The need for greater efficiency and cost effective healthcare are the critical drivers of the market. Mobile technology affords reduced manual intervention, faster information collection, access and elimination of errors. It has eliminated the need for manual paper work and made remote access of information possible. Better information management makes possible better analysis and informed decision making resulting in better performance and returns on investment. Real-time monitoring of patient health parameters and direct provision of healthcare via mobile telemedicine are added advantages. Growing adoption of mobile devices and technological advances such as miniaturization has resulted in more developed market. Another development is the falling divide for smartphone ownership between developing and developed economies. Smartphone ownership rates in emerging and developing nations climbed from a median of 21% in 2013 to an eye watering 37% in 2015.
Growing stringency of government regulations regarding information storage, inaccessibility of healthcare in difficult areas and concerns over the burgeoning healthcare costs are added drivers of the market.
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Market Scenario of Global MHealth applications Market:
mHealth or mobile health, is the application of mobile technology in the practice of healthcare. The global mHealth applications market is expected to generate USD 100.2 billion by the end of forecast period of 2023.
Industry News and Trends
January, 2018 – The sluggish growth in the hardware markets has forced companies to generate revenues from leveraging their preexisting platforms and systems. For example, Apple launched a Health App which integrates EMR Data from 12 national health systems on iPads and iPhones.
Collaboration with large healthcare players and hospitals is another strategy that has been pursued significantly. For example, Apple partnered with 12 large healthcare hospitals such as Johns Hopkins Medicine, UNC Health Care, Dignity Health and others for its mhealth app.
Many public health systems have also used the telemedicine and mhealth app which is a very lucrative market as can be seen from the following examples,
February, 2018 – Wyoming’s Department of Health launched mHealth app designed to connect families within the state with appropriate healthcare resources.
December, 2017 – Texas healthcare department launched mHealth app to connect patients with psychiatrists.
Thus collaboration with state healthcare systems is another attractive proposition which needs to be explored.
Market Dynamics of Global MHealth applications Market:
Restraints
Lack of awareness, poor connectivity, and scarcity of trained manpower are critical restraints of the market. Concerns over information security, high maintenance and installation costs are other factors hindering the market.
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Segments of Global mHealth applications Market:
Type – monitoring applications, diagnosis & treatment, education & awareness, healthcare management, wellness & prevention, and others. Monitoring application are expected to hold the largest market share of 53.8% in 2016.
Regional Analysis of Global mHealth applications Market:
Europe holds the largest market share by value of 31.7% in 2016. Europe is led by Germany, France and the U.K. However the Scandinavian nations such as Norway, Finland and Iceland are expected to be the fastest growing.
Asia-Pacific takes the runner up position and is expected to be the fastest growing market with a CAGR of 33.7% during the forecast period of 2017-2023. Asia Pacific regions are led by Japan, China, India and others. Asia Pacific region is followed by North America which is expected to generate USD 28762.1 million by the end of forecast period of 2023. U.S. comfortably dominates the North America region. Middle East and Africa (ME&A) accounts for the remaining USD 1334.9 market value in 2016 and is anticipated to generate moderate growth during the forecast period.
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