Published Date: 2020-10-07
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According to the Graphical Research new growth forecast report titled Latin America mHealth market value is set to exceed USD 20.8 billion by 2026. Growing incidences of chronic illnesses in Latin America has led to increase in the growth of mHealth market. According to the International Diabetes Federation, in 2017, approximately 12.5 million adults were diagnosed with diabetes in Brazil. Thus, owing to these statistics the demand for smart wearable medical devices for monitoring glucose will boost the mHealth market growth. In addition, there is an increased usage of applications dealing with diabetes management and blood pressure. Moreover, the geriatric population in Latin America has also led to the growing use of wearable devices and applications. Hence, owing to the above factors, mHealth market in Latin America will witness a significant growth over the upcoming period.
Increasing use of internet services and smartphones has augmented the growth of mHealth market. According to a published report, in 2018, Argentina, Brazil and Mexico accounted for approximately 65% to 70% of all smartphones and mHealth services users. This can be attributed to the services such as patient diagnostic solutions, home care, patient centered health services and developments in software and technologies. These services are possible due to the 3G and 4G network in smartphones. Moreover, preference of remote patient monitoring and online consultations, specifically for elderly population suffering with chronic diseases, has fostered because of smartphones. Hence, the above-mentioned factors will propel the growth of mHealth market in Latin America over the estimation period.
However, poor accessibility for population residing in remote areas along with data privacy and security issues will hamper the growth of the mHealth market in Latin America.
Mobile apps segment held the largest revenue and was valued at USD 1,322.7 million in 2019 and is expected to contribute significantly to the mHealth market in the future. The high share of the segment can be attributed to the growing cases of diabetes management and blood pressure conditions. Attributing to this factor, mHealth services such as healthcare and medical smartphone applications for patient and healthcare professionals have increased extensively. Additionally, the rapid increase of the population and development of various diseases related to lifestyle is a key element of mHealth services and integrated mobile applications in this region. Hence, owing to the above-mentioned factors, the mHealth market is expected to witness a significant growth in the Latin America region.
Disease and epidemic outbreak tracking segment is expected to witness rapid growth at 41.8% over the forecast period. The lucrative growth can be attributed to the growing need for remote monitoring of chronic disease patients along with aiding the elderly population with the help of smart devices and services. Also, as reported in the recent reports the prevalence of cardiovascular diseases and obesity is quite high in Latin America. Therefore, to combat these diseases, the use of portable mHealth products with a focus on monitoring and easy-to-use features will enhance the market growth. Hence, the above-mentioned factors will significantly fuel the growth of mHealth market in Latin America region.
Physicians segment held the largest revenue and was valued at USD 579.5 million in 2019 and is expected to contribute significantly to the mHealth market growth in the future. The high share of the segment can be attributed to the fact that the mHealth services and solutions in Latin America are targeted towards applications aiding healthcare practitioners. Therefore, the physicians can restore and retrieve patient records in order to make active decisions through smartphone applications. mHealth apps and devices allow the physicians to aid their patients in prevention, diagnosis and treatment. Hence, the above-mentioned factors, will boost the growth of mHealth market in Latin America.
Brazil mHealth market held the largest revenue share of around 46% in 2019 and is expected to contribute significantly to the mHealth market. The largest share can be attributed to the increase in prevalence of chronic disease including respiratory, cardiovascular and metabolic disease that require the constant observation. According to a published report, Brazil is the largest contributor of treatment services. Brazil has taken major steps in provision of diagnostic services to the tribal population where access to healthcare is low. Hence, the above-mentioned factors will significantly boost the growth of mHealth market in the country.
Some of the major industry players involved in Latin America mHealth market include Philips Healthcare, QUALCOMM Life, Samsung Electronics, AT&T Apple Inc., Vodafone group, Allscripts Healthcare solutions among others. These players are proposing strategic mergers, acquisitions, collaborations and partnerships to strengthen their market position. For instance, in October 2019, Vodafone Business collaborated with America Movil to provide IoT connection to its customers in Latin America. This strategic move assisted the company in expanding their customer base and strengthening their position in Latin America mHealth market.
Latin America 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 Share, By Platform, 2015-2026 (USD Million)
Market Size, By Application, 2015-2026 (USD Million)
Market Forecast, By End-use, 2015-2026 (USD Million)
The above information is provided for the following region and countries:
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