Koninklijke Philips N.V. (Netherlands) and Medtronic plc (Ireland) are Leading Players in the mHealth Solutions Market
The global mHealth Solutions market is projected to reach USD 395.0 billion by 2028 from USD 119.5 billion in 2023, at a high CAGR of 27.0% during the forecast period. Growth in this market is driven by the increasing penetration of smartphones, tablets, and other mobile platforms, cost containment in healthcare delivery. However, Lack of standards & regulations and insufficient reimbursements is expected to restrain the growth of this market to a certain extent.
Prominent players in the mHealth Solutions market include Koninklijke Philips N.V. (Netherlands), Medtronic plc (Ireland), Johnson & Johnson (US), Omron Healthcare Co., Ltd. (Japan), Cerner Corporation (US), Apple, Inc. (US), AliveCor, Inc. (US), AirStrip Technologies (US), athenahealth, Inc. (US), iHealth Lab Inc. (US), AT&T Inc. (US), AgaMatrix, Inc. (US), Cisco Systems, Inc. (US), Fitbit Inc. (US), Vodafone Group Plc (UK), Qualcomm Technologies, Inc. (US), OSP Labs (US), SoftServe (US), Garmin, Ltd. (US), Dexcom, Inc. (US), Tunstall Healthcare (UK), Teladoc Health, Inc. (US), ZTE Corporation (China), Omada Health (US), and My Mhealth Limited (UK). These companies adopted strategies such as product launches, agreements, partnerships, collaborations, and acquisitions to strengthen their market presence in the mHealth Solutions market.
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Koninklijke Philips N.V. dominated the global mHealth solutions market in 2022. This large share can be attributed to the company’s wide offerings in the connected medical devices market and its strong global presence. Philips mainly adopts product launches and acquisition as its key growth strategy to increase its share in other mHealth segments. In February 2021, Phillips acquired Biotelemetry Inc., (US) this helped the company to gain a significant share in patient care management solutions for the hospital and the home. Additionally In May 2020, Philips launched Philips Biosensor BX100x, a next generation wearable biosensor for early patient deterioration detection, including clinical surveillance for COVID-19.
Medtronic plc 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 international markets, mainly through partnerships and product launches. In August 2022, Medtronic collaborated with BioIntelliSense (US) to facilitates the US distribution of multi-parameter wearable for continuous remote patient monitoring from in-hospital to home. In June 2022, GE Healthcare partnered with Medtronic to, combine solutions to advance patient monitoring for better patient care quality and outcomes. The company also invests in R&D to expand its capabilities in the field of mHealth solutions.
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