Asia Pacific mHealth Market Size analysis:
The Asia Pacific mHealth market was estimated at USD 4,449 million in 2018 and is likely to garner USD 36,581.1 million by 2025, increasing at a CAGR of 28% during the forecast period.
Increasing awareness among the users about healthcare is one of the major factors that are tied for the development of the mHealth market in the Asia Pacific region. In extension to this, various mergers and acquisitions by market players are also set to increase the market demand. For example, in July 2018, Cisco purchased Observable Systems, the network security startup. In extension, in June 2017, Actelion was taken by Johnson & Johnson, thereby, boosting the mHealth market.
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Asia Pacific mHealth Market Growth Drivers and Insights:
According to the National Institute of Health, India and China are the two highest populated nations, with an estimated diabetes count of 150 million patients. Thus, the necessity for routine health monitoring and treatment would be addressed by the launch of smartphone-based medical devices. This increase is primarily driven by active government initiatives and the rising adoption of smartphones in the Asia-pacific region. Presently, the market is observing a resurgence due to the increasing disposable incomes and the increasing adoption of mobile phones. Furthermore, a similar trend is observed in developing countries like India and Indonesia. Nevertheless, factors such as consumer’s affordability, access to healthcare assistance and inaccuracy in results arising from discrepancies in devices would restrict the growth of the market.
The circumstances fueling the mHealth market are growing penetration of smartphones, increasing focus on patient-centric healthcare delivery, improving utilization of connected devices, and robust penetration of 4G & 3G networks for uninterrupted healthcare services. Additionally, price containment in healthcare has also encouraged the market growth. Nevertheless, low guidance from physicians in selecting apps and resistance from established healthcare providers acts as a restraint of the market growth. Furthermore, increasing the incidence of lifestyle disorders and increasing adoption of mHealth solutions in other mobile platforms are anticipated to create ample possibilities in the APAC mHealth market.
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Regional Analysis of Asia Pacific mHealth Market:
Asia Pacific is anticipated to witness the highest growth rate during the forecast period, due to the increasing awareness of diseases among the people and great market penetration of mobile platforms in the region. In Asia Pacific, nations, like China and Japan, have been identified as potential developing markets, due to high R&D investments.
Major players operating in the mHealth market are Dexcom, Withings, Inc., Apple Inc., FitBit, Inc., Jawbone, Ginger.io, Inc., Proteus Digital Health, Omada Health, Inc., WellDoc, Inc., Livongo Health, Noom, Inc., Propeller Health, Canary Health, 2Morrow, Inc., Mango Health, BiogeniQ Inc., Pear Therapeutics, Inc., BioTelemetry, Inc., Digital Therapeutics, and others.
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