China mHealth market is set to achieve a significant 39.8% CAGR from 2019 to 2025, driven by rising penetration of smartphone users in the country.
Selbyville, Delaware, Aug. 22, 2019 (GLOBE NEWSWIRE) --
As healthcare industry is being transformed by technological advancements, mHealth market size is anticipated to increase rapidly in the years to come. mHealth industry trends have received widespread impetus owing to the massive use of mobile phones and increasing reach of internet that has made data analytics, cloud computing, electronic medical records and a variety of other technologically advanced methods of treatment possible.
According to a survey conducted by WHO, mobile and wireless technologies have started to show evidence of being revolutionary in the healthcare services scenario and therefore are garnering increased government interest all over the world. In fact, governments in low- and middle-income countries are viewing mHealth as an instrument for strengthening health systems and achieving the health-related Millennium Development Goals.
The global mHealth market will achieve 38%+ CAGR to surpass USD 289 billion by 2025
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mHealth has proved to be of considerable help in promoting awareness about diseases that can dangerous but are easily preventable and thus has in turn helped in reducing the burden of the diseases linked with poverty, including malaria, HIV/AIDS and TB. Besides being applied in maternal and child health, mHealth applications have proved to be beneficial in diverse scenarios which include improving timely access to emergency, managing patient care, general health services, reducing drug shortages at health clinics, treatment adherence and enhancing clinical diagnosis.
For instance, recently, a new mHealth app called MySpira, developed by University of Suffolk and Orbital Media is being launched in the UK that will use augmented reality and gaming techniques to teach children with asthma to use their inhalers correctly. As the proper use of inhalers increases effectiveness of treatment, decreases medication wastage and prevents hospitalization and even death in some cases, healthcare providers are expecting MySpira to help children to take control of their condition. The app is anticipated to reach nearly 90% of people living with asthma. Such a reach can almost be unthinkable with traditional approaches, a factor that is driving mHealth market outlook.
Trends noted in the mHealth market are generally consistent with trends noticed in eHealth, that is, higher-income countries are likely to witness more mHealth activity than lower income ones. Therefore, evidence of mHealth deployment in Europe and North America are prominent than in Africa. However emerging economies are increasingly investing in mHealth are developing surveillance, raising public awareness, and decision support systems with the help of mHealth technologies.
Greater bandwidth and technological advancement in developed nations of Europe and North America have added stimulus to the growth of mHealth industry in these regions. Greater cost of healthcare services and an aging population will also drive mHealth industry expansion in these regions.
For instance, in the U.S. healthcare costs were estimated at nearly $2.9 trillion in 2013 and are anticipated to rise to $4.8 trillion by 2021 which translates to health care spending as a percent of GDP to be 19.6% by 2021. As the Baby Boomer generation retires, percentage of geriatric population is estimated to rise, adding to the burden of healthcare costs as most older people are prone to chronic diseases or other age-related ailments.
Browse key industry insights spread across 300 pages with 452 market data tables & 8 figures & charts from the report, “mHealth Market” in detail along with the table of contents:
Currently the EU is funding research and innovation programs that are aimed at incentivizing development of mHealth solutions. The EC funded various research and innovation projects related to mHealth which involve either developing apps or mobile health tools. Horizon 2020, as the program is called, focuses on personalizing health and care (PHC), which empowers citizens through self-management of health and disease, health promotion and disease prevention consequently adding growth opportunities to the mHealth market.
As per estimates, Germany was the leading revenue contributor to Europe mHealth market in 2018 and was worth close to USD 2,324.8 million in the same year. The massive growth can be credited to the rising elderly populace, rise in digitalization trends, and increasing prevalence of chronic diseases.
mHealth is expected to contribute to reducing some of the burden as remote patient monitoring technologies have made it possible for the elderly to avail competent medical advice without having to leave the comfort of their homes. The case is true for countries in the Asia Pacific where low cost, high-quality smartphones have transformed communication between patients and healthcare providers.
In the region smartphones are being used to raise health care awareness considering the fact that there are more than three billion mobile phone users in the Asia-Pacific region and strengthening the case for mHealth industry in the region.
Speaking about mobile technologies, they have also made their mark on the LATAM region on account of which the continent is expected to witness substantial growth in mHealth applications.
Estimates claim that Peru mHealth market size is anticipated to register a CAGR of 41% over 2019-2025, powered by expansive proliferation of mHealth in the region and the rising number of public healthcare facilities.
What does this report offer?
This mHealth market report covers a detailed analysis of every segment of the industry including different platforms, varied applications, regional share and company profiles. The report provides insights on mHealth industry in terms of parameters which include market segmentation, industry landscape, growth drivers, competitive landscape and global trends that will shape the market outlook.
The document comprises an executive summary, summary of industry insights, industry ecosystem analysis, technology landscape, current and upcoming projects etc. Regulations imposed by governments and competitive landscape of the industry are also elaborated on along with various business strategies undertaken by the industry players to stimulate revenue share.
The mHealth market segmented by platform which includes such subdivisions as mobile apps, wearable devices and others. Important indicators included in the platform segment encompass market share anticipated to be registered by each subsegment during the forecast duration.
A detailed analysis of the companies operating in mHealth market is included in the research report. Regionally, mHealth industry report is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Each region is further elaborated on including consumer base, market distribution, presence of industry players and other aspects.
In terms of the application segment, mHealth market is divided into communication and training, diagnostics and treatment, education and awareness, remote data collection, disease and epidemic outbreak tracking and remote monitoring. The capacity segmentation elaborates on a collection of industry scope and leading driving factors.
The mHealth industry report also discusses current and anticipated market share to be held by each subsegment during forecast period. Various trends depicting the performance of the industry have also been discussed in detail.
The global market report consists of an assortment of significant parameters that can facilitate the process of decision-making for stakeholders. The report also consists of information such as industry drivers and SWOT analysis.
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