The size of the Asia-Pacific mHealth market is estimated to be worth USD 7.99 Billion in 2022 and USD 39.75 Billion by 2027, at a CAGR of 37.82% during the forecast period. Asia pacific is more likely to witness the most significant market growth in the forecast period owing to its health care and research developments.
The market drivers contributing to the mHealth market in the Asia Pacific region are growing in mobile phones, a robust increase in 3G, 4G, and 5G, increased patient care diagnostics, improved usage of devices, and internet facilities. In addition, a low expensive health care system promotes the mobile health market in this region. There is a significant rise in the mobile health market's acceptance due to ease in usage and handling and increased market size. According to a survey conducted, more than 40% of the Asia Pacific region uses health care apps for various activities like tracking fitness, heart rate, sugar check, blood pressure, etc. Furthermore, the rise in demand for patient-oriented health care services increased home-based treatments for geriatric, and others, health monitoring for the disabled is a crucial factor in developing the mobile health market.
In addition, factors such as the rise in demand for patient-centered health care services has resulted in a surge in home-based therapies for geriatrics and others and health monitoring for the disabled, both of which are important factors in the growth of the APAC mobile health market. On the other hand, the factors such as active government initiatives, a preference for cost-effective treatment, and an increase in chronic disorders in the senior population are expected to expand the market growth.
Moreover, the growing inclination among people to be fit and healthy has boosted the use of health services. As a result, industry companies working in the market to provide remote monitoring with preventative and diagnostic solutions, among other benefits, are likely to considerably drive the market growth.
There are market restraints that held back market growth. First, poor network issues hampered market growth. Second, people living in remote countries from Asia Pacific regions such as Thailand, the Philippines, and Myanmar do not encourage mobile health services. It might be due to their less usage of mobiles and devices and poor connectivity issues. One more factor that hinders market growth is poor reimbursement policies and less accurate results.
COVID-19 impact on the APAC mHealth Market:
COVID 19 impact has affected many markets, mainly in healthcare and medicine and the mobile healthcare market. Talking about pros, due to lockdown and issues, people could not travel to avail health services and tests. Hence the apps created for these health care services online include various facilities such as Audio and video calls directly with physicians. In addition, there are features such as buy medicines online, which also provide door-to-door delivery. However, due to COVID lockdown issues, loss of pay for physicians is seen. Also, there are few more cons due to COVID; the imports and exports of various health market materials financially affected many retailers and suppliers.
This research report on the Asia Pacific mHealth Market has been segmented and sub-segmented into the following categories:
By Connected Devices:
Regionally, the Asia Pacific mHealth market is the fastest-growing region globally with its highly developed software systems, healthcare, and infrastructure. China is reported as the biggest market for mobile manufacturing and exports. China holds significant shares through the largest population and disposable incomes.
China and Japan majorly hold 2/3rd revenue for total market shares due to their technology and healthcare infrastructure developments. Increased adult and geriatric population and increased outcome of physicians, healthcare providers. Among all, India alone registers a CAGR of 42.6% and is considered a lucrative market.
China is the largest market for mobile manufacturing and exports, according to reports. China has a substantial portion of the market due to its large population and disposable income. In China, the demand for mHealth services is steadily expanding. In addition, the use of mHealth apps and devices has expanded considerably as a result of the ongoing coronavirus pandemic. As a result, the reasons above have led to the country's mHealth market's rise. Due to the technological and healthcare infrastructure advancements, China and Japan account for around 2/3rd of overall market revenue. Physicians' and healthcare providers' outcomes have improved. Among all, India alone shows a CAGR of 42.6% and is considered a lucrative market.
Furthermore, the growing number of older population in countries such as India and Japan are further expected to boost the Asia Pacific market share in the global market. Rising healthcare spending is a significant factor propelling service demand over the anticipated period. Significant investments in digital healthcare sectors along with expanded IT infrastructure have created prospects for mHealth technologies in the region, increasing to mHealth consumers.
KEY MARKET PLAYERS:
A few of the notable companies operating in the APAC Mobile Health Market profiled in the report are I health lab.inc, Philips healthcare, Cardionet.inc, QUALCOMM life, Samsung electronics co ltd, Medtronic Inc. and Vodafone.
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