Apple’s Mhealth Market To Reach USD 311.98 Billion By 2027
WMR has recently issued a relevant update for the healthcare industry, where it has brought some surprising facts. The report suggests that iOS Application for Healthcare Market by 2027 will grow massively. Further, it shares the details and key insights that how Apple will gain a competitive advantage.
Are you curious to know what more it holds for Apple’s mHealth future?
Let’s find out further with this post, you only have to scroll it down to unleash the magical vibes oozing from mHealth sector. Come and begin the voyage with us.
Apple’s Health care ambitions
When Apple launched its wearable devices, it set a benchmark for the other tech giants. And today considering the popularity of Apple Watch, it can be stated that the company has everything in its spectrum to emerge as a health-care service provider. Currently, Apple has crafted a niche for itself in the health-care market and holds the potential opportunity. This ranges from at least $15 billion to a whopping $313 billion in revenue by 2027.
The global Mobile Health (mHealth) market is forecast to reach USD 311.98 Billion by 2027!
mHealth apps are facing a surge!
The constant demand in the market for mHealth brings a question, that why there is a sudden increase in such app solutions. Therefore, you must know that this demand is caused by the growing penetration of smartphones and the emergence of advanced technologies in the healthcare sector. This has given a boost to Digital health to be practiced by every healthcare institution.
On the other hand, mobile apps have brought convenience to the users in abundance, letting them access their healthy living resources from their smartphone, without stepping out. Further, they can also access necessary information when and where they need it. The advanced technologies are also revolutionizing the healthcare industry to a larger extent, letting users experience the healthcare services from their comfort and convenience.
How COVID-19 has boosted mHealth apps’ popularity?
The stress caused by pandemic has caused a seismic wave of health anxiety and awareness. This further has triggered a new category of virus-fighting technology in mHealth solutions. As lockdown has encouraged people to practice social distancing to break the chain of COVID-19. And this has given a boost to the utilization of mHealth solutions, which will witness an increase in the remote areas.
How Apple is going to win the competition?
Indeed, there are multiple tech rivals in the market, including Alphabet and Microsoft, and the current market size of the healthcare industry is holding the potential of $3.5 trillion.
Morgan Stanley has estimated that Apple will top $15 billion in sales by 2021 in healthcare solution, based on the popularity of the Apple Watch and its health features, like monitoring heart rate and steps. The very high end of Morgan Stanley’s estimate range is $313 billion by 2027, which is a particularly massive figure since Apple’s total revenue last year was $266 billion.
It goes without saying, Apple shall continue its rapid growth, however, it has also been observed that Apple is chewing a bigger piece of the share, as users trust Apple apps more, and are willing to share their medical information with Apple.
Further, Cupertino based company is also driving consumer sales, wherein Apple signs deal with health insurers who want to pay for some portion of the Apple Watch on behalf of their members. Apple has already finalized such a partnership with Aetna, and it has plans to increase the number of associations with more companies.
Currently, Medicare has brought much-concentrated revenue potential for Apple. Also, its users get the opportunity to have access to Apple’s health app, letting customers jot down medical information from dozens of hospitals and clinics. Apple has ensured to bring consistency in its app design, letting users upload their reports and other medical records effortlessly with iOS application development.
It is estimated that Apple can turn mHealth into a real business opportunity if it would start pulling together data and selling reports to health systems. Although to maintain consumer trust, Apple must pitch it to the hospital and medical centers to gain insights into the broad population. And they must keep a strict watch onto the fact of protecting the data of individual patients.
A surprising fact suggests that the U.S. healthcare market is 3 times the size of the global smartphone market. Further, analysts believe Apple holds a competitive advantage over Google and Amazon and will excel in trending technologies.
No doubt, the growing need for mHealth apps by consumers is another factor behind its popularity. Also, another key factor is the growing inclination of users towards the mHealth solution is due to easy accessibility, which helps them to get health-related information. And they don’t need to step out to meet their healthcare needs and get health practitioners to assess and monitor their health through app technology. .
This was posted in Bdaily's Members' News section by James Smith .
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