Healthcare Mobility Solutions Market is Projected to be Worth US$148.66 bn by 2023
Posted: Jan 14, 2019
The global market for healthcare mobility solutions is anticipated to see tremendous growth in forthcoming years, according a report by Transparency Market Research (TMR). Currently, the global healthcare mobility solutions market is features fragmentation with the presence of huge number of small, medium and large-scale players. The prominent market players are predicted to engage in business strategies such as collaborations and partnerships in order to thrive in the intense competitive landscape. Recently, Truman Medical Centers and Cerner Corporation formed an alliance so that Cerner could expand their service portfolio. Key players operating in the global healthcare mobility solutions market are Koninklijke Philips N.V., McKesson Corporation, Cisco Systems, AT&T, Inc, and Oracle Corporation. Leading vendors are additionally expected to expand to emerging economies such as Brazil, India and Chile, in order tap in to their growing potential.
TMR’s report predicts that the global healthcare mobility solutions market will rise at a stellar CAGR of 25.50% from 2015 to 2023, the duration of forecast. The market was estimated to be at US$20.13 bn in 2014, and is expected to touch a value of US$148.66 bn by 2023.
Considering the different types of applications of healthcare mobility solutions such as enterprise solutions and mHealth applications, the latter application is forecasted to exhibit a swiftly rising CAGR of 25.2% over the forecast period. The surge in use of tablets, smartphones, and PDAs is anticipated to push this application segment in the coming years. Adding to this growth will the emergence and high proliferation of mobile devices due to their affordability, accessibility, and convenience. These advantageous features of mobile applications and the streamlining of information feed and its assessment is expected in favor of the mHealth application segment and aid the growth of the overall market in the forthcoming years.
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Geographically, Asia Pacific is anticipated to rise at an unprecedented rate with a 25.8% CAGR from 2015 to 2023. The rising number government initiatives taken up to increase the adoption of e-Health solutions and mHealth across countries such as India, Japan, Australia, New Zealand, and China are expected to contribute to the swift growth of this regional market. The increasing awareness regarding mobile health options, clinical mobility, and convenience of home monitoring are expected to augment the Asia Pacific healthcare mobility solutions market.
Growing Adoption of Technology to Propel Market Uptick
The healthcare industry has been of one of the earliest embracers of enterprise mobility, and implementation of mobile applications and mobile devices has transformed the healthcare ecosystem. Healthcare mobility solutions could become the perfect solution to some of the major challenges faced by the healthcare industry, such as surge in demand for quality health care, increasing error rates dynamic regulatory environment, spiraling costs, and diminishing returns, among others. The overall doubts regarding the use and success of enterprise mobility in the initial years are swiftly being cleared up with incrementing awareness and trust among consumers. The healthcare mobility solution market additionally gaining traction with substantial changes in patient care services, and with mobility solutions becoming an integral model for both healthcare service providers and patients. This is a key factor fuelling the global healthcare mobility solutions market.
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Need for Improved Response Time to Boost Growth
The increased utilization of mobile technologies and applications is expected to help make a transition from conventional to modern solutions across healthcare facilities, leading to fewer hospitals readmissions and improved patient outcomes. Mobility solutions enable staff and workers in the healthcare ecosystem access to vital data while controlling costs and managing risks. By leveraging the profits of an integrated and security loaded wireless policy across the organization, the employees can present patient care more economically, improve response time, and augment patient output along with reducing risks and expenses. The improvement in response times can prove vital to patients dealing with time sensitive issues, augmenting the demand for healthcare mobility solutions further.
Rising Preference for Home-Based Solutions, Remote Healthcare to Provide Opportunity
The mHealth application is flourishing in developed economies such as North America as more and more patients are opting for home healthcare services. Additionally, the growing efforts taken to curtail healthcare costs is expected to push the mHealth applications segment across the globe, which will, in turn, lead to the growth of healthcare mobility solutions further. Government initiatives along with efforts taken by private establishments across the developed as well as emerging economies, in order to adopt convenient and cost-effective solutions is also likely to present lucrative opportunity to the global healthcare mobility solutions market.
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Transparency Market Research (Tmr) is a U.S.-based provider of syndicated research, customized research, and consulting services.