In a recent published report, Kenneth Research has updated the Market report for Mobile Healthcare Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Mobile Healthcare Market Products.
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According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
The increased adoption of digital strategy has disrupted the Indian healthcare industry. The growing demand for online appointment scheduling and remote consultation has fueled the growth of the mobile healthcare market in the country. In terms of revenue, the mobile healthcare market in India was valued at INR 50.95 Bn in 2019, and is estimated to reach INR 369.01 Bn by 2025, expanding at a CAGR of 37.69% during the 2020-2025 period.
Segment insights:
Based on type, the mobile healthcare market is segmented into mobile healthcare devices and services. Mobile healthcare services, which mainly consists of healthcare apps, is estimated to be the leading segment with a share of ~68.38% in 2025. Improved clinical outcome, coupled with quick access to medical attention, is projected to drive the demand for healthcare apps.
The mobile healthcare devices segment comprises wearable and monitoring devices for checking health parameters such as blood pressure, blood glucose, oxygen saturation, and respiration. The increasing demand for monitoring devices to manage chronic disease conditions has propelled to the growth of the segment. However, consumers’ preference is expected to shift from the healthcare devices to the healthcare services segment, owing to high costs of the devices, interoperability issues, and availability of similar functions on mobile applications. The healthcare services segment is estimated to expand at a CAGR of ~38.45% during the 2020-2025 period.
Market influencers:
The rise of digital technologies, coupled with supportive governmental policies, has fueled the growth of the mobile healthcare market in India. As per the Telecom Regulatory Authority of India (TRAI), the total number of Internet subscribers increased from 251.59 Mn in 2014 to 718.74 Mn in 2019.
The emergence of corporate wellness programs is likely to play an essential role in driving market growth. Users’ health data is monitored using wearable devices and healthcare apps, which allow employers to take preventive actions to reduce insurance costs. Various advantages, including patient-centric care, proactive response, improved access, and reduced cost, have bolstered the adoption of mobile healthcare to fulfil the gaps of the traditional healthcare ecosystem.
However, challenges regarding poor technology infrastructure, performance, and data security have been impeding market growth. New entrants are struggling to establish their footprint in the market due to the lack of adequate knowledge and attention of policymakers, and an instable revenue model. Moreover, owing to India’s linguistic diversity, the absence of language localization becomes a challenge. As a result, the lack of multilingual communication is slowing down the adoption of mobile healthcare among consumers in the country.
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Impact of COVID-19:
The pandemic has incited a paradigm shift in the Indian healthcare industry, with a shift of focus from cure-centric care to preventive care. Mobile healthcare plays a pivotal role in bringing the change. The pandemic has accelerated the adoption of mobile healthcare solutions, as healthcare apps and mobile healthcare devices establish a safe and connected healthcare ecosystem. Patients, healthcare providers, including doctors, hospitals, and clinics have been actively adopting mobile healthcare to combat COVID-19.
The sale of mobile healthcare devices and the subscription to healthcare apps have increased sharply in the wake of the pandemic. The sale of mobile healthcare devices like pulse oximeters, blood pressure monitors, digital thermometers, and glucometers has amplified in the second quarter of 2020. On the other hand, healthcare app providers like Practo and mFine have witnessed steep rise in terms of new installation and online consultations amid the pandemic.
Competitive insights
The digital healthcare market in India has the presence of various emerging start-ups, experiencing intense competition from each other. The unexplored market in India offers immense opportunities to established global companies aiming to expand their footprint in India. With soaring demand for healthcare apps, public and private players are focusing on broadening their offering and improve the quality of service, in order to maintain market position. The players are aiming at scaling up their businesses and portfolios to address the high potential of the Indian digital healthcare market.
Companies covered
ï‚·HealthifyMe Wellness Private Limited
ï‚·HealServ
ï‚·Lybrate India Private Limited
ï‚·Practo Technologies Private Limited
ï‚·Fitbit India Private Limited
ï‚·GOQii Technologies Private Limited
ï‚·OMRON Healthcare India Private Limited
ï‚·Roche Diabetes Care India Private Limited
ï‚·Samsung India Electronics Private Limited
ï‚·Xiaomi Technology India Private Limited
The Market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of Mobile Healthcare Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Playes
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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