Latin America
mHealth Market Overview:
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.
Mobile technology has grown considerably around the world in recent
years. This increase in mobile traffic is due to advances in 3G and 4G networks
that have allowed the use of smartphones and tablets in the areas of commerce,
entertainment, health and others. The integration of mobile technology in
health services has allowed consumers to effectively manage their daily
activities. Mobile health helps reduce health care costs by limiting the number
of visits to the hospital and reduces readmissions. Mobile connectivity with
health professionals helps close the gap between health professionals and
patients.
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Drivers and
Restraints:
The various factors that have an impact on the increase of mHealth
market are affected person’s involvement in non-public healthcare,
implementation of Smartphone’s and wearable gadgets into healthcare enterprise,
integration of Wi-Fi technologies with healthcare devices which might be
portable, advantages of cost effectiveness and sufferers’ comfort and growth in
lifestyle illnesses.
A few other factors responsible for the market growth encompass low
price and Convenience of scientific devices, technological improvements,
integration of wireless technology, and affordability of smartphones,
government projects, and growing lifestyle illnesses. The lower adoption due to
decrease accuracy, a nascent era in underdeveloped economies, constrained
compensation coverage, loss of technological Recognition in the aging populace
and uncertainty in authorities’ rules are limiting market increase to a certain
extent.
The segment of connected medical devices represented a dominant market
share in 2016. The growing penetration of the Internet in the region and
technological advances, such as the introduction of 3G/4G/5G Internet services,
the growing public attention to fitness, well-being and nutrition regimes
should boost the growth of this segment during the forecast period. The B2B
segment represented a dominant market share in 2016. The growing adoption of
mHealth solutions by hospitals, health insurance companies and government
organizations, is expected to drive growth in the B2B segment during the
forecast period.
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Geographical
Analysis of Latin America mHealth Market:
High spending on health care, government initiatives, the high rate of
adoption of new technologies and increased funding by private and public
organizations are some of the factors that drive the growth of the mHealth
market in Latin America. The increasing prevalence of chronic diseases, the
aging of the population and the disposable income are the key factors driving
the growth of the market in Latin America. The market in Latin America offers
significant growth opportunities due to growing government initiatives,
increased funding from public and private investors and the creation of new
companies and the launch of new products.
Major players operating in the Latin America mHealth Market are Dexcom, Inc.,
Apple Inc., FitBit, Inc., Withings, Jawbone, Proteus Digital Health, Omada
Health, Inc., WellDoc, Inc., Livongo Health, Noom, Inc., Ginger.io, Inc.,
Propeller Health, 2Morrow, Inc., Canary Health, Mango Health, BiogeniQ Inc.,
Twine Health, Inc., Glooko, Inc., Firstbeat Technologies Ltd., and others.
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