The mHealth Apps market revenues reached a valuation of US$ 36.7 Bn in 2021 and is anticipated to grow at a CAGR of 14.3% from 2022-2032, according to a recently published Fact.MR report. By the end of 2032, the market is expected to reach US$ 155.9 Bn. Revenue through medical health apps is expected to garner an absolute $ opportunity of around US$ 111 Bn.
As a result of the COVID-19 outbreak, the mHealth Apps market surged rapidly. With government and non-government organizations advocating the usage of mobile health apps in raising public awareness, a new dimension was added to the previous trends. This has increased the revenue of all the regions providing mHealth Apps. Compared to 2019, the revenues of all the regions, including North America, Latin America, Europe, APAC and MEA saw an increase of 25%, 23%, 25%, 31% and 19% respectively, in 2020.
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Market growth is expected to be fueled by the growing demand for Diagnostic and Women’s Health Apps across numerous mHealth Apps segment. The diagnostic app market is expected to grow due to the increased usage of mobile applications for remote monitoring, self-assessment, contact tracing and educating the people for the pandemic. Also, the patients with chronic illness shifted to digital consultations increasing the usage of diagnostic app segments during the pandemic. During the forecast period 2022-2032, the APAC region is expected to deliver the most lucrative results.
Key Takeaways from the Market Study
- Global mHealth apps market is expected to reach a market size of US$ 41.4 Bn by 2022.
- Medical Apps segment is estimated to account for 96.4% of the market revenue in 2022
- Fitness Apps segment to cross US$ 5.2Bn by 2032, growing a CAGR of over 13.4%
- The market in APAC region is expected to experience a CAGR of 16.1% across the 2022-2032
Extensive internet penetration and growing mobile subscription has boosted the adoption of mHealth applications across the globe, which was utilized during the Covid period for the remote monitoring of patients and as a digital substitute for the chronic patients who abstained from physical visits, comments a Fact.MR analyst.
The major factors driving the growth of mHealth Apps are mentioned below:
- The prevalence of chronic disorders has a direct impact on the market share of the mHealth Apps because such disorders require frequent monitoring and regular check-ups.
- The advent of new technology as well as the growing demand for effective mHealth solutions are the key factors driving market expansion.
- The need for cost containment in healthcare delivery, a growing focus on active patient participation and patient-centric care delivery through a digital model are all contributing to the market’s growth.
- The growing requirement quality health applications is likely to boost the market growth. As per IQVIA, there are 3,50,000 mHealth applications available on app store.
- There has been a surge in mobile subscriptions and an increase in internet penetration globally. This has assisted the countries in adopting health applications in their routine life. According to a survey issued by Ericsson in 2020, the number of mobile subscriptions has surpassed 6 Bn, and this number is further expected to increase in the coming years.
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The mHealth Apps market is dominated by several regional and global players. To sell their services across numerous industries, they compete based on product innovation, quality, brand reputation, and market presence. The increased adoption and deployment of mHealth apps have created a competitive environment among industry players.
In addition, the large corporations’ strategies of mergers, collaborations, and acquisitions are expected to expand the market and intensify competition. The leading firms are working on building cost-effective mHealth applications that fulfil the expectations of consumers. In this way they are trying to maintain their dominant position. The major developments in the market are:
- In January 2022, Pfizer funded the MyCancerGuide App to accelerate the global adoption of telehealth. Early detection of breast and cervical cancer would be much easier with this app.
- In January 2022, BrightInsight and Sanofi announced a joint venture to bring Sanofi’s best-in-class software as a medical device with a next-generation digital companion application to market.
- In Nov 2021, the Merck & Co. buys Acceleron Pharma for $11.5 billion, gaining rights to Acceleron’s principal therapeutic candidate. This was thought to be the biggest healthcare deal of 2021.
- In May 2021, Teladoc Health Inc announced collaboration with Vivo to improve the local population’s access to high-quality healthcare in Brazil through its virtual care platform.
Key Companies Profiled
- Airstrip technologies
- AstraZeneca PLC
- Abbott laboratories
- Bristol-Myers Squibb Company
- Pfizer Inc
- Apple Inc
- Johnson and Johnson
- Google Inc
- Samsung Electric Co. ltd
- Teladoc Health Inc.
- Qualcomm Technologies Inc
- GlaxoSmithKline Plc
- Merck & Co. Inc
- Hoffmann-La Roche Ltd.
- Novartis AG
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Market Segments Covered in mHealth Apps Industry Analysis
- By Product Type
- Medical Apps
- Women’s Health Apps
- Personal Health Record Apps
- Medication Management Apps
- Diagnostic Apps
- Remote Monitoring Apps
- Disease Management Apps
- Other Medical Apps
- Fitness Apps
- Diet & Nutrition
- Exercise & Fitness
- Lifestyle & Stress
- Medical Apps
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