The global mHealth solutions market is projected to reach USD 90.49 billion by 2022 from USD 21.17 billion in 2017, reflecting a CAGR of 33.7 percent, estimates MarketsandMarkets. The growth of the market can be attributed to the growing demand for healthcare applications, the advent of advanced connectivity and network technologies, robust penetration of 3G and 4G networks to provide uninterrupted healthcare services, and rising focus on patient-centric healthcare.
In 2016, connected medical devices accounted for the largest share of the 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 vital signs monitoring devices accounted for the largest share in this segment. This is attributed to the rise in prevalence and incidence of diabetes and cardiovascular diseases across the globe and increasing adoption of continuous glucose monitoring (CGM) systems and various health monitoring devices.
The healthcare applications accounted for the largest share of the market owing to increasing number of people using smart phones, the increasing preference for personal health and wellness app for self-health management, and the increasing need for tracking daily activities and various health conditions of patients. The remote monitoring services segment is expected to register the highest CAGR in the market. The large share can be attributed to the increasing adoption of remote monitoring solutions by patients in remote rural areas and technological advancements in medicine and telecommunication.
The key players in the market are Medtronic, Apple Inc., AirStrip Technologies, AliveCor, LifeWatch AG, Nike Inc., Koninklijke Philips, Jawbone, OMRON Corporation, Withings, BioTelemetry, athenahealth Inc., AgaMatrix Inc., iHealth Lab Inc., AT&T, Qualcomm, Cerner Corporation, Cisco System, and Nokia Corporation.