Proving the Business Case for the Internet of Things

Connected mhealth market to top $90bn by 2022

Steve Rogerson
August 17, 2017
 
The connected medical devices, apps and services market will reach US$90.5bn by 2022, up from $21.2bn in 2017, at a CAGR of 33.7%, according to Markets & Markets.
 
Connected devices include blood pressure monitors, glucose meters and peak flow meter. Apps include those dedicated to weight loss, women’s health, personal health records and medication. And services relate to diagnosis, remote monitoring and consultation.
 
Factors driving market growth include the increasing penetration of smartphones, tablets and other mobile platforms, increasing use of connected devices and mhealth apps for the management of chronic diseases, and the rising cost containment in healthcare delivery. In addition, the penetration of 3G and 4G networks for uninterrupted healthcare services and rising focus on patient-centric healthcare delivery further increases the demand for mhealth in the healthcare industry.
 
By product and service, the connected devices segment accounted for the largest share of the market in 2016.
 
On the basis of products and services, the mhealth market is segmented into connected medical devices, mhealth applications and mhealth services. In 2016, connected medical devices accounted for the largest share of the mhealth market, mainly due to the increasing incidence of chronic diseases and lifestyle-associated diseases requiring continuous health monitoring and the shifting consumer preferences towards a healthier lifestyle.
 
The connected medical devices market is further segmented into consumer health devices and clinical devices. The clinical devices segment is split into vital signs monitoring devices, peak flow meters, neurological monitoring devices, sleep apnoea monitors, multi-parameter trackers and others.
 
In 2016, vital signs monitoring devices accounted for the largest share of the global connected medical devices market. The report attributes this to the rise in prevalence and incidence of diabetes and cardiovascular diseases across the globe and increasing adoption of continuous glucose monitoring systems and various health monitoring devices.
 
The applications market is segmented into healthcare applications designed for patients by activity, and medical applications designed for professionals. In 2016, the healthcare applications accounted for the largest share of the mhealth applications market.
 
This growth is attributed to factors such as increasing numbers of people using smart phones, the increasing preference for personal health and wellness apps for self-health management, and the increasing need for tracking daily activities and various health conditions of patients leading to the rising adoption of healthcare apps.
 
With mhealth services, the market is categorised into remote monitoring, diagnosis services, treatment services, consultation services, fitness and wellness services, prevention services, and healthcare system strengthening services. The remote monitoring services segment is expected to register the highest CAGR in the mhealth market. The large share can be attributed to the increasing adoption of remote monitoring by patients in remote rural areas and technological advancements in medicine and telecommunications.
 
In 2016, North America dominated the global mhealth market. The increasing demand for better healthcare services, government initiatives for digital health, stringent regulations regarding patient safety and patient care, and increasing number of smartphone users coupled with the rising awareness of self-health management are driving the growth of the mhealth market in this region.
 
The report says the key players in the market are Medtronic (Ireland), Apple (USA), AirStrip Technologies (USA), AliveCor (USA), LifeWatch (Switzerland), Nike (USA), Koninklijke Philips (Netherlands), Jawbone (USA), Omron (Japan), Withings (France), BioTelemetry (USA), Athenahealth (USA), AgaMatrix (USA), iHealth Lab (USA), AT&T (USA), Qualcomm (USA), Cerner (USA), Cisco Systems (USA) and Nokia (Finland).