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Europe mHealth Market Growth to Explore till USD 137.5 Bn by 2026
Published Date: 2020-10-09
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According to the Graphical Research new growth forecast report titled Europe mHealth Market size is estimated to exceed USD 137.5 billion by 2026.Increasing prevalence of cost-effective care in healthcare industry has elevated the growth of mHealth market in the European region. According to the World Health Organization (WHO), the European Commission estimated cost savings of around USD 126 billion in health services through the usage of mHealth services across Europe. With the increasing advantages provided by the mHealth apps and devices, including better healthcare facilities at a lower cost and consumers tracking overall health & fitness are some of the factors uplifting the market growth. Additionally, the consumers also prefer ordering the medications online due to various discounts in prices available on mHealth apps. Therefore, the abovementioned factors will propel the growth of mHealth market attributing to these factors in the near future.
Growing utilization of smart wearable medical devices has elevated the growth of mHealth market in Europe. According to the International Diabetes Foundation (IDF), the prevalence of diabetes in Europe in 2017 was 9.1% and the number of people suffering from the disease was approximately 66 million. Therefore, companies in Europe are adopting leading-edge technology to minimize the usage of extra bulk devices for monitoring of blood glucose level such as continuous glucose monitoring (CGM) systems. Additionally, scientists are developing skin-based glucose monitor to detect glucose levels in sweat. Therefore, smart monitoring wearable devices are expected to increase the growth of the European mHealth market in the near future.
However, cyber security and stringent regulations by FDA on mHealth services hamper the growth of the mHealth market in Europe.
Mobile apps segment held the majority market share and was valued at USD 9,802.3 million revenue in 2019. The segment is expected to contribute significantly in the growth of mHealth market in the projected years owing to the growing geriatric population and recent technological advancements in Europe. As the geriatric population finds it difficult to visit the clinics for routine checkups, there has been increased usage of mobile apps by old age people. Moreover, services required during COVID-19 times, have elevated the usage of healthcare apps online. Additionally, there is a rising acceptance of mHealth apps in UK and France, thereby resulting in the increased usage of mobile applications. Hence, owing to these factors the mHealth market is anticipated to witness a significant growth in the European region.
Disease and epidemic outbreak tracking segment is expected to witness a lucrative growth at a CAGR of 40.2%. This high growth can be attributed to the growing prevalence of diseases including diabetes in Europe, thereby increasing the usage of mHealth services. Prevalence of diabetes in the European region is mostly due to the inactivity, obesity and unhealthy diet. Therefore, Nemaura Medical in UK launched SugarBEAT app to help monitor blood sugar. Moreover, European member states have adopted location-tracking since in response to coronavirus pandemics and epidemics in the region. Hence, owing to these factors, the mHealth market will witness an augmented growth in Europe.
Physicians segment witnessed the largest revenue segment of USD 4,281.3 million in 2019 and is expected to contribute significantly in the growth of mHealth market. This can be attributed to the services provided to the healthcare physicians such as patient-physician online interaction and remote monitoring among other advantages. Moreover, physicians in Germany use a smartphone application for providing therapy to children with functional amblyopia. Hence, the abovementioned factors will foster the growth of the mHealth market in European region.
Germany mHealth market with a larger market share of around 20% in 2019 and is expected to witness significant growth in the coming years. This can be attributed to the medical technology sector that will foster the growth of mHealth market in Germany. Additionally, the hardware segment including mobile sensors and medical devices supporting remote monitoring will enhance the growth of European mHealth market. Growing fitness and health consciousness along with digitalization of the society are the factors driving the usage of the mHealth services. Therefore, these factors will significantly propel the growth of the European mHealth market.
Some of the major industry players involved in Europe mHealth market include Allscripts Healthcare Solutions, AT&T, Apple, Philips Healthcare, Masimo Corporation, Cardionet, Boston Scientific, BioTelemetry, Qualcomm and others. The market players are proposing strategic acquisitions, mergers, partnerships and collaborations for garnering maximum market share. For instance, in September 2020, Philips healthcare collaborated with Defense Department for expansion of mHealth for infection tracking. This strategic move will assist the company in revenue expansion and strengthening their position in the mHealth market.
European mHealth market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2015 to 2026, for the following segments:
Market, By Platform, 2015-2026 (USD Million)
- Mobile Apps
- Wellness Management
- Diet and Nutrition
- Lifestyle and Stress
- Exercise and Fitness
- Health Condition Management
- Disease Specific
- Medication Reminders
- Women's Health and Pregnancy
- Healthcare Providers/Insurance
- Wellness Management
- Wearable Devices
- Healthcare and Fitness
- Blood Glucose Monitors
- Cardiac Monitors
- Neurological Monitors
- Respiratory Monitors
- Body & Temperature Monitors
Market, By Application, 2015-2026 (USD Million)
- Communication and Training
- Education and awareness
- Diagnostics and Treatment
- Disease and Outbreak Tracking
- Remote Data Collection
- Remote Monitoring
Market, By End-use, 2015-2026 (USD Million)
- Insurance Company
- Research Centers
- Biopharmaceutical companies
- Tech Company
The above information is provided for the following region and countries: