mHealth Market is Projected to Reach USD 187.7 Billion by 2033 | Supported by an Impressive CAGR of 11.5%
The rapid development in mobile technologies and applications has been a pivotal factor. Enhanced smartphone penetration and the proliferation of health-focused apps facilitate easier access to health information and services.
New York, Jan. 24, 2024 (GLOBE NEWSWIRE) -- According to a recent report by Market.us, the Global *mHealth Market* size is expected to be worth around *USD 187.7 Billion* by 2033 from *USD 63.2 Billion* in 2023, growing at a CAGR of *11.5%* during the forecast period from 2024 to 2033.
The use of smartphones(mobile technology) in order to enhance healthcare is known as mHealth or mobile health. Surveillance of diseases, treatments, management of chronic illnesses and tracking of epidemics can now be easily done using mobile phones. One of the significant advantage of mHealth is the patients can track and manage data without the need of visiting the doctor, facilitating the remote communication between patients and healthcare providers. However, privacy and security concern is one of the major setback, as not all apps stick to the regulations regarding data protection.
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*Key Takeaways*
· By component, mHealth apps commanded a large market share in 2023.
· By service, monitoring services held a large market share of *62.4%*, dominating the other service segments.
· Based on participant, mobile opearators owing to the widespread network coverage dominated the mHealth market.
· The significant adoption of mHealth apps and services is by virtue of advancement in smartphones.
· The development and implementation of innovative healthcare technologies can be restricted to the difficulties in compliances with healthcare regulations.
*Factors affecting the growth of the mHealth market*
There are several factors that can affect the growth of the mHealth market. Some of these factors include:
· *Performance expectancy: *The working efficiency of mobile apps has to be steady and fast, so that cunsumers can have a quick access and get immediate reults, fostering the mHealth market.
· *Rising incidence of chronic incidence:* The rising incidence of chronic diseases means there will be more need for health management, which will likely facilitate the growth of the global mHealth market.
· *A growing elderly population worldwide:* The growing geriatric population is helping the market's growth as the majority of consumers find it difficult to visit doctors for less worry symptoms everytime.
· *Privacy Risk: *Penetration into the personal information of patients is a serious data breach, which can impede the mHealth market in future.
*Top Trends in Global mHealth Market*
Every individual suffering from different health debility requires related recommendations. This requirement is entirely satisfied by mHealth market innovations. Based on individual health data, the advanced technology such as personalized mHealth apps assist to customize the healthcare recommendations by offering treatment plans and lifestyle recommendations to the users. Additionally, there is a diversity in the mHealth apps ecosystem, for example, to cater different needs related to fitness, nutrition and mental health.
*Market Growth*
The global mHealth market is driven by rising adoption of smartphones and high speed internet. The rising awareness regarding the internet and increasing affordability of smartphones is significantly fueling the growth of the mHealth market. The consultants and physicians are now increasing adopting the mHealth platforms to reach out their patients. Additionally, the growing number of health applications and continuous improvement of the app quality by the developers is also anticipated to boost the mHealth market.
*Regional Analysis*
Among the regions, *North America* is anticipated to hold a large market share of *36.8%*, dominating the mHealth market in 2023. The dominance owes to the rising popularity of the mobile healthcare applications and favorable government initiatives. There is a rise in number of cardiovascular disease in the region, so the provision of real time information on cardiovascular health by mHealth applications helps prevent major problems by lowering risk of sudden cardiac arrest. In addition to this, the region is leveraged with widespread network infrastructure and a growing smartphone penetration among youngsters. Moreover, owing to the increasing government programs regarding digitalization and modernization of the healthcare systems in India and China, the Asia-Pacific region holds a fastest growing mHealth market share.
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*Scope of the Report*
*Report Attributes* *Details*
Market Value (2023) US$ 63.2 Billion
Forecast Revenue 2033 US$ 187.7 Billion
CAGR (2024 to 2033) 11.5%
North America Revenue Share 36.8%
Base Year 2023
Historic Period 2018 to 2022
Forecast Year 2024 to 2033
*Market Drivers*
The market for mHealth is anticipated to grow substantially with the extended use of smartphones, enabling a convenient global healthcare access for people. mHealth market came up with remote monitoring facility, reducing the need for frequent hospital visit, as the healthcare professional can track the patient’s health information from a distance. Additionally, health and fitness awareness among individuals assists in proliferating the market for mHealth rapidly, generating a sky rocketing revenue share.
*Market Restraints*
Many underdeveloped and developing countries do not have reliable internet connection and access to smartphones, this can limit the reach towards the healthcare solutions. In addition to this, the adherence to regulatory requirements is protracted, slowing down the development and implementation of innovative healthcare technologies. Hence, these factors can vigorously impede the mHealth market during the time ahead.
