Press release
Global mHealth Market Size to Grow at a CAGR of 11.50% in the Forecast Period of 2023-2028
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 11.50%
The increasing geriatric population and rising instances of medical emergencies requiring immediate check-ups have augmented the growth of the mHealth market. The surging penetration of technology and the rising prevalence of chronic diseases are the major factors driving the growth of this market.
The development of mHealth mobile applications have heightened the benefits of remote prognosis and online health tracking, enhancing the growth of the apps category of mHealth. Besides, the increased adoption of advanced technology like AI and 5G networks coupled with the advanced user-interface of mHealth is likely to initiate a positive growth in the forecast period.
Monitoring services of mHealth are projected to witness a steady growth in the foreseen period due to the increasing prevalence of fluctuating blood pressure, diabetes, and respiratory problems, which require regular monitoring and routine health check-ups. The health of the working population is often neglected owing to their hectic lifestyles and mHealth apps and monitoring systems are relatively convenient, time-saving and cost-efficient, which help in quick diagnosis and boosts the growth of the mHealth market.
Furthermore, mHealth provides an efficient and automated means of sharing the past-health records of patients, thus saving them from the hassle of keeping prescriptions and reports handy, inclining a sizeable population towards mHealth services.
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mHealth Industry Definition and Major Segments
The term mHealth (mobile health) refers the usage of mobile devices to impart healthcare services. Various devices, apps, and software may be utilised in mHealth, depending upon the specific health concern. It aims to provide technical and low-cost healthcare support to patients, particularly in a remote manner, making it an impactful platform for bridging gaps, eliminating the need for physical consultations and check-ups, and assisting in tracking and managing health data.
On the basis of category, the market is segmented into:
• Apps
Breakup by type
Medical Apps
Fitness Apps
• Wearable
Breakup by type
BP Monitors
Glucose Meters
Pulse Oximeters
Sleep Apnea Monitors (PSG)
Activity Trackers/Actigraphs
Body and Temperature Monitors
Cardiac Monitors
Others
Based on services, the market is divided into:
• Monitoring Services
• Treatment Services
• Wellness and Healthcare System Strengthening Solutions
• Diagnostic Services
• Others
On the basis of stake holder, the market is classified into:
• Mobile Operators
• Healthcare Providers
• Application/Content Players
• Others
Based on region, the market is differentiated into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
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mHealth Market Trends
The heightened consciousness regarding personal wellness and healthcare amongst the population is leading to the expansion of the mHealth market. The introduction of favourable policies for the promotion of mHealth by the governments of various countries is a key trend observed in this market, which is augmenting its growth.
The increased investments towards the research and development of mHealth and the rising trend of wearables is bolstering the growth of this market. The availability and precision of wireless monitoring devices have made self-diagnosis easier, and healthcare portable and monitorable, which makes mHealth an attractive option for a sizeable population.
Furthermore, the growing awareness created by several medical campaigns regarding the benefits of mHealth like sleep monitoring, test management apps, and appointment reminders has compelled the increased adoption of these systems. This rising awareness coupled with the growing social media promotions in this regard is expected to leave a positive impact on the growth of the mHealth market.
Development of revolutionary virtual care innovations and digital therapeutics, in line with the increased emphasis on mental health and wellbeing, is likely to create a boom in this market. Increased expenditure on digital marketing and the burgeoning demand for quality healthcare services is likely to lead to the growth of the mHealth market in the forthcoming future.
Key Market Players
The major players in the global mHealth market report are Allscripts Healthcare, LLC, Fitbit LLC, BioTelemetry, Inc., Masimo Corporation, athenahealth, Inc., and Apple Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
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