As per the research report, the size of the Europe mHealth market is valued at USD 11.81 Billion in 2023 and is expected to reach USD 51.61 Billion by 2028, at a CAGR of 34.29% during the forecast period.
The health market share is growing at a higher rate in Europe with the increasing trend toward the adoption of digital health services. In Europe, government authorities are in favor of deploying digital health services for person-centered integrated care. Following the guidelines provided by the authorities, the demand to launch innovative digital solutions in healthcare solutions is attributed to boosting the growth rate of the market. For instance, Digital Health Europe made proposals to implement regulatory action through various policies and strategies. These proposals are set to enhance the specific legal framework by the end of 2023. The main aim of this is to use the real-world health data envisioned with the help of the European Health Data Space (EHDS) by protecting citizens' privacy.
Growing prominence for the use of the Internet of Things that help improve patients' health through various applications in smartphones and smartwatches is elevating the market value. In addition, the adoption of electronic medical records in healthcare is amplifying the growth rate of the market to an extent. Electronic medical records are efficient in giving patients accurate health information at any time in any place, and help guide the decision-making process. These records were especially highlighted during the time of COVID-19. These systems allowed healthcare providers to succeed in promoting quality services digitally.
Government initiatives to improve the healthcare infrastructure by rapidly adopting advanced technologies are set to create growth opportunities for the market in the near future. Along with this, the growing demand for patient-centric and preventive approaches rather than conventional health practices among people is likely to fuel the market size in the coming years.
However, the lack of complete awareness of the use of advanced technologies, especially in remote areas, is the primary factor limiting the market share. Also, rising concerns over privacy and data breaches are degrading the growth rate of the European mHealth market.
The lack of physicians with high knowledge in accessing the new equipment in healthcare is a major challenging factor for the market key players. People's preference for traditional healthcare facilities rather than adopting advanced treatment procedures in some areas due to a lack of knowledge of the benefits of digital solutions in healthcare is hindering the market growth rate.
This research report on the Asia Pacific mHealth Market has been segmented and sub-segmented into the following categories:
By Connected Devices:
The glucose meter segment is ruling with the dominant share of the market. An increasing number of people suffering from diabetes is greatly influencing the demand for the glucose meter segment share. Also, rising expenditure on healthcare, especially among diabetic patients, is prompting the growth rate of this segment. In Europe, approximately USD 154 billion expenditure in 2022 is on diabetes among people aged 18-70. Blood pressure monitors are gaining traction over the growth rate of the market during the forecast period, whereas the pulse oximeter segment share is deemed to have significant opportunities in the coming years.
The fitness and wellness segment is leading with the largest share of the market and the rising prevalence of maintaining a healthy lifestyle. A growing number of cardiac arrests among young people is a rising concern nowadays. Adopting a healthy lifestyle will prevent such incidents, which are inclined to level up the prominence of fitness and wellness.
The remote monitoring consultation segment is next, holding a prominent share due to the growing number of patients using telemedicine and other digital solutions. The prevention segment is expected to have a substantial growth rate in the coming years.
The chronic care management segment is holding the majority share of the Europe mHealth Market, whereas the weight loss segment is gaining traction over the market growth rate during the forecast period. The increasing aging population is one of the primary factors for this segment's growth rate. According to a recent survey in Europe, 36% of people aged above 65 suffered from at least two chronic diseases in 2020. This number is elevating the need to adopt remote healthcare facilities where the patient need not go to the hospital for regular checkups. Digital solutions emphasize better remote treatment options for patients
Regionally, the Europe region accounts major share holds in the global mHealth market comparatively across the globe. Fitness and wellness are the main shareholders for mhealth market in the European region. Advancements in technologies and software updates help market growth. Around 50% of the European population holds accounts for mobile fitness and wellness apps. The highest health tracker app downloads are seen in Europe. These apps keep a check on sleep cycles, heart rate, and stress levels.
Notable companies operating in the European mHealth Market profiled in the report are I Health Lab. Inc., Philips Healthcare, and Cardionet.inc, QUALCOMM life, Samsung Electronics co ltd, Medtronic.inc, Vodafone.
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