mHealth Solutions Market
Number of pages: 100 | Report Format: PDF | Published date: January 28, 2022
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 116.8 billion |
|
Revenue Forecast in 2031 |
US$ 1108.39 billion |
|
CAGR |
28.4% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Product & Services, End User, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global mHealth solutions market was valued at US$ 116.8 billion in 2022 and is expected to register a revenue CAGR of 28.4% to reach US$ 1108.39 billion in 2031.
mHealth Solutions Market Fundamentals
Mobile health, or mHealth, is the use of mobile technology, including smartphones, tablets, and wearable devices, to support the provision of healthcare and services relating to health. Applications like mobile health apps, telemedicine, remote patient monitoring, and mobile messaging are examples of mHealth solutions. mHealth has the ability to completely change the way healthcare is delivered by improving accessibility, effectiveness, and cost-effectiveness. Patients can track their health indicators, manage chronic diseases, and obtain medical information while on the road using mobile health apps. Mobile texting can be used for health education, medication adherence, and appointment reminders. However, mHealth also presents interoperability, regulation, and data security issues.
Recent developments in mHealth technology have been concentrated on progressing healthcare delivery and increasing patient accessibility, especially for those in remote or underserved locations. Mobile health apps have exploded in recent years, allowing individuals to monitor their health and give healthcare providers useful data. With the rise of telemedicine, patients can communicate with medical professionals from a distance, especially during the COVID-19 pandemic. Subsequently, based on artificial intelligence, diagnostics are being created to support medical professionals in making more precise diagnoses and treatment choices. Therefore, these mHealth developments can change how healthcare is delivered by making it easier to access, more effective, and patient centered.
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mHealth Solutions Market Dynamics
The mHealth solutions market growth is significantly driven by the increased use of smartphones and other mobile devices. With over 5 billion smartphone users worldwide, mobile devices have ingrained themselves into everyday life, opening up enormous opportunities for mHealth solutions. According to International Telecommunication Union, over 7 billion people had mobile phone subscriptions worldwide in 2015, with over 70% living in low- or middle-income nations. Consistent with the Global Economy data, based on 150 nations, the average for 2021 was 116.02 mobile phone subscribers per 100 inhabitants. Healthcare is made more easily available and convenient for patients by using mobile devices to access services, monitor their health data, and connect with their healthcare professionals. The mHealth solutions industry trend is followed by the continued smartphone and mobile device usage growth.
Globally, the prevalence of chronic illnesses, including diabetes, heart disease, and cancer, is increasing, necessitating the development of remote patient monitoring and management solutions that can assist patients in better controlling their conditions. For instance, in 2018, the joint initiative of WHO and the International Telecommunication Union, "Be He@lthy, Be Mobile," was launched. It aimed to prevent and manage non-communicable diseases, their comorbidities, and their risk factors, including improving disease diagnosis and tracking. It is one example of the WHO's significant technical engagement in developing and implementing mHealth programs.
Governments worldwide are spending more money on mHealth solutions advancements to enhance healthcare outcomes and access, particularly in underserved and rural areas. Governments are developing policies and providing financing for initiatives to encourage the development and acceptance of mHealth solutions. For instance, the American government established the Federal Communications Commission (FCC) Connect2Health Task Force to promote telemedicine and mobile health solutions in rural areas. By fostering a supportive regulatory environment, providing money for research and development, and promoting the adoption of mHealth solutions by healthcare professionals and patients, these measures are assisting in fueling the growth of the market for mHealth solutions. As said by the WHO, the secretariat is working with International Telecommunication Union to create awareness of digital health, particularly mHealth, as a tool to support person-centered, integrated service delivery, record trends, build capacity, formulate recommendations, and generate and document evidence. Additionally, the partnership encourages public-private partnerships in accordance with suggested principles of engagement.
