Europe mHealth Market will be valued USD 137.5 billion by 2026: Graphical Research. 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.
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 1|Page