mHealth Market to Reach USD 232.3 Billion by 2028 Thanks to Rising Integration of mHealth Devices with Smart Phones and Wearable
The mHealth market size was valued at USD 62.3 billion in 2021. SkyQuest projects that the market to cross USD 232.3 billion by 2028, registering a CAGR of 25.27% during the forecast period (2022-2028).
Westford, USA, Jan. 13, 2023 (GLOBE NEWSWIRE) — A primary aspect driving the growth of the global mHealth market is the increasing reliance on mobile devices. These devices make it simple for people to access healthcare-related services via wireless multimedia. Furthermore, mHealth solutions are user-friendly and provide efficiency during an emergency. mHealth applications include using mobile devices to collect community and clinical health data and the delivery/sharing of healthcare information for practitioners, researchers, and patients. Furthermore, leading manufacturers are integrating cutting-edge technologies to serve the healthcare business, fueling market expansion.
The significance of mHealth was heightened during the COVID-19 pandemic crisis, owing to widespread reliance on virtual platforms for diagnosis and treatment consultations due to the fear of spreading the virus through face-to-face contact. According to SkyQuest’s global research insights, mobile phones account for more than half of total web traffic (54-55%), and around 4-5 billion people worldwide actively utilize the internet. Moreover, the number of smartphone users in key developing economies such as China and India is fast increasing. This developing trend is expected to promote the rapid growth of the mHealth market in the future years.
mHealth App Segment to Register Significant Growth Rate owing to Increasing Smartphone Users
As per SkyQuest’s market analysis, the mHealth apps category dominated the mHealth market, accounting for more than 85% of revenue share in 2021. The trend is projected to continue in the coming years. Such growth can be attributed to the growing number of mHealth businesses and strong marketing via digital platforms. Research conducted by SkyQuest showed that over 24 million U.S. patients adopted remote patient monitoring services and related tools during 2020-21. With expanding internet penetration and a growing number of smartphone users, the growth of this segment is likely to accelerate in the future. In addition, social media is essential in raising knowledge about the mHealth apps that have boosted uptake in recent years.
mHealth apps may have a favorable impact on health and treatment outcomes. mHealth can help to save and manage health information, as well as improve patient care. North America dominated the mHealth segment due to several variables, including rising healthcare expenditure, an aging population, chronic disease incidence, and well-developed network infrastructure. In addition, growing health awareness and increasing smartphone penetration in the region’s consumer market are predicted to drive profitable growth in the Asia Pacific region over the forecast period.
The mHealth market research report examines the therapies and applications for which mHealth is in use and a market assessment of the mHealth devices and services used in various geographical locations. In addition, the research examines the mHealth ecosystem (devices and services), therapies, applications, and geography regarding market size, drivers, growth potential, and obstacles. The report also identifies and discusses the primary end-use application areas of mHealth devices and services in terms of market size and growth rate.
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Monitoring Segment to Emerge as the Major Revenue Contributor due to Growing Preference for Health Tracking Services
According to SkyQuest’s market research, 80% of Americans prefer using remote patient monitoring, and nearly one-half are exceptionally favorable toward incorporating it into medical care. On account of such increasing preference for remote patient tracking services, the monitoring services segment is expected to account for 64% market share during the forecast period. This trend is emerging due to the expanding prevalence of numerous chronic conditions and the increased demand for remote patient monitoring. In addition, the expanding geriatric population worldwide will likely fuel significant growth in this area.
People in their golden years are more vulnerable to chronic diseases and must be monitored regularly. Furthermore, the availability of fitness-related apps is further fuelling the population’s adoption of mHealth. In addition, the expanding health consciousness, growing obesity population, and rising food consciousness are forcing consumers to seek professional assistance on mHealth applications. As a result, this category is likely to increase at a rapid pace over the forecast period.
The research report on the mHealth market includes regional market analysis, individual market-affecting factors, and changes in domestic market regulations that affect present and future market trends. Some primary indicators utilized to anticipate the market scenario for different regions and nations are new sales, replacement sales, national demographics, disease epidemiology, and import-export tariffs.
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Key Developments in mHealth Market
- DocGo Inc., a leading last-mile mobile health services provider, announced a collaboration with Redirect Health. This platform creates and manages healthcare solutions for businesses and employees across the country to provide on-demand, urgent mobile care to patients in New Jersey and New York. DocGo On-Demand mobile services are activated by Redirect Health’s referral team, reducing possible emergency department visits and ultimately lowering costs while facilitating high-quality patient treatment.
- Ovatient, a comprehensive care company, shared a plan to expand its service portfolio to improve healthcare delivery by providing virtual and in-home care. By merging forces and boosting access to mental health and specialty care specialists, the newly established organization will also help health systems manage staffing difficulties.
- MFine, a health tech firm, has decided to merge with the diagnostics division of LifeCell, an Indian biotechnology company, to establish LifeWell. OrbiMed, a healthcare investor, has also invested $80 million in the joint venture. OrbiMed’s investment in the newly formed firm aims for strategic planning in insurance technology and other partners.
- China Mobile Hong Kong, in collaboration with health tech company Heals Healthcare, has launched a mobile health app for teleconsultations in Hong Kong. The new Dr. HK app, available on Android and iOS smartphones, provides a mix of online and offline health services, such as access to electronic health records, outpatient clinic appointments, video consultations, and medicine delivery.
The latest research report on the mHealth market covers a case study analysis for leading market players to find out the most promising strategies of these players, which empower them to lead the market. In addition, the market research report covers information on their product development and innovation, product pipeline, manufacturing processes, and business strategies.
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Prominent Players in the mHealth Market
- Bayer Healthcare
- Dexcom, Inc.
- Boston Scientific Corporation
- Koninklijke Philips N.V.
- Johnson & Johnson
- Medtronic plc.
- Masimo Corporation
- Samsung Group
- Omron Corporation
- Sanofi
- SoftServe, Inc.,
- Allscripts Healthcare Solutions, Inc.
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