The global mHealth market was estimated at US$ 57 billion in 2022, and it is predicted to increase at a CAGR of 12% from 2022 to 2032. The growing emphasis on employing smart devices and wearables to improve personal health and fitness is a major element driving market growth. In addition, rising internet and smartphone penetration, as well as physician and patient acceptance of mHealth technology and platforms, are expected to drive market expansion. Furthermore, as digital health services for remote patient monitoring become more widely adopted, demand for mobile health apps is likely to rise, propelling market expansion in the coming years.
Furthermore, rising public awareness of the benefits of using mobile health solutions, as well as supporting government activities to introduce and promote remote digital healthcare, are projected to drive market expansion in the coming years. In addition, the growing use of smartphones among adults and teenagers is expected to fuel the rise of mHealth platforms and technologies in the future years. Furthermore, the shift in trend from traditional healthcare methods to patient-centric and preventive measures is expected to fuel the mHealth industry in the next years. The rising desire for mobile medical platforms, as well as healthcare professionals’ positive attitudes toward real-time patient care, are expected to propel the market forward over the forecast years.
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For example, according to data published in a digital health journal in 2020, approximately 68 percent of respondents agreed that apps that access electronic medical records (EMR) remotely are used fully for a healthy lifestyle, 64 percent agreed on the benefit of tracking medical treatment, and approximately 84 percent agreed on the medical apps’ high precision and accuracy feature. Furthermore, favourable government tactics and rising manufacturer engagement with a variety of healthcare institutions are projected to propel the mHealth market forward in the coming years. For example, during the COVID19 pandemic in 2020, Philips cooperated with the American Telemedicine Association (ATA) to increase the installation and usage of telehealth services.
Given the increased penetration of technological advancements in the healthcare domain, prominent mHealth service providers are incorporating the latest virtual technologies to introduce highly sophisticated mobile applications. Besides, extensive R&D activities, collaborations and mergers & acquisitions constitute other expansion strategies of key players. Some notable developments are as follows:
- In January 2022, AT&T Inc. announced a partnership with Smart Meter to improve health outcomes for patients with chronic conditions such as diabetes and high blood pressure. The company intends to introduce the iPulseOxTM device at CES 2022, which will deploy AT&T’s nationwide IoT Network
- In February 2017, Samsung Electronics Co collaborated with American Well in order to beef up the consumer-facing space with access to mHealth tools to provide reliable data. The partnership was aimed at ushering in an integrated care delivery system and improve business outcomes
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Increasing patient/user demand for mHealth services, as well as a rising rate of geriatric population, are expected to boost market growth.
One of the key factors driving market expansion is the growing demand for mHealth services around the world, owing to their user-friendly characteristics and efficiency in addressing emergency situations. The rising number of mHealth applications, such as chronic illness management and remote monitoring, are just a few of the aspects that aid in lowering overall healthcare costs. Furthermore, adults over the age of 65 are more susceptible to chronic illnesses. As a result, the growing geriatric population in many parts of the world is another growth-promoting element. For example, in the United States, 40 million people, or roughly 12.9% of the population, are over the age of 65, and this number is expected to climb over the projected period.
Due to the onset of the COVID-19 pandemic in 2020, the worldwide mHealth market grew quickly. The government’s lockdown steps to stop the COVID-19 virus from spreading created a profitable opportunity for the mHealth business. The rapid creation of mHealth companies around the world, as well as the growing demand for virtual healthcare solutions among consumers, has supported global mHealth market’s growth in 2020.
- In August 2020, Allscripts and Sheba Medical Center announced a collaboration to create AI-based technology for the mHealth industry.
- In September 2019, Apple Inc. released a mHealth app research to aid clinical study researchers.
Market expansion is fueled by numerous development tactics such as alliances and new product launches, which provide market participants with attractive growth prospects.
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Key Companies Profiled-
- Samsung Electronics Co
- Allscripts Healthcare Solutions
- Apple Inc.
- Qualcomm Technologies, Inc.
- Google Inc.
- Airstrip Technologies, Inc.
- Telefonica S.A.
- Vodafone Group
The rise of the mHealth market will be aided by rising mobile phone and internet usage.
Mobile devices are gaining in popularity among all generations, and they will continue to play an important role in users’ daily lives. In both rich and developing countries, the number of individuals utilising mobile devices and accessing the internet via mobile phones has skyrocketed, boosting market value. According to a recent research piece, there are over 4.3 billion active internet users worldwide. Furthermore, physicians in the United States have increased their usage of mobile phones and the internet, resulting in the expansion of mobile health solutions.
Key Takeaways from the Market Study
- By component, mHealth apps to account for over 75% of the global market revenue
- Over 3 out of 5 sales to comprise of mHealth monitoring services, especially for chronic disease management
- Mobile operator-based mHealth services to capture 50% of global market demand
- mHealth applications for content creators to expand at a CAGR of 13% from 2022-2032
- North America to accumulate 39% of global mHealth market revenue in 2022
- Asia-Pacific to flourish at a CAGR of 10% with regard to mHealth services from 2022-2032
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