The Latin America Mobile Health market was worth USD 1.92 Billion in 2016 and is expected to reach USD 9.06 Billion by 2021 at a CAGR of 36.45%. Mobile Health is the use of smartphones and other communication technologies in healthcare. The main function of mobile health is to use mobiles and other communication technologies to educate user about healthcare services. The Latin America mobile health market is expected to witness significant growth during the forecast period.
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Mobile health developed greatly because of development of smartphones and wireless technologies. Mobile health features use of technologies like Data collection software, telecare devices, microcomputers, smartphones and its apps Patient Monitoring devices, and wireless enabled laptops for monitoring health. Health care providers use Mobile health technology for checking a person’s vital signs or level of injury, chatting with specialists for guidelines, accessing clinical information, collaborating with care teams, Real time monitoring of patient, providing health care remotely called telemedicine. Patients use Mobile Health to track their personal health records through apps and communicate with their care providers.
The main factors that are driving this market are to reduce the amount spent on healthcare, prevalent use of Mobile Smartphones, , prospect of personal healthcare management, increase of aging population, Technological advances like 3G and 4G, rising incidence of persistent diseases, need for cost efficient healthcare delivery and increased awareness among people about personal healthcare management. Here, Market is still at a developing stage so, market can increase tremendously here. However, the risk of data theft, stringent regulations by FDA and EU, lack of proper guidance from physicians in selecting apps and resistance from traditional healthcare providers in developing countries are some of the key factors that restrain the overall market growth during forecast period.
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Mobile Health market is segmented into connected devices market (Glucose Meter, Pulse Oximeter, Blood Pressure Monitor) and applications market (Women’s Health, Weight Loss, Chronic care management, health and fitness, Medication, and Personal Health Record). Based on services, market can be further segmented into fitness and wellness, Remote Monitoring Consultation, Prevention. Remote monitoring market has highest revenue but fitness and wellness segment is expected to grow tremendously with the greatest CAGR during forecast period. This region has high CAGR, because of developing markets like Brazil.
Major players in this market are I health lab.inc, Philips healthcare, Cardionet.inc, QUALCOMM life, Samsung electronics co ltd, Medtronic.inc, Vodafone.
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