Press Release: March 24, 2020
Mobile health apps segment is expected to grow at impressive double digit CAGR over the forecast period (2016–2024), creating new market opportunities for the players worldwide.Proliferation of smartphones fueling mobile health apps and solutions market growthOver 600 million people are expected to use mobile healthcare apps by 2017, creating a highly lucrative market opportunity for healthcare players. The industry is projected to be mainly driven by growing healthcare expenditure and consumer changing lifestyle. Advancements in computing ability of mobile devices would bridge the gap between patient’s expectation and treatment delivered. The technology is perceived to be an enabler of quality healthcare.
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Though the industry is set to grow at a robust rate, lack of collaborations among healthcare service providers and low healthcare apps utilities awareness among the masses are major industry pitfalls.
Coherent Market Insights has segmented the mobile health apps and solutions market on the basis of following:
On the basis of operating system, iOS mHealth app is expected dominated the market in 2015. However, the segment is expected to lose major market share to android app segment by 2024. Among device segments, smartphones are expected to dominate the market, followed closely by tablets through 2024. Tablets are expected to be most prominent in developed regions.Emergence of connected and integrated healthcare solutions driving growth of North America and Europe marketsThe mobile health apps and solutions market report covers market analysis across regions namely North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
Geographically, Europe, followed closely by North America is expected to dominate the market throughout the forecast period. Presence of leading mHealth service providers, along with wide availability of high-quality healthcare amenities, and increased healthcare awareness is expected to bolster market growth.
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The market in Asia Pacific is growing at the fastest rate, driven primarily by rising demand in China and India. China and India account for over 36% of global population, creating lucrative market opportunity for players in the long run. Markets in Latin America, Middle East, and Africa are expected to grow at a relatively sluggish rate, with upward growth traction expected in the mid of the forecast period.
Major players in the mobile health apps and solutions market include Runtastic, Nike, MyFitnessPal, Azumio, GP Apps, Pacer Health, Kinosis, GoodRX, Leafly, and Epocrates.
Increasing use of digital health records by healthcare professionals is expected to boost the market. For instance, Royal Philips, in India findings of the 15-country Future Health Index (FHI) 2019 report stated that 76% of healthcare professionals in India use digital health records (DHRs).Increasing initiatives by government bodies to launch mobile health apps is also expected to boost the market growth. For instance, in August 2019, the U.S Department of Veteran Affairs released free mobile app, the VA Launchpad to streamline health care access for veterans and caregivers.However, lack evidence and imperil patient privacy in mHealth apps is expected to hinder the market growth. For instance, in February 2019, British Medical Journal in the paper ‘Data sharing practices of medicines related apps and the mobile ecosystem: traffic, content, and network analysis’ stated that mHealth apps lack evidence and imperil patient privacy.
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