The mHealth apps market is predicted to expand at a stellar growth rate over the forecast period from 2020 to 2030. First and foremost, rapid penetration of smartphones for healthcare is creating ripples in the mHealth market. Further, the development of mobile applications for treatment and monitoring patients is creating new vistas in the mHealth market. Today, healthcare IT is a booming technology segment wherein IT programs, processes, and systems are deployed for patient care. The high success rate of technology-driven healthcare is attracting large technology companies to enter the mobile health space.
Key parameters based on which the mHealth apps market is divided are type and region.
The report provides an exhaustive analysis of mHealth apps market for the 2020 – 2030 forecast period covering key trends, growth indices, and opportunities.
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mHealth Apps Market: Competitive Landscape
The mHealth apps market is intensely competitive due to the presence of a very large number of small, mid-size, and large companies. Product innovation and efforts to tap into undiscovered areas is the focus of large players in the mHealth apps market. These players are entering into technological partnerships and collaborations with other players to leverage each other’s technological and business expertise. For example, the partnership between Abbott Laboratories and Omada Health to provide the former’s glucose monitoring system to provide a digital coaching platform for Omada Health’s patients with type 2 diabetes.
Prominent players in the mHealth apps market include;
- Abbott Laboratories
- Johnson and Johnson
- F.Hoffmaa-La Roche Ltd.
- Bristol-Myers Squibb Company
- Merck and Co. Inc.
- Qualcomm Technologies Inc.
- Google Alphabet Inc.
- Airstrip Technologies Inc.
- Apple Inc.
- Astrazeneca plc
- Novartis AG
- GlaxoSmithKline plc
- Pfizer Inc.
- Samsung Electronics Co. Ltd.
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mHealth Apps Market: Key Trends
Massive investments by large as well as small technology companies leading to a very large number of mobile applications for healthcare is one of the key factors fuelling the mHealth apps market. According to Statista, there were approximately 47, 140 mHealth apps available on the Google play store in the third quarter of 2020. This is a significant rise from approximately 27, 417 mobile health apps available on the platform in the third quarter of 2015.
Besides this, shift in medical practices to patient-centric models is expected to favor the adoption of mHealth apps. The high success rate of remote medical care is increasingly attracting medical practitioners to use mobile health apps for follow-ups and remote patient monitoring. Taking a cue from this, medical experts and healthcare professionals are increasingly recommending the use of mHealth apps to patients and support staff. A survey carried out by Health IT Outcomes that found 93% of physicians believed mHealth applications can help improve patient outcomes.
The ongoing COVID-19 pandemic has added a new dimension to the mHealth apps market. Patients, caregivers, and medical experts relied extensively on mHealth apps for remote patient monitoring to contain the virus. Besides medical care for patients of coronavirus, mHealth apps extensively used for other health conditions during the pandemic. Individuals with chronic health conditions refrained from visiting health centers and hospitals for doctor consultations of follow-up visits. Collectively, this expanded the scope of growth of mHealth apps market tremendously.
mHealth Apps Market: Regional Assessment
North America held the leading position in the mHealth apps market in the recent past. The region is expected to continue to expand at a steady growth rate in the forthcoming years. Factors such as excessive penetration of smartphones, availability of super speed telecommunication networks, increasing prevalence of chronic diseases, and rising geriatric population are creating ample opportunities in the mHealth apps market in the region.
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5-Point Growth Formula
The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.
The 5-point growth formula includes the following points:
- Current and Future Threats
- Accurate Trend Analysis
- Regional Assessment
- Industrial Analogy
- COVID-19 Impact
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