mHealth Applications Market Analysis and In-Depth Research on Trends, Emerging Growth Factors During 2019-2023
The Mobile Health Application or mHealth Application Market has developed into a vivid ecosystem. With the high adoption of mobile in the healthcare industry, the business for mHealth applications is expanding. The fast-paced digital industry and the slow-paced healthcare industry continues to collide, thus bringing disruptive change to the global market. mHealth assists to maintain and check the health-related activities by using Wi-Fi, mobile network, and Bluetooth.
With technology transforming the world, technological advancement and digital innovation are taking the healthcare sector to a different level. With the extensive use of mobile and mHealth devices, the mHealth applications market is propelling throughout the estimated period, as technology plays a major driver behind the market growth. The continuous advancements and innovation in the medical sector are influencing the global mHealth market worldwide.
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Additionally, factors promoting the market growth are low cost and convenience of medical devices, government initiatives, integration of wireless technology, and affordability of smartphones. Moreover, the rising adoption of mHealth apps for tracking health is considered to foster the market growth in the coming years. Benefits such as remote patient monitoring, consultation, prevention and treatment services, and patient record keeping are likely to gain prominence throughout the assessment period.
On the flip side, factors like security threats and confidentiality along with resistance to change and market volatility are some of the major concerns likely to dampen the market growth during the estimated period. Additional factors such as lack of technological awareness among the geriatric population, nascent technology especially in the underdeveloped regions, and limited reimbursement coverage are likely to dampen the market growth to a large extent.
Global mHealth Applications Market – Key Players
Some of the key players in this market are:
- Allscripts (US)
- Agamatrix, Inc. (US)
- Apple Inc. (US)
- Honeywell International Inc. (US)
- MiniMed, Inc. (US)
- Vivify Health (US)
- iHealth Labs Inc. (US)
Global mHealth Applications Market – Segments
The Global mHealth Applications Market has been segmented on the basis of type and region.
By mode of type, the global mHealth applications market has been segmented into diagnosis & treatment, monitoring applications, healthcare management, education & awareness, wellness & prevention, and others. Among these, the healthcare management accounts for the largest market share owing to the rising number of people using smartphones. Also, growing need for tracking daily activities, rising preference for personal health and wellness app, and health conditions of patients are some of the factors attributing to the growth of the segment during the review period.
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Global mHealth Applications Market – Regional Analysis
Geographically, the mHealth Applications market spans across regions namely, Europe, Asia Pacific, North America, and the Middle East & Africa.
Among all the regions, the European region is considered to occupy the largest market share with 31.7%. The growth in this market is credited to the augmenting penetration of mobile devices, increasing adoption of mHealth apps in order to track vital signs, high concentration on precision and personalized medicine production, and well-developed healthcare infrastructure.
The Asia-Pacific region is predicted to occupy the second largest share and is presumed to be the fastest growing market. The region is presumed to expand at a CAGR of 33.7%. The growth is credited to the increasing incidences of chronic diseases coupled with a large population base. Additional factors influencing the market growth are the increasing need to reduce healthcare costs, to augment lifestyle-related disorders like cardiovascular diseases, diabetes, and arthritis, to accelerate expenditure on healthcare, and to augment awareness about health disorders.
North America is considered one of the pioneers in mHealth and is anticipated to garner USD 28762.1 million by 2023. The growth is credited to the growing adoption of mHealth apps in order to track health parameters. Moreover, the government in this region is highly focusing on cutting healthcare costs which are benefiting the market. Additional factors gearing up the mHealth Applications Market growth are the presence of advanced healthcare systems in economies such as the U.S. and Canada, the growing prevalence of chronic disorders like diabetes, cancer, cardiovascular disorders, and respiratory diseases.
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