mHealth Market size is set to exceed USD 289.4 billion by 2025; according to a new research report by Global Market Insights.
The rapidly increasing use of smartphones across the globe has provided the healthcare industry with an extremely lucrative opportunity to exploit mHealth. Estimates claim that in UK alone, 78% of the total population used cellphones in 2018 – a significant up from, the 17% in 2008. This sharp growth in mobile phone users coupled with increasing technological advancements that have enabled better level of connectivity would be augmenting the growth of the mHealth market further over the coming years.
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According to the European Commission, mHealth is termed as a sub-segment of the continent’s eHealth system and is apparently developing at an exponential rate. The numerous mHealth smartphone applications in the region represent an unprecedented variety with some remote monitoring or self-assessment apps helping patients manage their health more actively, enabling them to live their lives more independently and others helping healthcare professionals treat their patients in a more efficient manner.
Germany is projected to be one of the most lucrative regional grounds for the Europe mHealth market in the years ahead. One of the principal reasons for the same is the ever-increasing use of smartphone applications and the adoption of wearables in the region. Not to mention, the exponential growth of enterprises offering these wearables & applications is also a vital contributing factor for the Germany mHealth market expansion. As a matter of fact, Germany mHealth industry size is anticipated to reach the $22,277.1 million renumeration mark by 2025.
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The growth of the Europe mHealth market would also be further supported by the EU’s Horizon 2020 initiative, an extensive research & innovation program that aims on personalizing health & care to support European citizens’ empowerment through disease prevention, health promotion and disease & health self-management.
The considerably younger discipline of mHealth is being globally accepted as the most effective technology and is witnessing increased adoption across several countries throughout the globe. The relatively cheaper cost and unprecedented reach of mHealth, owing to the massive penetration of smartphones, is making it a promising investment avenue across the APAC nations. According to Adobe Digital Dialogue, the exponential momentum picked up by smartphones is fueling the overall growth of several new internet users across the world, while the APAC region is accountable for a lion’s share of that growth. In 2017, smartphones were the means through which more than 500 million new users were connected to the internet globally with two of the world’s most densely populated nations, namely India & China, delivering an astounding 366.3 million of those users – 268.9 million from India & 97.4 million from China, while Indonesia delivered over 15.7 million users.
The contribution from India & China is still a fraction of their total population and, based on pervious numbers, the traffic from these two nations is expected to increase further. As recorded in 2017, internet traffic through smartphones in India alone witnessed a 290% rise since 2014. While, China’s contribution is slower, each new percentage added to the count brings millions new users into the fold. This staggering amount of growth is expected to make the APAC landscape extremely conducive for the growth of the mHealth market. China has a crucial role to play here – indeed, China mHealth market size is anticipated to register a CAGR of 39.8% over 2019-2025.
Attributing to the factors, it is unmistakably clear, that the global mHealth market is slated to depict unprecedented growth in the years to come. According to Global Market Insights, Inc., the overall mHealth market size is expected to exceed the $289.4 billion renumeration mark by 2025.
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