mHealth market gains in vigour – massive +25% CAGR through 2026
The global mHealth market is witnessing strong growth, and according to a number of different research organisations, has some bright years to come.
ResearchAndMarkets.com has released a new report entitled “mHealth Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, in which the organisation forecasts the global mHealth market will grow at a CAGR of around 25% during the forecast period (2021-2026).
Mobile health (mHealth) is a diversified branch of electronic health (eHealth) that collects patient data using mobile devices and wireless infrastructure. The collected data assists in obtaining accurate results that are utilised to treat and diagnose several medical conditions.
mHealth assists in improving medication adherence and communication, allows remote patient monitoring and enables patients to send secure messages, connect to service providers and schedule appointments.
As a result, it finds extensive application in healthcare supply chain management, diagnostic and treatment support, chronic disease monitoring and management and increasing health awareness among people.
At present, mHealth technology is gaining popularity across the globe for home-based patient monitoring services among the geriatric population.
The rising dependence on mobile devices represents one of the key factors strengthening the global mHealth market growth.
These devices enable individuals to access healthcare-related services via wireless multimedia easily.
Moreover, mHealth solutions have user-friendly characteristics and offer efficiency during an emergency. This, in confluence with the increasing instances of chronic diseases, such as diabetes and hypertension, is positively influencing the market growth worldwide.
Furthermore, the key manufacturers are integrating innovative technologies to support the healthcare industry, which, in turn, is fostering the market growth.
For instance, the US Food and Drug Administration (FDA) announced the launch of an internet-based repository, CURE ID, in December 2019 that enabled the clinical community to report their experiences of treating infectious diseases with the existing FDA-approved drugs through smartphones, websites or other mobile devices.
Overall, numerous factors are driving the greater uptake of mobile technologies among both patients and healthcare professionals, such as:
- the growing adoption of smartphones,
- increasing penetration of 3G/4G networks,
- increasing utilisation of connected devices and mHealth apps for the management of chronic diseases,
- rising focus on cost containment in healthcare delivery,
- rising focus on patient-centric healthcare delivery,
- and the increasing demand for home healthcare services.
However, according to another organisation, Markets & Markets, the lack of standards and regulations, limited guidance from physicians in selecting healthcare apps, and resistance from traditional healthcare providers are some of the key factors restraining the growth of the market.
According to Markets & Markets, North America dominates the mHealth solutions market, followed by Europe, the Asia Pacific, Latin America, and the Middle East & Africa.
The large share of North America in the market can be attributed to the high penetration of smartphones, tablets, and other mobile platforms; increasing utilisation of connected devices & mHealth apps for the management of chronic diseases; development & adoption of innovative technologies; rising government initiatives; and the presence of major companies in these regions.
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