mHealth Solutions Market by Products & Services (mHealth Apps, Connected Medical Devices, and mHealth Services)– Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+ Reports, the global mHealth solutions market was pegged at ~US$ 50.5 billion in 2020. The market is expected to witness a CAGR of ~32.8% from 2021 to 2031.
Factors such as the rising adoption of Artificial Intelligence (AI) & 5G network, increasing adoption of mHealth solutions, and new mHealth platform launches are propelling the market growth. Moreover, growing applications of mHealth solutions across healthcare sector and growing demand for home healthcare services are some of the other factors playing a crucial role in driving the mHealth solutions market. However, lack of regulations and standards and concerns among patients regarding data security and data theft are some of the factors likely to hinder the market growth to a certain extent.
Widespread penetration of mobile communication is influencing health system development across many developed as well as developing countries. mHealth solutions have helped in making healthcare delivery more accessible and affordable. Advancements in these mobile apps hold promising applications in the healthcare sector. With the increasing use of mobile technologies, patients have gained much control on monitoring and adhering to their medications. Moreover, studies have also shown that most of the people using smartphones have some or the other health application downloaded on their phone. Further, access to affordable data packs has also played a significant role in boosting the adoption of such apps.
Greater benefits offered by mHealth applications have promoted their use among consumers. The benefits offered by these applications include improved ability to diagnose, track, monitor and treat diseases and increased access to medical education and training for healthcare workers. Use of these technologies in tracking and transmitting user’s vital signs and conveying real time insights to healthcare providers have helped in transforming patient-provider relationship.
Players in the mHealth market are focused on innovating technologies, launching new mHealh applications, and increasing R&D for building new platforms or applications. Furthermore, rising government initiatives such as launching new applications that help in providing basic healthcare information to the people are also driving the usage of the mHealth solutions.
However, as these apps lag behind with their privacy policies, there is a lack of understanding on how the health data is used. Similarly, concerns regarding data protection and threat are also restricting the rapid adoption of mHealth solutions. Additionally, there have been instances that the information provided by these apps may not be accurate. Some of the app manufacturers claim that their apps are able to measure blood pressure when the user presses their finger on the camera of the phone. Conversely, researchers from Johns Hopkins University School of Medicine conducted a study in which they tested one such app and it was noticed that the measurements were inaccurate. Such incidences have led to uncertainty among consumers and thus, restraining the market growth.
Regionally, Asia-Pacific is anticipated to grow at a higher CAGR during the forecast period. Major factors contributing to the growth of mHealth solutions market in this region include rising geriatric population, rising incidence of chronic diseases, growing adoption of smartphones, increasing penetration of 3G and 4G networks, and rising awareness among consumers about the mHealth solutions.
Some of the prominent players operating in the global mHealth solutions market include Koninklijke Philips N.V., Apple Inc., AirStrip, Johnson & Johnson Services, Inc., AliveCor, Inc., Omron Healthcare, Inc., athenahealth, BioTelemetry, Inc., and iHealth Labs Inc, among others.