Market Research Report
mHealth Market Size By Platform, By Application, By End-use, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 - 2025
|Published by||Global Market Insights Inc.||Product code||801188|
|Published||Content info||300 Pages
Delivery time: 2-3 business days
|mHealth Market Size By Platform, By Application, By End-use, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 - 2025|
|Published: February 20, 2019||Content info: 300 Pages||
mHealth Market will exceed USD 289.4 billion by 2025; as per a new research report.
Growing use of mobile phones along with increase in penetration of internet services will enhance the business growth over the forecast period. The mobile technology has led healthcare facilities to improve the healthcare services by providing appropriate environment to achieve necessary mHealth goals. Recent technological advancements in mobile applications will help doctors, patients in operating medical equipment and administering treatment regime, hence increasing the product demand and fueling the market growth.
Chronic disease management is one of the major health outcomes of mHealth resulting in cost-effective healthcare and quality of life. As the prevalence of chronic disease continues to grow, the use of technologically advanced mHealth applications will gradually increase. Growing use of mHealth in healthcare and public health for patient monitoring, communication, education, and proper chronic disease management will drive the mHealth market growth in the forthcoming years.
Lack of knowledge regarding the mHealth applications or advanced mobile use in developing countries will be one of the major market impeding factors. The people living in low and middle income countries have less access and penetration of mobile phones and internet services. Also, the knowledge level of those people is limited, resulting in sluggish market growth over the projection period.
Wearable devices market was valued around USD 9,235.2 million in the year 2018. The use of wearable devices for preventive medicine and self-health monitoring is growing due to increase in number of geriatric population. Also, recent technological advancements and developed technologies assist in reducing the overall cost of the diagnosis and treatment. Several applications such as ease of use, remote monitoring and diagnosis will result in augmenting the mHealth market growth in the near future.
Application of mHealth for education and awareness purpose is estimated to grow at 39.0% over the forecast period. Growing number of developing economies using mobile for addressing their healthcare needs will pave way for the business growth. The use of mHealth for educating the patients and raising awareness regarding several health aspects such as prevention, diagnosis and treatment of chronic diseases will increase the demand, thereby boosting the industry growth.
Physicians as an end-use segment held significant market and was valued around USD 9,097.3 million in the year 2018. The use of mHealth by physicians will ease the communication gap between them and the patients. As per the survey conducted by the American Medical Association (AMA), many of the doctors were eager about the applications of mHealth in day-to-day practice. Hence, growing demand and adoption rate of mHealth will enhance the market growth in the future.
Germany dominated the Europe mHealth market and was valued around USD 2,324.8 million in the year 2018. The growth in the country is attributed to aging population, increase in digitalization of society, growing prevalence of chronic diseases, increased health consciousness and fitness among the people. Also, rise in willingness of the people in country to invest in well-being and fast data networks offers better conditions that will favor the business growth in the region.
Peru mHealth market is estimated to grow at 41.0% over the projection period. Use of mobile technologies have become more common in developing regions of Latin America. Peru is becoming one of the major mHealth projects providers for better health services. The use of mHealth is estimated to have high potential to improve the quality of health services, reduce healthcare costs and increase the effectiveness of public healthcare facilities. It is evident that the applications of mHealth are having positive impact on the market growth in the country.
Industry players having a strong foothold include: AT&T, Allscripts Healthcare Solutions, mQure, Apple Inc., Samsung Electronics Corporation, Omron HealthCare Inc., Philips healthcare, Bayer Healthcare, Cardionet Inc., LifeWatch AG, Masimo Corporation, Boston Scientific, Sanofi, Qualcomm Inc. and others. In order to expand their industry presence, many established firms are entering in sparsely addressed high potential regions. Introduction of devices in emerging economies by these companies enables them to cater to unmet needs and expand revenue sources.