The mobile health market is about to explode, Momo Yamada investigates.
Technology start-up’s and small businesses are gearing up for the next big business revolution according to market research company, MarketsandMarkets. The report predicts that the mobile technology health (M-Health) market will enjoy exponential growth in the coming years, and reach $59 billion in 2020.
Growth in the market is mainly attributed to the increasing penetration of smartphones, tablets, and other mobile platforms; improvements in 3G and 4G network coverage to provide uninterrupted healthcare services and a rising focus on patient-centric healthcare delivery.
mHealth apps, which include healthcare apps for consumers and medical apps for healthcare professionals, accounted for 18.8% of the mHealth solutions market in 2014.
General health care apps such as fitness, nutrition, health tracking tools and weight-loss apps dominate, accounting for 33.7% of the market. Other types of medical apps such as mental health, diabetes, blood pressure and cancer care apps are expected to be the fastest-growing segment in coming years.
North America represented the largest regional market in 2014, followed by Europe, Asia-Pacific, Latin America and the Middle East and Africa. Asian countries: China and India and Latin American countries particularly Brazil are expected to offer significant growth opportunities for market players.
Major players in the mHealth solutions market include: Medtronic, Apple, Sanofi, Nike, Withings, Jawbone and Cisco. We expect to see the massive growth in the mHealth sector help drive demand for mobile developers, data analysts and cyber security specialists.
Momo Yamada is a K2 Konnect project manager based at K2’s London office.