(MENAFN- Ameliorate Digital Consultancy)
MHealth market in Europe share is expected to exceed USD 137.5 billion by 2026 while growing at 39.0% CAGR. Rising healthcare costs is another chief factor significantly influencing MHealth market in Europe share. As per the World Health Organization, Europe saved USD 126 billion worth healthcare costs through the adoption of mHealth services. Driven by the rising demand for affordable, accessible and advanced healthcare services.
The mHealth market has witnessed a phenomenal expansion in Europe over the recent years. In the year 2019, the MHealth market in Europe share stood at USD 14,162 million. The evolving digital health in the region can be recognized as the primary growth driver. With rising penetration of smartphones and wearable devices and advanced internet infrastructure, Europe is projected to stand as a strong growth spot for mHealth services which are widely being used by the health & fitness conscious consumer base to constantly monitor and track their health.
Moreover, the growing adoption of unhealthy lifestyles and habits like tobacco smoking and alcohol consumption which increase the prevalence of chronic diseases is further encouraging the advancements of mHealth services. Reportedly, the European Chronic Disease Alliance recorded 85 million people suffering from cardiovascular diseases in 2015. The rising number of chronic patients is increasing the burden on the conventionally available healthcare resources. This in turn is promoting the popularity of mHealth services which could assist patients with more convenient and accessible care services.
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Growing adoption of mobile apps to positively Influence Europe mHealth industry growth
MHealth market in Europe from Mobile apps based mHealth segment accounted for USD 9,802.3 million revenue in 2019 and is expected to grow at 38.5% CAGR through 2026. Benefits like easy patient tracking, seamless coordination, and providing quality care, especially in underserved and rural communities and to old people who find it difficult to visit clinics, will boost market expansion. Furthermore, the social distancing norms and lockdown during the COVID-19 pandemic has contributed to the segment growth.
Inclination of patients towards wearable devices to drive the demand for mHealth services in Europe
The adoption of mHealth among patients has increased from 85% in 2015 to 87% in 2017 with patients increasingly adopting technologies like wearable and remote patient monitoring tools. For instance, 13% of patients used wearable devices, and 17% of patients adopted remote patient monitoring tools in 2015; and the number expanded to 24% for both technologies in 2017. Furthermore, some surveys have also found that mHealth initiatives and patient satisfaction scores are highly correlated as it helps patients to interact with doctors, anytime and anywhere.
Rising demand for disease and epidemic outbreak tracking to fuel MHealth market in Europe growth
With the growing prevalence of diseases like diabetes in Europe, mHealth service demand in tracking the disease and epidemic outbreak is anticipated to grow at 40.2% CAGR through 2026. As per the International Diabetes Foundation (IDF), the frequency of diabetes in Europe in 2017 was 9.1% with around 66 million people suffering from the disease.
Due to an inactive lifestyle, unhealthy diet, and obesity, the region is witnessing a rising number of diabetic patients, encouraging the market players to develop smart wearable medical devices. For instance, Nemaura Medical in the UK introduced SugarBEAT app that helps monitor blood sugar. Moreover, in response to the coronavirus pandemic, European member states have adopted location tracking, favoring regional growth.
Cutting-edge healthcare IT infrastructure to fuel the UK mHealth industry expansion
The UK mHealth market was valued at about USD 2.2 billion in 2019 and is poised to witness significant growth through 2026 owing to the state-of-the-art healthcare IT infrastructure and government initiatives to implement mobile-focused health apps. For instance, the UK Department of Health reported that if mHealth services are used correctly, a 45% reduction in mortality rates, a 20% decrease in emergency admissions, and a 14% reduction in bed days can be witnessed.
Elaborating further on the region front, mHealth service demand in Germany is also expected to witness a considerable spike in the coming years. The region held the largest share of around 20% in 2019 and is anticipated to grow remarkably in the coming years due to the growth of the medical technology sector and hardware segment such as mobile sensors and remote patient monitoring equipment.
The ensuing years will witness a slew of initiatives such as new product launches, M&As, collaborations and partnerships, and technological advancements characterizing the strategic landscape of MHealth market in Europe. Some of the prominent industry players include Allscripts Healthcare Solutions, Apple, AT&T, Masimo Corporation, Philips Healthcare, Boston Scientific, Cardionet, Qualcomm, and BioTelemetry.
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Table of Contents (ToC) of the report:
Chapter 6. MHealth market in Europe Trends, By End-use
6.1. Key segment trends
6.2.1. Market estimates and forecast, by country, 2015 – 2026 (USD Million)
6.3.1. MHealth market in Europe estimates and forecast, by country, 2015 – 2026 (USD Million)
6.4. Insurance Companies
6.4.1. Market estimates and forecast, by country, 2015 – 2026 (USD Million)
6.5. Research Centers
6.5.1. Market estimates and forecast, by country, 2015 – 2026 (USD Million)
6.6.1. Market estimates and forecast, by country, 2015 – 2026 (USD Million)
6.7. Biopharmaceutical Companies
6.7.1. MHealth market in Europe estimates and forecast, by country, 2015 – 2026 (USD Million)
6.8.1. Market estimates and forecast, by country, 2015 – 2026 (USD Million)
6.9. Tech Companies
6.9.1. Market estimates and forecast, by country, 2015 – 2026 (USD Million)
6.10.1. MHealth market in Europe estimates and forecast, by country, 2015 – 2026 (USD Million)
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