|03-19-2019 04:29 PM CET - Health & Medicine||
Technology Evolution on mHealth Market| Key Players: Vodafone, Allscripts Healthcare Solutions, mQure, Apple Inc, Samsung Electronics Corporation
Press release from: Global Market Insights Inc.
The mHealth Market is set to exceed USD 289.4 billion by 2025; according to a new research report by Global Market Insights. Increasing focus on personalized care and precision medicine will stimulate mHealth market growth over the forecast period. Various pharmaceutical and healthcare companies are using apps and wearable devices to collect patient information and use that data to provide a holistic solution. Increasing online patient communities, growing usage of social media platforms for providing healthcare solutions and rising influence of advanced technologies will boost industry growth in the future.
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Growing demand for healthcare information systems and launch of new mobile applications related to mHealth technologies are the factors driving the growth of global market. According to the Centers for Disease Control and Prevention (CDC), mHealth is the practice of using mobile technologies to support public health and medicine. Hence, ease of access and mobility provided by the application of mHealth offers immense opportunities for the healthcare industry, thereby resulting into more accessible, faster, better, and cheaper healthcare solutions.
Favorable government initiatives and regulations for promoting usage of health apps will foster industry growth across the forecast timeframe. For instance, National Health Services (NHS) in UK has developed NHS Health Apps Library that have stringent criteria and judge the app for its safety and technical proficiency. Such initiatives will increase the adoption rate of mobile health services, thereby driving business growth in the future.
Mobile apps market is estimated to reach USD 198,601.3 million by 2025. Increasing number of smartphone users in both developed and developing economies will be the major driving factor. Moreover, various government initiatives to ensure safety and proficiency of health apps will favor mobile apps market growth in the future.
Remote monitoring business will grow at a momentous rate of 38.6% CAGR across the forecast period. High growth rate is attributable to increasing prevalence of chronic diseases and growing need to monitor the same. Remote monitoring of chronic diseases gives healthcare providers and caregivers real-time insights into patient’s disease profile and enables them to suggest appropriate therapy course.
Insurance companies market is expected to reach USD 36,883.9 million by 2025. Increased data processing power and improved communication methods are enabling insurance companies to lower cost and identify potential clients. Furthermore, mHealth technology reduce administrative costs of health insurers, making policy renewals easier, that will further propel business growth.
China market is estimated to expand with 39.8% CAGR over the forecast timeframe owing to increasing prevalence of chronic diseases as well as substantial number of elderly people suffering from enfeebling condition. Mature telecommunications infrastructure and growing adoption of mobile apps for availing healthcare solutions will stimulate China mHealth market over the coming years.
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Germany market is poised to reach USD 22,277.1 million by 2025. Major factors driving mHealth market is increased adoption of wearables and health apps for monitoring personal health. High disposable income coupled with momentous growth in companies offering technologically advanced wearables will foster Germany market in the future.
Some of the notable industry players operating in global mHealth market are AT&T, Vodafone, Allscripts Healthcare Solutions, mQure, Apple Inc, Samsung Electronics Corporation, Omron HealthCare Inc., Philips healthcare, Bayer Healthcare, Cardionet Inc., LifeWatch AG, Boston Scientific, Sanofi and Qualcomm Inc. Industry players are focusing on developing new superior products capable of offering holistic healthcare solution to patients. Moreover, market players are adopting strategies such as merger & acquisition, strategic collaboration and geographic expansion to consolidate their market position as well as strengthen operational capability.
Global Market Insights Inc. is a global market research and management consulting company catering to leading corporations, non-profit organizations, universities and government institutions. Our main goal is to assist and partner organizations to make lasting strategic improvements and realize growth targets. Our industry research reports are designed to provide granular quantitative information, combined with key industry insights, aimed at assisting sustainable organizational development.
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