July 21, 2024
Mobile Health Vehicle Market

Mobile Health Vehicle Market Driven By Growing Prevalence Of Chronic Diseases And Growth In Geriatric Population

Mobile Health Vehicle (MHV) helps in providing preventive, curative, and rehabilitative healthcare services to the people in remote, rural and underserved areas. MHVs are fitted with necessary medical equipment and staff to cater to basic healthcare needs of communities. They provide services such as general consultations, basic diagnosis, sample collection for laboratory tests, dispensing of essential medicines and first aid. MHVs play a crucial role in improving access to healthcare for millions globally by overcoming barriers of distance and infrastructure. With increasing burden of chronic diseases and aging population worldwide, the need for convenient and accessible primary healthcare is growing rapidly.

The global Mobile Health vehicle Market is estimated to be valued at US$ 244.7 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Adoption of telemedicine in MHVs has emerged as a major trend in recent years. Installation of telecommunication devices allow MHVs to consult specialists located at hospitals and healthcare facilities in cities. This enables MHVs to provide specialty care services such as tele-ophthalmology, tele-dermatology, tele-radiology along with primary care. It also helps address shortage of trained doctors and paramedics in rural areas. Many developing nations are implementing telemedicine programs involving MHVs to improve availability of essential and emergency healthcare services for remote populations. For instance, the Government of India launched the National Mobile Health Units program in 2014 to provide comprehensive telemedicine services through fleets of MHVs equipped with latest telemedicine technologies. Such initiatives are driving growth of technologically advanced MHVs integrated with telemedicine capabilities.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the mobile health vehicle market is moderate as minimal capital requirements are required to enter the industry. However, established brands have large customer loyalty which creates barriers.

Bargaining power of buyers: The bargaining power of buyers in the mobile health vehicle market is high as the products offered are substitutable and market has several international and regional players.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material suppliers have differentiated products and switching costs are low.

Threat of new substitutes: The threat of substitutes is low as mobile health vehicles cater to specialized healthcare needs however telemedicine is an emerging substitute.

Competitive rivalry: The competitive rivalry in the industry is high owing to presence of many regional and global players offering similar products and services.

Key Takeaways

The Global Mobile Health Vehicle Market Growth is expected to witness high over the forecast period supported by rising demand for specialized healthcare services. The global Mobile Health Vehicle Market is estimated to be valued at US$ 244.7 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030.

North America region currently dominates the market owing to presence of major players and developed healthcare infrastructure. Asia Pacific is expected to witness fastest growth in the coming years due to increasing healthcare investments and expansion of key market players in the region.

Key players operating in the mobile health vehicle market are Chang Chun Group, Covestro AG, Dow, Hexion, Kumho P&B Chemicals Inc., LG Chem, Lihuayi Weiyuan Chemical Co. Ltd, Merck KGaA, Mitsubishi Chemical Corporation, Mitsui Chemicals Corporation., Nan Ya Plastics Industry Co. Ltd, Nantong Stars Synthetic Material Ltd, Nippon Steel Chemical & Material Co. Ltd, PTT Phenol Company Limited, SABIC, Samyang Holdings Corporation, Shanghai Sinopec Mitsui Chemicals Co. Ltd, and Sinopec Mitsubishi Chemical Polycarbonate (Beijing) Co., Ltd. These players are focusing on new product launches and expansion strategies to consolidate their market presence.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it