In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
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Mobile MIM is an FDA approved mobile medical app that allows physicians to access and share medical images after various scans including those from radiology and cardiac imaging.
Another FDA approved mobile healthcare app, BlueStar by Welldoc, was developed for efficient diabetes management and provides assistance for people with type 2 diabetes by sharing feedback messages and reports between the users and their care team.
The growing use of smartphones by people for performing various daily tasks has introduced the concept of medical mobile applications that allow easy management of a number of diseases and chronic disorders. These apps are designed to perform several tasks such as disease monitoring, diagnosis and treatment recommendations. In addition to this, they keep health records of the patients as a result of which they are even used by healthcare providers. They can be downloaded and accessed on mobile phones or smart tablets.
Along with the patients, medical software applications can be used by healthcare professionals in order to obtain information about medical drugs and other data through reference apps. Since medical apps perform serious functions related to improvement of the patient’s health, they are required to be approved by the FDA in order to prevent major health risks to their users.
Rapid advancements in software technology for smartphones has led to the development of apps for the management and monitoring of health disorders such as diabetes, cardiovascular, neurological and respiratory among others.
The mobile medical apps market is anticipated to record a CAGR of around 35% over the forecast period i.e. 2019-2027. The market is segmented by service, by therapeutic applications, by end user and by region. On the basis of end user, the market is further bifurcated into healthcare providers and patients, out of which, the patients segment is anticipated to hold the largest share in the mobile medical apps market on account of increasing demand and usage of mobile applications for various healthcare services by people with health disorders. The rising trend of self-management and treatment of diseases by patients is estimated to raise the demand for mobile medical apps by a significant level. Centers for Disease Control and Prevention (CDC) predicted that about 1 in every 3 adults would have diabetes by the year 2050. This could be easily prevented with timely diagnosis and appropriate self-management of the disorder. Mobile applications pertaining to provide such facilities are thus anticipated to increase in the market during the upcoming years.
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Growing adoption of devices such as smartphones and smart tablets by the population along with the development of applications for various purposes is a factor estimated to result in the market growth. Mobile applications for healthcare services are able to effectively guide the patients and provide diagnosis and treatment suggestions to the users. The ease of using mobile apps for management of health disorders is another factor anticipated to boost the demand for mobile health apps in the upcoming years.
Technological advancements in the healthcare industry are anticipated to give rise to development of applications that provide better healthcare assistance and thus improve the quality of mhealth apps globally. This is an additional growth factor for the mobile medical apps market.
The stringent government policies for the approval of mobile medical applications catering to serious medical conditions is a key restraining factor for the market as it limits the availability of mobile apps for healthcare services.
Our in-depth analysis of the mobile medical apps market includes the following segments:
On the basis of regional analysis, the mobile medical apps market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The highest growth rate of the market during the forecast period is anticipated to be observed in the Asia Pacific region on account of growing consumer awareness about mobile applications for healthcare services and a rise in population that demands for improved mobile medical apps. The market in Europe is estimated to observe a significantly high growth rate which can be attributed to increasing usage of mobile apps for healthcare and fitness as well as increasing availability of medical apps for smartphones. The market in North America is estimated to hold the leading share in mobile medical market as a result of technological advances in the region.
The mobile medical apps market is further classified on the basis of region as follows:
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