A three-pronged approach was followed for deducing the mHealth market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for mHealth market to gather the most reliable and current information possible.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of mHealth market data depending on the type of information we’re trying to uncover in our research.
Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
This step also entails the finalization of the report scope and data representation pattern.
Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
The mHealth market was categorized into four segments, namely component (Wearables, mHealth Apps), services (Monitoring Services, Diagnosis Services, Healthcare Systems Strengthening Services), participants (Mobile Operators, Device Vendors, Content Players, Healthcare Providers), and region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).
The mHealth market was segmented into component, services, participants, and region. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Demand estimation of each product across countries/regions summed up to from the total market.
Variable analysis for demand forecast.
Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
Primary interviews for data revalidation and insight collection.
Used extensively for new product forecasting or analyzing penetration levels.
Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
Primary interviews and vendor-based primary research for variable impact analysis.
The mHealth market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty countries, namely, the U.S.; Canada; the UK; Germany; Spain; France; Italy; Russia; China; Japan; India; South Korea; Singapore; Australia; Mexico; Brazil; Argentina; South Africa; Saudi Arabia; UAE.
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
The mHealth market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
APPLE INC -Apple, Inc. is a global leader in designing, manufacturing, and marketing mobile communication & media devices, portable digital music players, and personal computers. The company also provides a variety of related software, services, accessories, third-party digital content & applications, and networking solutions. It offers a wide range of products and services, including Mac, iPhone, iPad, Apple Watch, Apple TV, consumer & professional software applications, macOS, iOS, watchOS & tvOS operating systems, iCloud, and Apple Pay. In the healthcare segment, Apple App Store features over 40,000 apps delivering healthcare services to medical professionals, patients, and medical researchers.
AT&T - AT&T is a global company operating in telecommunication, media, and technology industry. It is a holding company and its subsidiaries and affiliates deliver mobile & television services, wireless services, and smart solutions for consumers and businesses. The company has four business units-AT&T Communications, WarnerMedia, AT&T Latin America, and Xander. In 2005, SBC Communications acquired AT&T Corp. and created AT&T, Inc. as an independent operating unit. In 2015, it completed the acquisition of DIRECTV and wireless entities in Mexico. The company serves various industries, including finance, manufacturing, education, healthcare, retail, hospitality, and government.
AIRSTRIP TECHNOLOGIES - AirStrip Technologies provides a complete vendor and data source-agnostic, organization-wide mobile interoperability platform that improves care collaboration and serves as a facilitator for health system innovation. The company’s key solutions include AirStrip ONE and AirStrip Accelerator Services. AirStrip Technologies caters to various healthcare stakeholders, including healthcare providers, healthcare executives, and healthcare IT. Some of its major customers are Capella Healthcare, Children’s of Alabama, Tenet Healthcare, and others. The company’s key partners include Microsoft, GE Healthcare, AlertWatch, Hill Rom, and others.
ALLSCRIPTS - Allscripts provides information technology and services for healthcare organizations. It serves physicians, hospitals, healthcare systems, governments, life sciences companies, pharmacies, retail-pharmacies, insurance companies, employer wellness clinics, and post-acute organizations. The company provides electronic health records, financial management, population health management, consumer solutions, and related services. The company has presence in regions such as North America, Europe, Asia, Australia, and the Middle East.
GOOGLE INC. - Google, Inc. is a global technology leader that designs and offers a variety of products and services. The company product offerings include web-based search and display advertisement tools, consumer content, desktop systems, and enterprise & commerce solutions, as well as hardware systems. In addition, it offers Android operating system for mobile and tablet products and has also released its own Android smartphones. Its core products and platforms include Chrome, Android, Gmail, Google Maps, Google Drive, Google Play, YouTube, and Search. The company offers digital content, such as apps, movies, and music, through Google Play Store. Its subsidiaries include YouTube and DoubleClick. Google has operations in about 40 countries, and the search engine service is available in more than 100 languages.
ORANGE - Orange is a global leader in telecommunication services. It provides mobile and internet services in Europe, Africa, and the Middle East. The company, under the name Orange Business Services, provides IT and telecommunication services to multinational companies. Orange offers services pertaining to mobile, fixed broadband, and fixed-line telephony, along with mobile devices, related accessories, business solutions, networks, and carrier services. Moreover, it rents and sells fixed-line equipment.
QUALCOMM TECHNOLOGIES, INC. -Qualcomm Technologies, Inc. develops and commercializes technologies and mobile devices & wireless products, including broadband gateway equipment, network equipment, and consumer electronic devices. It also provides 3G and 4G wireless technologies. The company operates in three segments, namely Qualcomm CDMA Technologies, Qualcomm Strategic Initiatives, and Qualcomm Technology Licensing. It has presence in over 30 countries, including the U.S., the UK, China, Japan, France, Germany, India, and others. Qualcomm Life, a wholly owned subsidiary of the company, provides healthcare-related solutions. In February 2019, Qualcomm Life was acquired by Francisco Partners.
SOFTSERVE - SoftServe is a leading digital services and software development company. It also offers technology consultancy services to software vendors and software-enabled enterprises. In addition, the company provides Software as a Service (SaaS), mobile, security, and big data analytics solutions for markets including healthcare, media, manufacturing, and retail. Its service offerings include cloud, big data analytics, Internet of Things, AI & ML, and others. The company has operations in the U.S. and in some parts of Europe, including the UK, Germany, the Netherlands, and Sweden. It has development centers in Bulgaria, Ukraine, and Poland.
MQURE- MQure is a private limited company that delivers healthcare solutions worldwide. It serves as a health information exchange digital platform that provides information related to diseases, medicines, doctors, and hospitals. The company has developed the MQure app to facilitate better communication with healthcare providers. It offers mobile healthcare services to physicians, health institutions, and patients in India.
SAMSUNG ELECTRONICS CO., LTD. - Samsung Electronics Co., Ltd. is a global leader in consumer electronics and mobile communications. It focuses on three key areas-IT and Mobile Communication (IM), Consumer Electronics, and Device Solutions (DS). The IM division consists of telecommunication products, such as computers, smartphones, and network systems. The CE division deals in products such as TVs, refrigerators, printers, washing machines, and medical devices. The DS division sells and manufactures memory products such as DRAM, mobile AP, and NAND. The company has 248 overseas subsidiaries for manufacturing, sales, and R&D. It has presence in the U.S., Europe, Asia, and Africa.
Supply Side Estimates
Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
Segment revenue determination via variable analysis and penetration modeling.
Competitive benchmarking to identify market leaders and their collective revenue shares.
Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
Identifying parent markets and ancillary markets
Segment penetration analysis to obtain pertinent
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis
Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
All market estimates and forecasts have been validated through primary interviews with the key industry participants.
Inflation has not been accounted for to estimate and forecast the market.
Numbers may not add up due to rounding off.
Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
Latin America includes Central American countries and the South American continent
Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.
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