Koninklijke Philips N.V. (Netherlands) and Medtronic plc (Ireland) are Leading Players in the mHealth Solutions Market
The mHealth solutions market is projected to reach USD 213.6 billion by 2025 from USD 50.8 billion in 2020, at a CAGR of 33.3% during the forecast period. The growing adoption of smartphones, increasing penetration of 3G/4G networks, increasing utilization of connected devices and mHealth apps for the management of chronic diseases, rising focus on cost containment in healthcare delivery, rising focus on patient-centric healthcare delivery, and the increasing demand for home healthcare services are some of the key factors driving the greater uptake of mobile technologies among both patients and healthcare professionals.
The prominent players in this market are Medtronic plc (Ireland), Apple, Inc. (US), AirStrip Technologies (US), AliveCor, Inc. (US), Nike, Inc. (US), Koninklijke Philips N.V. (Netherlands), Johnson & Johnson (US), Omron Corporation (Japan), BioTelemetry, Inc. (US), athenahealth, Inc. (US), AgaMatrix, Inc. (US), Withings S.A. (France), and iHealth Labs, Inc. (US). Some of the major providers of wireless mobile network and multiparameter trackers include AT&T (US), Qualcomm (US), Cerner Corporation (US), Diversinet (Canada), Mobisante, Inc. (US), and Cisco Systems, Inc. (US).
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Koninklijke Philips N.V. (Netherlands)
Koninklijke Philips dominated the global mHealth solutions market in 2019. This share can be attributed to the company’s wide offerings in the connected medical devices market and its global presence. Philips has mainly adopted product launches as its key growth strategy in order to increase its share in other mHealth segments, such as mHealth apps. For instance, in 2018, Philips launched the Philips CareSage mobile application. This app provides a predictive analytics engine that enables hospitals to monitor patients remotely.
Medtronic plc (Ireland)
Medtronic is the second-largest player in the global mHealth solutions market. The company derives the majority of its revenue from its operations in North America. However, the firm intends to expand its business in the international market, mainly through partnerships and product launches. For instance, in February 2019, Medtronic collaborated with Novo Nordisk (Denmark) to develop solutions for the insulin market using Medtronic’s CGM device to enhance overall market analytics and insights for the diagnosis of diabetes. Similarly, in 2018, Medtronic entered into a partnership with the Medical University of South Carolina. The company also invests in R&D in order to expand its capabilities in the field of mHealth solutions.
Related Reports:
mHealth Solutions Market by Connected Devices (Glucose & Blood Pressure Monitor, Peak Flow Meter, Pulse Oximeter), Apps (Weight Loss, Women Health, Diabetes Management, Mental Health), Services (Remote Monitoring, Consultation) - Global Forecast to 2025
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