*Opportunities*
mHealth provides great opportunities for underdeveloped regions, with the invention of TeleHealth. This helps in offering remote consultations and diagnosis, facilitating the healthcare solutions to the underserved people. Another outstanding move is the innovation of smart wearables like smartwatches and fitness trackers, enabling monitoring of the health conditions, providing valuable ideas for both individual and healthcare professional. This offers lucrative ooportunity for the significant growth of the mHealth market during the forecast period.
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*Report Segmentation of the mHealth Market*
*By Component analysis*
Based on component, mHealth apps is anticipated to overshadow the market, securing a large market share of* 74.4%*. This huge dominance is due to the versatility of the applications, remodeling healthcare by providing numerous functionalities according to the specific needs. Amongst the mHealth app segment, medical app remarkably attracted a large population scale for their health management. Secondly, women health apps provided the facilities tailored to their specific needs, such as support for various reproductive and general health outlook.
*By Service analysis*
Depending upon the service, the market is broadly categorized into monitoring service and diagnostic service segments. Monitoring service held a center stage in 2023, clenching a considerable market share of *62.4%.* Playing a pivotal role, the segment offers essential features empowering healthcare providers and patients to have an eye on health measure. Independent aging solution is one of the outstanding monitoring service provided by mHealth market. This allows the oldsters to have an access over the tools which they require to stay connected with healthcare services.
*Based on Participants analysis*
The mHealth market is fragmented into mobile operators, device vendors, content players and healthcare providers. Mobile operators came up as frontrunners, grabbing a significant market share of *47.2%*. The widespread network speed and advanced infrastructure allowed the seemless mHealth services, providing easy access for the users worldwide. The another considerable segment is the device vendor, providing cutting edge devices required for mHealth applications.
*Impact of macroeconomic factor*
COVID 19 pandemic challenged the traditional working of the healthcare domain and push it towards an expedited adoption of digital health. To counter COVID-19 outbreak, key authorities like the WHO and CDC have been lobbying for ways to lower physical contact between the healthcare providers and patients, also known as medical distancing. The coronavirus impact on mHealth market has been a seismic wave of wellbeing awareness and anxiety. The fear of infection has expedited the adoption of applications and wearable as a mode of making people feel protected. Wearables are giving people accurate feedback on their blood pressure, body temperature, and health signals which are restoring the sense of control in people in addition to helping them track their health.
*Recent Development of the Pain Management Devices Market*
· *In September 2023: *A seemless integration of data is created by a collab between Google health and Samsung health, enabling users to acess and consolidate health related information in a single platform.
· *In January 2023*: The strategic acquisition of Medtronics diabetes business by Abbott laboratories for a sum of $1.6 billion opened up new opportunities for Abbott, having an access to Medtronic’s extensive lineup of diabetes products.
*Market Segmentation*
*By Component*
· *Wearables*
· BP Monitors
· Glucose Meters
· Pulse Oximeters
· Sleep Apnea Monitors (PSG)
· Neurological Monitors
· Activity Trackers/ Actigraphs
· *mHealth Apps*
· Medical Apps
· Women’s Health
· Personal Health Record Apps
· Medication Management Apps
· Disease Management Apps
· Diagnostic Apps
· Remote Monitoring Apps
· Others
· *Fitness Apps*
· Exercise & Fitness
· Diet & Nutrition
· Lifestyle & Stress
**By Service**
· *Monitoring Services*
· Independent Aging Solutions
· Chronic Disease Management & Post-acute Care Services
· *Diagnosis Services*
· Healthcare Systems Strengthening Services
· Others
**By Participants**
· Mobile Operators
· Device Vendors
· Content Players
· Healthcare Providers
*By Geography*
*North America*
· US
· Canada
*Europe*
· Germany
· France
· The UK
· Spain
· Italy
· Russia
· Netherland
· Rest of Europe
*Asia Pacific*
· China
· Japan
· South Korea
· India
· New Zealand
· Singapore
· Thailand
· Vietnam
· Rest of APAC
*Latin America*
· Brazil
· Mexico
· Rest of Latin America
*Middle East & Africa*
· South Africa
· Saudi Arabia
· UAE
· Rest of MEA
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*Competitive Landscape*
The market players are often involved in strategic initiatives to increase their penetration level. The strategic ideas are not only revolutionizing mHealth market but also opening doors for innovative startups in the market. In addition to this, the major players are strengthening their mobile health app platforms through significant R&D activities.
*Market Key Players:*
· AT&T
· Telefonica S.A.
· SoftServe
· Google Inc.
· Airstrip Technologies Inc.
· Samsung Electronics Co Ltd.
· Allscripts Healthcare Solutions
· Apple Inc.
· Other Key Players
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