mHealth Apps & Solutions Market Worth $20.7 Billion by 2018 – New Report by MarketsandMarkets
(PRWEB) September 11, 2013 -- The "mhealth Apps & Solutions Market By Connected Devices (Cardiac Monitoring, Diabetes Management Devices), Health Apps (Exercise, Weight Loss, Women’s Health, Sleep and Meditation), Medical Apps (Medical Reference) – Global Trends & Forecast to 2018", analyzes and studies the major market drivers, restraints, and opportunities in North America, Europe, Asia, and Rest of the World.
Browse 101 market data tables with 84 figures spread through 277 pages and in-depth TOC on "mhealth Apps & Solutions Market.
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This report studies the global mHealth Apps & Solutions Market over the forecast period of 2013-2018.
The mobile healthcare market comprises of connected medical devices, healthcare application, and related mobile technology. The global mobile healthcare market is estimated at $6,336 million in 2013 and is poised to reach $20,683 million by 2018 at a CAGR of 26.7%.
Connected devices dominate the current market with around 85% of the total revenue contribution. Among different applications, cardiac monitoring and fitness tracking are the most prominent uses of mobile-enabled connected devices. With increasing awareness of the need for healthy lifestyles, patients prefer vital signs monitoring on a continuous basis.
The mobile application market is in an introductory phase, but is highly fragmented with an ample number of software-developing companies. A major restraining factor behind the growth of paid apps is the free access to maximum smartphone apps. Free apps constitute almost 90% of the download market of healthcare applications. Furthermore, significant price difference between health and medical apps lowers the adoption rate among healthcare professionals.
Though the number of downloads of health apps contributed almost 90% to the healthcare applications market, revenue contribution by these apps was not significant due to its very low average price range ($1 - $2/download). Consideration of a mobile application as a medical device is also a questionable issue, although the FDA is formulating a framework to regulate the apps market. As of now, there are a few certified applications in the unstructured gamut of the application market. Rising popularity may increase the download price of device-independent healthcare apps; hence, the revenue contribution to the mHealth Apps & Solutions Market is expected to be more significant.
Major driving factors of the mHealth market include the growing adoption of smartphones, tablets, and PDA, increasing awareness of chronic diseases management, advanced connectivity such as Bluetooth, Wi-Fi, robust penetration of 3G and 4G network, and a promise of better cost efficiency during medical practices.
On the other hand, stringent FDA and EU regulations, and data insecurity restrict market growth. Inappropriate patient-doctor ratio in underdeveloped countries and other potential mHealth platforms such as smart TV promises prospective business opportunities in the global mHealth market.
Since its inception (21st century), North America has contributed the maximum to both the devices and applications markets. The Asian mobile healthcare market is majorly contributed to by Japan and China, whereas the U.K. represents the most promising country in Europe. Several government initiatives such as mDiabetes, Indo-Dutch Project Management Society (IDPMS), Mobile Alliance for Maternal Action (MAMA), EpiSurveyor, Ushahidi, FrontlineSMS, OpenMRS, RapidSMS, and Mwana accelerates the rapid adoption of mHealth technology in emerging countries such as South Africa and Brazil.
Though the healthcare apps market is highly fragmented with a large number of software-developing companies, the connected device segment is dominated by Philips (The Netherlands), Medtronic (U.S.), Nike (U.S.), Omron (Japan), and Alere (U.S.). On the other hand, AT&T (U.S.), Qualcomm (U.S.), Cerner (U.S.), and Diversinet (Canada) are the major technology providers that enhance healthcare solutions.
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