Selbyville, Delaware, April 26, 2021 (GLOBE NEWSWIRE) --
According to latest report “mHealth Market by Platform (Mobile Apps, Wearable Devices), Application (Communication and Training, Education and Awareness, Diagnostics and Treatment, Disease and Epidemic Outbreak Tracking, Remote Data Collection, Remote Monitoring), End-use (Physicians, Patients, Insurance Companies, Research Centers, Pharmacies, Biopharmaceutical Companies, Government, Tech Companies), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of mHealth will cross $805 billion by 2027.
mHealth technologies including mobile apps and wearable devices played a pivotal role in facilitating and supporting the COVID-19 response. They have showcased the potential to enhance healthcare services and patient convenience across the world. mHealth applications enable users to self-report, along with sensor incorporated wearable devices, thereby allowing the collection of physiological information. This information can be potentially utilized in monitoring clinical workers and detect early symptoms of outbreak in healthcare facilities. Early detection of coronavirus infected patients can be accomplished by working on the research and development activities. This research is expected to offer potential use of wearable sensors to assess vital heart data, temperature, etc. and predict COVID-19 pandemic trends as well as influenza-like illness growth.
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According to a research conducted by the University of Massachusetts and Harvard Medical School, mHealth technologies emerged as a viable option in tracking COVID-19 patients as well as forecasting the need for clinical medical intervention. Additionally, a study was conducted by the Mass General Brigham (MGB) Center for COVID Innovation and IEEE Open Journal of Engineering in Medicine and Biology. This study highlighted mHealth mobile applications offering contact tracing were vital in detecting people that might have come in contact with a person infected with coronavirus. Furthermore, it also showcased clinical information provided by mHealth tools can be utilized to develop a probabilistic model to estimate the potential of COVID-19 infection and facilitate the diagnostic testing. The COVID-19 pandemic offered immense opportunities to the mHealth market.
Wearable devices segment in the mHealth market accounted for USD 43 billion in 2020 and is anticipated to witness 29.4% growth rate till 2027 led by increasing adoption of wearables to control healthcare expenditure, disease-prone population, and rising economic burden of chronic diseases. Wearable devices are exclusively used for fitness purposes coupled with increasing demand of consumers to monitor personal health. The integration of advanced technologies such as artificial intelligence (AI), big data, augmented reality (AR) and Internet of Things (IoT) with wearable devices would impel the market growth. Moreover, the novel advancements are emphasizing on monitoring, diagnosis, treatment and prevention of several chronic diseases.
The mHealth market for remote data collection segment is predicted to expand at 29.7% CAGR through 2027. The mHealth technologies offering remote data collection reduces the process time, assures safety as well as precise data, enhances patient care and provides better authority over the compiled data. In addition, these data systems facilitate effective collection of clinical information, even in remote areas with limited physical access.
Pharmacies segment in the mHealth market exceeded USD 6.5 billion in 2020 and is estimated to attain at a CAGR of 29.8% by 2027 owing to use of mobile applications as drug information tools and resources, and to keep the pharmacy updated as per current disease state compliances. mHealth apps offers the pharmacists, access to patient specific adherence data and to regulate optimal pharmacy stock to meet the needs for patients. Additionally, partnerships and initiatives taken by various public as well as private organizations would accelerate the growth.
Brazil dominated the Latin America mHealth market and was valued at over USD 1.4 billion in 2020 and is projected to grow at a CAGR of more than 30% during 2021 to 2027 on account of the rising disposable income, developing medical infrastructure and increasing healthcare expenditure. Growing demand for shifting the relative balance of healthcare settings from acute care to chronic care will fuel the market value. Furthermore, Increasing penetration of the smart phones and need of offering and support for the elderly population care will further amplify the industry growth.
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Some of the major players operating in the mHealth market are Allscripts Healthcare Solutions, Athenahealth Inc., Bayer Healthcare, Biotelemetry Inc., Boston Scientific, Koninklijke Philips N.V., LifeWatch AG, PLUX Wireless Biosignals S.A, Qualcomm Inc. and Sanofi among others. These major companies are emphasizing on multiple strategic mergers & acquisitions, and geographical expansions to enhance their presence in the market.
Table of Contents (ToC) of the report:
Chapter 3 mHealth Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2030
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By platform
3.4.2 By application
3.4.3 By end-use
3.5 COVID-19 impact analysis
3.6 Regulatory Landscape
3.6.1 Software as a Medical Device
3.7 Porter’s analysis
3.8 Impact of age on mHealth adoption
3.9 mHealth start up scenario
3.10 Impact of mHealth projects
3.11 Competitive landscape, 2020
3.12 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.