Number of pages: 100 | Report Format: PDF | Published date: 28 January, 2022
Historical Years – 2018 & 2019 | Base Year – 2020 | Forecasted Years – 2021-2031
The global mhealth solutions market was pegged at ~US$ 50.5 billion in 2020 and is expected to witness a CAGR of ~32.8% during the forecast period.
World Health Organization has defined mHealth as "use of mobile and wireless technologies to support the achievement of health objectives." Robert Istepanian coined the term mHealth to describe" emerging mobile communications and network technologies for healthcare." mHealth apps are commonly used to educate consumers about preventive healthcare services. It is also used for disease surveillance, treatment support, disease and epidemic outbreak tracking, and remote patient monitoring.
mHealth has several benefits including convenience, continuous track, monitor, and manage certain health data without having to visit a healthcare provider, and allows physicians to make a rapid diagnosis. mHealth is gaining popularity among consumers as companies such as Apple and Google have launched multiple apps on their app stores that can be downloaded worldwide.
The global mHealth solutions market is mainly driven by rising demand by patients for home healthcare service, increasing penetration of 3G and 4G networks, and increasing usage of smartphones and tablets. Moreover, factors such as rising awareness regarding self-health monitoring, increasing prevalence of diabetes, and cholesterol among people are boosting the mHealth solutions market. However, lack of regulation and standards, concerns among patients regarding data security and data theft are some of the factors likely to hinder the market growth to a certain extent.
The global mHealth solutions market has been analyzed from two perspectives: Products and Services and Region.
mHealth Solutions Market by Products & Services
Based on products and services, the mHealth solutions market has been segmented into mHealth apps, connected medical devices, and mHealth services. mHealth apps segment is further categorized into health apps (general health and fitness apps, chronic care management apps, women's health app, medication management apps, and others) and medical apps (patient management and monitoring apps, communication and consulting apps, medical reference apps, and medical education app). The connected medical devices segment is further bifurcated into vital signs monitoring devices (blood glucose meters, ECG/heart rate monitors, blood pressure monitors, and pulse oximeters), multiparameter trackers, fetal monitoring devices, peak flow meters, sleep apnea monitors, neurological monitoring devices, and other connected medical devices. mHealth services segment is further sub-segmented into remote monitoring services, diagnosis and consultation services, treatment services, prevention services, fitness & wellness services, and health system strengthening services. mHealth apps segment held the largest market share in 2020. The large share of this segment can be mainly attributed to factors such as increasing awareness and rising adoption of self health management. Moreover, the growing use of smartphones and robust penetration of 3G and 4G networks are also playing a critical role in driving segmental growth.
mHealth Solutions Market by Region
Regionally, the global mHealth solutions market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America held the largest share of the global mHealth solutions market in 2020. Factors contributing to the mHealth solution market growth in this region include the rising adoption of mHealth apps for self-health monitoring and the increasing use of vital sign monitoring devices by patients at home. Moreover, factors such as the increasing incidence of lifestyle-related diseases, greater usage of smart devices and smartphones, and frequent launches of new apps are also propelling the growth of the mHealth solutions market in this region.
Some of the prominent players operating in the global mHealth solutions market include:-