mHealth will occupy a substantial portion of the Latin American market during the prognosis period. This is due to the growing interest in fitness and increases the heart rate monitor used among people. Technologies and applications related to health often help to have experience in the management of patients. These technologies and mobile health applications take advantage of advanced data analysis and support to better treat patients at an affordable cost of medical professionals. These mobile health applications easily facilitate health care through simple applications such as diet, exercise and tracking calories calculations.
Latin America mHealth Market Size
The Latin American mHealth Market was estimated at USD 2,187.2 million in 2018 and It is expected to reach USD 11,975.2 million by 2025, increasing at a compound annual rate of 28.16% over the 2018-2025 forecast period.
According to Research Cosmos Analysis, mHealth Market projected to reach 147,897.2 Million USD by 2025, growing with a CAGR of 27.45%.
Growth Drivers, Challenges and Opportunities - Latin America mHealth Market
The increase in expenses associated with the increased use of medical devices and mobile health applications, the increase in elderly people and chronic diseases, the growing interest in the demand for patient-centered health services and services for remote patient monitoring, are the important factors that drive growth in the mobile health market. Mobile penetration in developing countries has increased dramatically. Mobile users are increasing due to the adoption of the more profitable 3G and 4G spectrum and other associated medical devices, and mobile applications to quickly switch to a smartphone.
The rapid adoption of smartphones increases the demand for medical applications. Mobile application development skills have the potential to change mobile health. The rapid increase of the population and the development of various diseases related to lifestyle is a key element for the growth of medical devices connected and integrated mobile applications in this region. These devices are compatible with home care and patient diagnostic solutions that have multiple functions in the system that range from the view of data capture. The doctor can diagnose and provide a prescription in the case of emergency patients through one of the integrated mobile applications.
Medical costs are increasing to a variety of hospitals and nursing homes, which is a major concern for patients and insurance companies. Costs are high due to new technologies and expensive care drugs, increased medical supplies and service costs, high administrative costs. It has taken the popularity of which has a significant participation of various strategic partnerships adopted by players in the mHealth market and take advantage of new opportunities and acquire the latest technology and tools.
There is a level of competition between the major providers to go higher than the use of smart devices and technologies such as increased dressing. The regional market is expected to grow steadily due to the presence of highly established players that focus on improving product quality, product differentiation, promoting and expanding geographic scope. Companies are trying to introduce a new and advanced product every day in the industry.
Geographical Insights of Latin America mHealth Market
According to the region, the Latin American market is analyzed in several regions, including Argentina, Brazil, Peru, and Mexico. Argentina is leading the local market, mainly due to the increase in health spending, the increase in the large population, the prevalence of chronic diseases and lifestyle and improved access for consumers to connected devices. Because chronic diseases increase the large population, the demand for remote monitoring devices and various mobile health applications increases.
Prominent Companies in the Latin America mHealth Market analyzed in the report are:
- AT & T Apple Inc.
- All Scripts Medical Solutions
- AirStrip Technologies
- Google Inc.
- Qualcomm Inc.
- Soft serve
- Samsung Electronics
- Vodafone group
This research report includes following segmentation for the Latin America mHealth Market size and forecast 2018 - 2025
Latin America mHealth Market - By Solution
- Diagnostic Services
- Control Services
- Prevention and Health
- Welfare Systems
Latin America mHealth Market - By Stake Holders
- Mobile Phone Operators
- Health Providers
- Application/Content Players
- Device Providers
Latin America mHealth Market - By Region