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Increasing awareness regarding the digitalization in healthcare sector is estimated to surge the mhealth industry growth. Awareness regarding the benefits of connected systems over the traditional systems is also anticipated to drive the mhealth market growth across the globe over the coming years. Apart from this, increase in demand for patient care centeric model is another factor driving the mhealth market growth during the forthcoming years.
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The global mhealth market is segmented into four major segment named services, participants, and region. On the basis of services the mhealth market is segmented into monitoring services, diagnosis services, healthcare systems strengthening services and others. These monitoring services are further bifurcated into independent aging solutions and chronic disease management and post-acute care services. On the basis of the participants the global mhealth market is segmented into mobile operators, device vendors, content players, and healthcare providers. On the basis of region the global mhealth market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Europe captures the largest revenue share at 35.0% and will continue to retain its dominance position over the forthcoming years. Rapid adoption of healthcare apps and technologies and high per capita healthcare expenditure are expected to rise the demand for mhealth market in the respective region.High price of developing the apps is anticipated to be the one of the considerable factor in hindering the market growth in emerging regions such as MEA, APAC and Latin America. However, with the increasing numeral of market entrants the app prices are anticipated to fall over time; this will backing the market growth in emerging such countries such as India and China.
In 2018, Europe was the generating highest revenue in the global mhealth market. Rising acceptance of mHealth in European nations for instance U.K. and France. Growing numeral of research initiatives are the other key parameter strengthening the expansion of the regional market. Escalating geriatric population and accordingly growing chronic diseases burden in this region are also enhancing the growth of the mhealth market. Also, rising research initiatives, for instance, the Europe funded a project named MyCyFAPP. This project is a digital health tool for supporting cystic fibrosis patients and their families to relief compute optimal enzyme dosage, are also expectantly prompting the market. Likewise, in this MyCyFAPP, a game was developed by researchers for children to assistance them understand the implication of good nutrition.
Asia Pacific is anticipated to showcase the highest CAGR of 27.0% over the forthcoming years. Emerging acceptance of digital technologies, developing alertness regarding connected care, growing acceptance of remote monitoring tools, and unmet healthcare demand are subsidizing the growth of the mhealth market in the respective region. Growing geriatric populace in nations for instance, China and growing number of chronic conditions among patients are inspiring the need for mHealth in illness monitoring and diagnosis.
The key players operating in the global mhealth market are Vodafone Group, AllScripts Healthcare Solutions, Apple Inc., AirStrip Technologies, Qualcomm Inc., mQure, Softserve, Telefonica, Orange, Google Inc., Samsung Electronics, and AT&T. These key players are spending vast wealth to transform the product line as the opposition in the market is increasing with rapid speed. Likewise, with capricious technology the need for better and efficient healthcare infrastructures are developing, so cater the need of the customers, these players are constantly developing new products.
