EDINA, Minnesota, February 22, 2018 /PRNewswire/ --
According to a new market intelligence report by BIS Research, titled "Global Mobile Medical Apps Market - Analysis and Forecast, 2017-2025", the global mobile medical apps market was estimated at $1.40 billion in 2016, and is estimated to reach a value of $11.22 billion by 2025. The global mobile medical apps market is expected to grow at a compound annual growth rate of 21.4% between the years 2017 and 2025, driven by the rapidly increasing smartphone penetration rate on a global scale, advancement in high speed networks such as 4G and 5G, and increasing government investments bolstering mhealth initiatives to improve the quality of care at an affordable cost.
Medical apps have considerably impacted patient lives in recent years by offering them more control over their medical decisions. As of 2017, there have been approximately 2,59,000 medical apps in different app stores giving an unambiguous picture of the patient demand for these apps. Although the market is at a nascent stage, it holds an immense potential to irreversibly change the future of the healthcare industry. This technological trend has allayed the problems faced by healthcare organisations to combat diseases such as, cardiovascular, inflammatory, and respiratory diseases. Since the early assessment of these diseases is the most critical step in the decision-making process, medical apps could be of great aid in facilitating this process by engaging healthcare stakeholders with clinical estimates, and recommendations related to the management of a disease. Mobile medical apps could also be utilized for the diagnosis and detection of life threatening chronic diseases, their effective management, and prevention which could significantly improve patient care and improve patient outcomes. This multi-faceted approach to patient care is a critical need of the healthcare industry as there exists a considerable gap between healthcare services, and current medical needs which can primarily be attributed to the factors such as, rapidly increasing aging population, and rising number of chronic diseases.
According to Abdul Wahid, Lead Analyst at BIS Research "Europe is the leading contributor to the global mobile medical apps market.The contribution of Europe to the mobile medical apps market was valued to be approximately 31.4%in 2016 and is growing at a CAGR of 29.7% during the forecast period. This high growth rate can also be attributed to the rising number of government initiatives aimed at assessing the efficacy of medical apps for the benefit of public health. However,Asia Pacific and Latin America are expected to grow at a higher CAGR than Europe i.e. 22.1% and 23.1% respectively during the forecast period from 2017 to 2025."
The evolution of the mobile medical apps has the potential to reduce the global healthcare costs and hospital waiting times, enhance patient convenience and compliance, and can significantly improve the overall quality of care.
There have been approximately 2,59,000 mobile medical apps in the app stores out of which health and fitness apps occupied the lion's share i.e. 1,61,720 apps accounting for 62.4% of the overall market. The total number of medical apps are expected to further reach 6,35,000 apps by the end of 2025 due to continued patient demand, and rising awareness for these apps.
The total number of connected medical apps in various distribution platforms (Google Play Store/iTunes) was approximately 41,552 in 2016 and is anticipated to reach 1,58,750 by the end of 2025. The rising number of apps is primarily driven with the increase in the demand for storing, analysing, and interpreting medical data generated from medical devices.
Fitness, medical reference, wellness, nutrition and chronic disease management are the most widely used application areas for the mobile medical apps. In 2016, there were approximately, 67,564 fitness apps, 27,518 wellness apps, 23,002 nutrition apps followed by 13,483 apps related to the chronic disease management. Fitness apps will continue to occupy the lion's share during the forecast period in terms of revenue generated.
Diagnostics and remote monitoring apps registered the highest growth rate of 36.7% and 34.9% in 2016, as compared to the year 2015. This high growth rate from the remote monitoring segments is primarily driven by the increasing demand from healthcare organisations to monitor patients to reduce the gap between demand and supply of healthcare services in remote locations, while the extensive demand for diagnostic apps is expected to be facilitated by the rising number of chronic diseases.
This market intelligence report provides a multidimensional view of the global mobile medical apps market in terms of market size, and growth potential. This research report aims at answering various aspects of the global mobile medical apps market with the help of the key factors driving the market, threats that can possibly inhibit the overall market growth, and the current growth opportunities that are going to shape the future trajectory of the market expansion.
Furthermore, the competitive landscape chapter in the report explicates the competitive nature of the global market and enables the reader to get acquainted with the recent market activities, such as, product launches, regulatory clearance, and certifications, partnerships, collaborations, business expansions as well as, mergers and acquisitions, among others. The research report provides a comprehensive analysis of the product sales, and manufacturers, and trend analysis by segments, and demand analysis by geographical regions.
This report is a meticulous compilation of research on more than 100 players in the market ecosystem and draws upon the insights from in-depth interviews with the key opinion leaders of more than 10 leading companies, market participants, and vendors. The report also profiles 19 companies including several key players, such as, Abbott Laboratories, AliveCor, Inc., Azumio Inc., Allscripts Healthcare Solutions, Inc., Athena Health, Inc., Boston Scientific Corporation, Cohero Health, Inc., DarioHealth Corp., Fitbit Inc., F. Hoffmann-La Roche AG, Health Arx Technologies Pvt. Ltd., Johnson and Johnson, Medtronic Public Limited Company, MetaOptima, NuvoAir AB, SkinVision B.V., Wolters Kluwer N.V., and WebMD Health Corp., among others.
Key questions answered in the report:
What are the major market drivers, challenges, and opportunities in the global mobile medical apps market?
What was the market value of the leading segments and sub-segments of the global mobile medical apps market in 2016?
How will each segment of the global mobile medical apps market grow during the forecast period, and what will be the revenue generated by each of the segments by the end of 2025?
What are the influencing factors that may affect the market share of the key players?
How will the industry evolve during the forecast period 2017- 2025?
What are the key developments and strategies that are being implemented by the key players to sustain in this market?
What are the key application areas of the mobile medical apps market? What are the major benefits of medical apps achieved by each category?
Which medical apps are used frequently by both the patients and the healthcare providers?
What are best rated mobile medical apps in different app categories?
Who are the key players in the mobile medical apps market and what are their contributions?
What is the total number of apps available for download in different medical app categories?
What is the scope for expansion by the key players of the mobile medical apps market in East and South-East Asia?
BIS Research (Business Intelligence and Strategy Research) is a global B2B market intelligence and advisory firm which focuses on those emerging trends in technology which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials & Chemicals, Aerospace and Defence, Automotive, Healthcare, Electronics & Semiconductors, Robotics & UAV and other emerging technologies.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data and other important market parameters useful in the strategic decision making for senior management.
What distinguishes BIS Research from the rest of the players is that we don't simply provide data, but also complement it with valuable insights and actionable inputs for the success of our clients.
Contact: Bhavya Banga Email: [email protected] BIS Research™ 9100 West Bloomington Freeway, Suite 159, Bloomington, MN 55431