Mobile Health (mHealth) Market to grow at a Remarkable CAGR of 25% during the period 2018-2023
OrbisResearch.com has published a new market report on “Global Mobile Health (mHealth) Market-Segmented by Type of Service, Device, Stake Holder, and Geography-Growth, Trends and Forecast (2018-2023)” to its research database. North America dominates the market.
Dallas, United States – April 30, 2018 /MarketersMedia/ —
The global mobile health (mHealth) market is expected to register a CAGR of over 25% during the forecast period, 2018 to 2023. The mhealth market is in the development stage and is projected to provide significant revenues in the future, with increasing awareness among people and favorable regulatory regulations specific to the quality and feasibility of the mobile-based medical devices.
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Rise in Use of Smartphones and Tablets across the World
From tablets to wearables, the use of mobile devices has been increasing in the market, and healthcare providers are no exception. It has been observed that approximately 80% physicians use smartphones. The use of mobile devices by healthcare professionals has transformed many aspects of clinical practice. It has led to rapid growth in the development of medical software applications (apps) for these platforms. Mobile devices and apps provide many benefits for healthcare professionals, most-significantly, the increased access to point-of-care tools, shown to support better clinical decision-making and improved patient outcomes. In 2014, it was estimated that around 60% of smartphone owners had used their mobile phone to look up for information about a health condition. Approximately 40,000 mHealth apps are in use, globally, and in the coming years, many more health apps are expected to be introduced. Currently, mobile applications are being developed adhering to HIPAA-compliances. The apps developed adhering to HIPAA-compliances make private practices, hospitals, and other healthcare systems implement mobile devices without any major regulatory complications. Hence, the rise in mobile and tablet usage is driving the mobile health market.
Moreover, factors, such as increased awareness levels among the population about the potential benefits of healthcare management, increased need of point-of-care diagnosis and treatment, and increasing focus on personalized medicine and patient-centered approach, are driving the growth of the mobile health market.
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Data Security Issues
Rapid technological advancements in mHealth research generate both opportunities and challenges, including creating scalable systems capable of collecting unprecedented amounts of data and conducting interventions, while protecting the privacy and safety of research participants. Most top data breaches in 2015 involved cybersecurity threats from third parties. The Health Insurance Portability and Accountability Act of 1996 (HIPAA) compliance is still a key issue when it comes to mobile device security. Until security and privacy are assured, the use of apps by physicians continues to be limited, thereby hindering the market growth. Additionally, the stringent regulatory policies for mhealth applications are expected to restrain the market growth.
Asia-Pacific to Grow at Rapid Rate
North America dominates the market of mobile health as monitoring services are largely adopted in the region. Europe and Asia-Pacific follow North America, in terms of market shares. The Asia-Pacific region is expected to witness the highest growth rate during the forecast period; this is due to the increase in awareness of diseases among the people and high penetration of mobile platforms in the Asia-Pacific region.
Key Developments in the Market
July 2017: Cisco acquired network security startup, Observable Networks.
June 2017: Johnson & Johnson acquired the Actelion.
Major Players: MEDTRONIC, PHILIPS HEALTHCARE, OMRON CORPORATION, JOHNSON & JOHNSON, QUALCOMM LIFE, AT&T INC., CISCO SYSTEMS, INC., BAYER HEALTHCARE, AND SAMSUNG HEALTHCARE SOLUTIONS, amongst others.
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Reasons to Purchase this Report
Current and future mobile health market outlook in the developed and emerging markets
Analyze various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in excel)
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