Europe mHealth Market to grow at 39% CAGR over 2020-2026

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Europe mHealth Market to grow at 39 CAGR over
2020-2026
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Europe mHealth Market size was valued at USD
14,162.0 million in 2019 and is expected to
witness 39.0 CAGR from 2020 to 2026 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.
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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.
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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
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/1452/inquiry-before-buying 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.
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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, ATT, 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.
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