mHealth Market Size to Hit Around US$ 173.43 Billion by 2028

According to Precedence Research, the mHealth market size is predicted to hit US$ 173.43 billion by 2028 from valued at US$ 54.25 billion in 2021 and is expanding growth at a CAGR of 18.2% from 2021 to 2030.

Growth Factors

The mHealth market is rising due to growing internet penetration. The introduction of 4G and 5G are helping developed and developing nations to access new and advanced solutions and applications easily. The growth of the global mHealth market is also rising due to the growing application of smartphones and mobile phones. Even in underdeveloped region, the government have started providing such facilities with less cost or free of cost. Thus, these factors are creating lucrative opportunities for the expansion of the worldwide mHealth market during the forecast period.

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Another factor boosting the growth of the global mHealth market is growing trend of nuclear families combined with geriatric population. The nuclear families’ members are not able to go hospitals easily. Even students find it difficult to go to doctors and visit hospitals. Thus, mHealth helps patients for the treatment in an efficient manner. The development of the global mHealth market is due to all those reasons.

In addition, the favorable government policies and reimbursement policies are driving the growth of the global mHealth market. The established and emerging nations’ government and private entities are working together for the growth of the global mHealth market. Moreover, the rising disposable income and urbanization is creating growth prospects for the expansion and development of the mHealth market. As a result, all these aforementioned factors are paving way for the market growth during the forecast period.

Report Highlights:

• Based on the component, the appssegment dominated the global mHealth market in 2020 with largest market share. The expansion of the segment is attributed to the rising usage of smartphones and laptops, growing internet penetration in underdeveloped and developing regions, and rising awareness regarding mHealth market among consumers. The mHealth applications help to monitor, track, and record details of patient effectively.
• On the basis of services, the monitoring servicessegment holds the largest market share the global mHealth market in 2020.The growing trend of remote patient monitoring combined with increased in prevalence of chronic diseases and infectious diseases are driving the growth of the segment.
• North America is the largest segment for mHealth market in terms of region.The factors such as rising rates of technological developments, increase in the demand for mobile and smartphones, and presence of key market players are driving the growth of the mHealth market in North America region.
• Asia-Pacific region is the fastest growing region in the mHealth market.The growth of the mHealth market in Asia-Pacific region is due to the rising prevalence of diseases, growing geriatric population, expansion of healthcare industry, rapid digitalization, and innovation in technologies.

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Future of mHealth Market

The main factor that is driving the expansion of the global mHealth market is rising geriatric population. The old people get easily affected by various infectious diseases. Thus, regular checkup and tests are mandatory for them. The geriatric population finds it difficult to get outside and visit hospitals. For that reason, the solution of mHealth is helping these kinds of patients effectively. In addition, the mHealth provides utmost care to their patients. This also saves time of the doctors as well as patients. As a result, the growth of the global mHealth market is expected in the near future. 

COVID-19 Impact Analysis:

• The impact of the COVID-19 pandemic on the growth of the global mHealth market was positive.
• The ‘stay at home’ norms and guidelines drive the demand for mHealth applications globally.
• The people were taking help of mHealth applications for the treatment and diagnosis without moving out of the homes.
• The healthcare practitioners and doctors were able to treat their patients remotely with the help of mHealth applications and solutions.

Key Developments in the Marketplace:

• Philips bought BioTelemetry Inc., a prominent provider of remote cardiac diagnosis and monitoring services in the U.S. in February 2021.
• Teladoc Health and Livongo Health declared a collaborative agreement in August 2020 to further the notion of customer centric virtual care. This strategic alliance enabled the organization to offer a one-of-a-kind opportunity while also propelling the expansion of their business.
• In June 2020, BioTelemetry declared the collaboration of Envolve People Care Inc., a Centene Corporation subsidiary, which operates the OnDemand remote patient monitoring and coaching platform.
• Apple Inc. declared the development of a new mHealth application called Research in September 2019 to help researchers conduct clinical studies. Users can use this application to enroll in clinical studies and anonymously exchange data with researchers.
• The Dedalus Group announced an agreement to buy DXC Technology’s healthcare software solutionssegment in May 2020.

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Market Segmentation

Segments Covered in the Report

By Component

• 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
• Wearables
  • BP Monitors
  • Glucose Meters
  • Pulse Oximeters
  • Sleep Apnea Monitors (PSG)
  • Neurological Monitors
  • Activity Trackers/ Actigraphs

By Application

• Diagnosis
• Monitoring
• Treatment

By Participants

• Mobile Operators
• Device Vendors
• Content Players
• Healthcare Providers

By Regional Outlook

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

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