The Global mHealth Market is likely to expand at an impressive CAGR, finds Fortune Business Insights in a report, titled “mHealth Market: Global Market Analysis, Insights and Forecast, 2018-2025.” Growth witnessed in the market backed by an increasing adoption of wearable devices for health monitoring. In addition to this, increased availability of mobile apps manufactured by leading companies will enable fuel the demand for mHealth solutions in the forecast period. Furthermore, the increase in number of mobile phone users, worldwide, is favouring growth of the global market. mHealth applications enable access to health information with the option of avoiding hospital visits. Furthermore, ease in availability of network providers is one of the factors favoring the global mHealth market.
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The rising uptake of mHealth services among the elder population is a major factor driving the global market. The demand for easy access to health information among geriatric population is a key factor impelling innovations in mHealth services. Among various benefits of mHealth services, some noteworthy benefits are real time monitoring, automated alerts, and treatment and wellness based on recorded data. mHealth devices possess advantages such as low cost, minimum maintenance, and reduced time frames. The aforementioned factors are resulting in in the higher uptake of mHealth services over other services among end-users, globally.
Increasing Adoption of Smartphone Services among Global Population to Enable Growth
The adoption of fast paced lifestyle among people around the world, has fuelled the demand for convenient yet high-performing mobile applications. The advent of cloud based services within mobile apps is favoring expansion of the global health market. Cloud-based services fulfil the need for excess storage that is required when availing mHealth solutions. According to Statista, in 2016 around 2.1 billion people around the world owned smartphones. This number accounts for around 36% of the global population and it is forecasted to grow even more by 2019. Thus, an increasing end-user availability may lead to a subsequent increase in demand for mHealth applications and services in the forthcoming years.
Favorable Government Policies to Boost the Global mHealth Market
Increasing government initiatives targeted towards spreading health awareness are boosting the global mHealth market. Moreover, rising government initiatives that are promoting the use of mHealth apps are aiding the expansion of the global market. Organizations such as the National Health Service (NHS) have imposed stringent rules and regulations towards the safety and testing of mHealth apps and services. Therefore, users can be sure of efficiency of these apps as they have already been tested and verified clinically. This in turn has led to increased reliability and subsequently, more end-users are preferring apps that have been verified, clinically by organizations such as the NHS.
Incorporation of mHealth services in Blood Pressure Monitoring Devices to Enable Growth
Blood pressure monitoring is an integral part of detecting diseases at an early stage. Blood pressure monitoring helps in detecting cardiac arrests and heart failures at an early stage and reduces chances of heart attacks and other fatal disorders. The advent of wearable blood pressure monitoring devices with in-built mHealth applications is leading to an increased adoption of these devices among people, globally. This, in turn has led to an increase in growth of the global mHealth market and is expected to boost the market in the forecast period as well.
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