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mHealth Market- Overview:As per the report of Market Research Future (MRFR), the mHealth or mobile health market is expected to grow exponentially with a 36.5% CAGR during the forecast period (2016-2022). mHealth is one of the fastest growing industries that is changing market demography. The dynamics associated with the legal and regulatory framework are getting simpler. Smartphones and tablets play a significant role in the constant monitoring and suggestive analysis of the health of the patient. People are now quite concerned about their health and also adept in managing technologies. The blend of these two is expected to ease the way a person should track his health data. MRFR’s report on the mHealth market includes detailed segmental analysis and a glance over the factors that can impact the market in the coming years. Also, it has updated key market player profiles with their latest strategic moves for a better purview of the entire market.
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Digitalization is a major factor that, with the growing integration of 3G and 4G network, can impact the market. Faster network connectivity would ensure consistent updates. At the same time, wearable devices such as smartwatches can assist the market in further growth. The healthcare sector is also focusing on providing a much more integrated and patient-centric service owing to which these types of devices can get better market penetration. The falling price of such devices can also be seen as a boon as that would take the products to a wider consumer base.
On the flip side in poor economic zones, low network penetration and lack of smartphone device availability can restrain the mHealth market growth.
mHealth Market- Segmentation:
MRFR report segments the global mHealth market by therapeutics and applications.
Based on the therapeutics, the global mHealth market is segmented into diabetes, respiratory, mental and neurological disorders, fitness & lifestyle therapeutics and others.
Based on the application, the mHealth market comprises monitoring applications, diagnosis & treatment, education and awareness, healthcare management, wellness & prevention, remote data collection. The mHealth market can gain substantial revenue from healthcare management and wellness & prevention sector.
mHealth Market- Regional Analysis:
Geographical analysis of the MRFR report on the mHealth market includes the Americas, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
Uptake of such devices in the Americas is quite high owing to which the region is currently leading the market. Robust healthcare infrastructure is also fetching in a substantial amount of global revenue. Europe is also benefitting from such technologically advanced setup. People are quite proficient in managing such technologies which are giving the market some advantage.
The APAC market is expected to grow with the fastest CAGR during the forecast period. Developing countries in the region are creating more scope for the market penetration of digital industries, a step that is amply backing up the mHealth regional market growth.
RoW has Latin America and Middle East & Africa. Brazil, Argentina, and other countries are creating more opportunities for the mHealth sector. But Africa can only expect a steady market as the regional digital and technological scopes for upliftment are very limited.
mHealth Market- Competitive Analysis:
Remarkable players in this mHealth market are Laboratory Corporation of America Holdings, Apple, INC, AT&T, INC, Biotelemetry INC. (CARDIONET), Agamatrix, INC, Alivecor, INC, GE Healthcare, Google INC, Jawbone INC, Johnson & Johnson, Athenahealth INC, Philips Healthcare and others.
MedRhythms is a company, based out of Boston, that integrates music with AI and sensors to provide the right kind of music to listeners. The instrument is perfect for runners who need motivation. The company has also launched a partner program with Partners Healthcare’s Spaulding Rehabilitation Hospital that aims at minimizing the use of medicines and making the curing process more natural.
Harvard Medical School researchers created a contact lens, which is now getting developed by Theraoptix where two pairs of thin lenses is sandwiched to make one with a thin polymer film inside carrying medication. Patients have to wear this for two weeks post-operation, and the film would dispense medicine from time to time.
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