Global mHealth market is predicted to cross US $289.4 billion by the year 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.
Growing use of mobile devices along with easy access to internet has augmented the use of mobile applications in healthcare industry. Constant development in mobile device technologies and mobile applications, along with the convenience of using mHealth applications will propel the market growth in the upcoming years.
Increasing instances of chronic diseases will fuel the demand for mHealth applications as they help in improving the quality of life of patients in cost-effective manner through chronic disease management solutions. The use of technologically advanced applications in public healthcare sector for effective communication, patient monitoring, and education will further propel market growth.
Limited use of smartphone devices, restricted access to internet, and lack of knowledge about the mHealth applications, in developing nations, will hamper the market growth to some extent over the forecast period, claims the report.
Considering the type of platform, mHealth market from wearable devices segment was worth US $9,235.2 million in 2018, owing to the surging use of these devices for self-health monitoring and preventive care. Advanced technologies, easy usability, cost-effectiveness, along with the ability to provide diagnosis and remote monitoring will amplify segmental growth.
Based on application spectrum, education & awareness application of mHealth market is presumed to witness 39% growth over the analysis period. As developing nations are realizing the potential of mobile devices, they are adopting mHealth applications to address healthcare requirements of patients and for creating awareness regarding chronic diseases and their prevention, diagnosis & treatment, thereby encouraging the market outlook.
According to the study, mHealth market from physicians end-use segment was worth US $9,097.3 million in 2018, pertaining to the capability of these applications to reduce communication gap between patients & physicians, hence easing the medical consultation & treatment.
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In terms of regional landscape, Europe mHealth market is dominated by Germany and was worth US $2,324.8 million in 2018, owing to increasing expenditure of the population on well-being and availability of high-speed internet. Other factors fueling the regional market growth include growing geriatric population, increasing cases of chronic diseases, rising health & fitness consciousness, and social digitalization.
Moreover, Peru mHealth market is anticipated to register 41% growth by the year 2025, owing to the application’s potential to improve efficacy of healthcare institutes, enhance quality of life, and reduce medical costs. Increasing use of mobile technologies in developing economies of Latin America, along with adoption of mHealth projects in Peru will further boost market growth in the region.
The key players operating in the mHealth market comprise of Allscripts Healthcare Solutions, Philips Healthcare, AT&T, Samsung Electronics Corporation, mQure, Omron HealthCare Inc., Qualcomm Inc., Masimo Corporation, Bayer Healthcare, Apple Inc., Sanofi, LifeWatch AG, Boston Scientific, and Cardionet Inc. among others.