prevention, and others.
North America is likely to dominate the global mHealth Device market share over the forecast period due to the growing adoption of advanced medical technology in the U.S. and Canada and the increasing acceptance of network-dependent healthcare solutions such as mHealth Devices. Widespread availability of upgraded communication infrastructure is also likely to be a major driver for the mHealth Device market in North America over the forecast period. Europe holds the second largest market share in the global mHealth Device market and is likely to remain a major regional contributor to the global market over the forecast period due to the growing demand for technologically advanced healthcare solutions in advanced countries in Western Europe.
Asia Pacific is expected to exhibit rapid growth over the forecast period due to the growing demand for advanced healthcare machinery in emerging countries in the region and the increasing disposable income of consumers in the region.
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