However, a lack of interoperability between various mHealth solutions and healthcare systems could prevent healthcare professionals from accessing patients' health information from many sources, which could delay diagnosis and treatment. Data security and privacy are also crucial in the healthcare industry as the data is quite sensitive. Moreover, there is a lack of regulation and standardization in the market for mHealth solutions, raising questions regarding the precision and dependability of some solutions. The availability of smartphones, mobile networks, and internet connectivity varies by location, creating a digital gap that can affect the accessibility and efficacy of mHealth solutions.
mHealth Solutions Market Ecosystem
This report provides the global mHealth solutions market analysis in terms of revenue, market growth, market dynamics, regional landscape, and overall competitive positioning of the major market players. The global mHealth solutions market overview is analyzed from the product & services, end user, and region perspectives.
mHealth Solutions Market by Product & Services
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Based on the product & services, the global mHealth solutions market is segmented into mHealth apps, connected medical devices, and mHealth services.
mHealth apps segment accounted for the largest revenue share of the global mHealth solutions market in 2022. These apps are available for patients to download on their cellphones, making them easily accessible from anywhere, and many people worldwide are currently using mHealth apps. According to an IQVIA Institute report released in July 2021, more than 350,000 health-related apps are available on top app stores worldwide, with more than 90,000 new ones introduced in 2020. A growing demand for clinically focused applications is being seen as virtual care expands, even though roughly 54% of apps accessible in 2020 were focused on fitness, lifestyle, and food. Additionally, mHealth apps provide a number of features like symptom monitoring, medication reminders, and health tracking that can assist patients in better managing their health. Medical professionals can use these apps to consult with patients remotely, review their health information, and communicate with them.
mHealth Solutions Market By End User
Based on the end users, the global mHealth solutions market is segmented into physicians, individuals, healthcare workers, and public/private healthcare institutions.
The individual segment accounted for the highest revenue share of the global mHealth solutions market in 2022. Mobile apps, in particular, are mHealth solutions for individual usage, making them available and simple. These apps are available for patients to download to their cell phones and use whenever they need to monitor their health. Secondly, individual use has been crucial in enabling patients to take an active role in controlling their own health owing to mHealth solutions. Patients can take a more proactive approach to their health by using these solutions to collect their health data, make reminders, and monitor their symptoms. Individual use gained a significant revenue share to boost the mHealth solutions market dynamics, making healthcare more accessible and patient centered.
mHealth Solutions Market by Region
Based on the region, the global mHealth solutions market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for the largest revenue share of approximately 40% of the global mHealth solutions market in 2022. With high levels of technological adoption and financial support for healthcare innovation, the area has a well-developed healthcare infrastructure. Consequently, there is a supportive regulatory environment for mHealth solutions, including laws that encourage their creation and uptake. Furthermore, the increasing prevalence of chronic diseases in the region is fueling market growth. In North America, managing chronic diseases is a major emphasis, and mHealth solutions have been essential to advancing this cause. According to CDC, an estimated 20.4% (50.0 million) of American adults reported having chronic pain, and 8.0% (19.6 million) reported having high-impact chronic pain. People who live in poverty, people who have public health insurance, and those who live in rural areas were found to have a higher prevalence of both chronic and high-impact chronic pain.
mHealth Solutions Market Competitive Landscape
Multiple companies across the globe are investing in research and development, which is expected to improve the mHealth solutions market outlook. Notable market participants account for the largest revenue share of the global mHealth solutions market, including,
mHealth Solutions Market Strategic Developments
MHealth solutions are the application of technology, data, and analytics to enhance patient care, provider workflow, and the general standard of healthcare delivery.
With the rise in the prevalence of chronic diseases, rising smartphone usage, and revolutionary digitization of the healthcare industry, government initiatives to digitize healthcare are the key drivers of the global mHealth solutions market.
Key companies operating the global mHealth solutions market are AirStrip Technologies Inc., Allscripts Healthcare Solutions, Apple Inc., iHealth Labs Inc., and BioTelemetry Inc.
The restraining factors of the global mHealth solutions market are the inflated cost of mHealth solutions devices, the risk of compromising data protection, and lower patient awareness.
The global mHealth solutions market is expected to witness a CAGR of 28.4% during the forecast period from 2023 to 2031.
*Insights on financial performance are subject to the availability of information in the public domain