Mobile Health (mHealth) Market Size 2022-2030- Rapid Digitalization In The Healthcare Sector
The Global Mobile Health (mHealth) Market size is estimated to reach USD 310.37 billion by 2030 from USD 51.90 Billion in 2021, delivering a CAGR of 29.5%, according to a new report by Reports and Data. The market growth is driven by the growing penetration of smart technologies in the healthcare sector.
The aim of mobile health (mHealth) is to empower patients by providing information regarding their health for proper management, thereby increase access throughout the system, including clinics & hospitals, outcome improvement with improved decision-making, along with reducing costs.
Currently, millions of mobile health (mHealth) apps are available that are being utilized by the populace to manage their health, promote healthy living, along with having access to necessary health information. These tools are rapidly advancing and witnessing massive adoption as well. As of 2017, there were nearly 325,000 mobile health apps, over 80,000 mHealth app publishers, and the market is witnessing 3.7 billion downloads annually.
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The growing investment in health start-ups across the globe is providing impetus to the mobile health (mHealth) market growth. In 2019, nearly USD 7.5 billion were invested into various start-ups in the United States alone, attempting to digitalize the healthcare system across the region. A similar trend followed by the developing economies will supplement the mobile heath market share through 2030.
The growing awareness among masses regarding the benefit of healthcare management, and growth in the focus of personalized medicine, and rising need for point-of-care diagnosis & treatment, are some of the other key factors that may augment mobile health (mHealth) market revenue share through 2030.
The World Health Organization (WHO) declared the severe acute respiratory syndrome novel coronavirus 2 (SARS-CoV-2) outbreak in Wuhan, China, as a worldwide pandemic in December 2019. SARS-CoV-2 infection is classified as a novel coronavirus disease by the WHO. COVID-19 has infected more than 150 million people worldwide, resulting in more than 3 million deaths. COVID-19 has had a big influence on the healthcare business, causing major disruptions throughout the supply chain, from raw materials to manufacture and delivery. The global demand for medical ventilators has prompted manufacturers to increase demand by up to 40% to 50%. Producers have also collaborated in order to meet rising demand. Governments and a variety of organisations, as well as other industry personnel, are all working hard to address the global problem. Leading personnel are active in research and development operations, strategic alliances and collaborations, and creative product releases in order to meet consumer demands for pharmaceuticals, vaccines, diagnostics, and medical equipment such as ventilators. Without a doubt, this is the first time in contemporary history that the diagnostics industry has been given such prominence. Participants in the healthcare business have abruptly shifted from under the carpet to above the carpet’s demand. The world has acknowledged the necessity for early warning systems in the healthcare sector, currently for COVID-19, but this pattern will continue in the future for other sorts of diagnostics.
Further key findings from the report suggest
- Based on platform, the wearable devices segment is forecast to witness a substantial growth of 39.5% through 2027. The robust growth is driven by growing consumer consciousness regarding exercise, diet, and overall health, which is leading to the increasing popularity of fitness apps and wearable technology. For instance, As of November 2019, Fitbit, an American consumer electronics and fitness company, had 28 million active users across the globe and has sold over 100 million devices.
- The mobile apps segment accounts for 56.3% of the global mobile health (mHealth) market share and is estimated to exhibit a CAGR of 40.0% over the projected timeframe.
- On the basis of application, the remote monitoring segment accounted for 18.6% of the industry share in 2019 and is anticipated to register significant gains through 2027. An exponential rise in the number of diabetes patients across the globe is fuelling the adoption of remote monitoring apps among patients.
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- In the regional landscape, APAC is anticipated to witness substantial growth over the forecast period due to unchecked population growth in the region. The Chinese government invested over USD 64 billion into hospitals in 2019 in order to improve electric health monitoring systems in the region. Moreover, developing countries such as Indonesia and Malaysia are providing mHealth to enable people with low income to have access to better health-related information. These factors will contribute to regional market growth through 2027.
- Europe is projected to register a growth rate of 28.9% through 2027 due to the uniform penetration of mobile health (mHealth) platforms in the region.
- Key participants in the global mobile health (mHealth) market are AT&T, Allscripts Healthcare Solutions, mQure, Apple Inc., Omron Healthcare Inc., Philips Healthcare, Samsung Electronics Corporation, Bayer Healthcare, Cardionet Inc., and LifeWatch AG, among others.
- In April 2020, Samsung Electronics Co., Ltd., a South Korean multinational electronics company, announced that Samsung Smart TVs in several regions across the world would provide access to six new health & wellness apps in partnership with leading fitness brands, including Echelon, barre3, Calm, obé Fitness, Jillian Michaels Fitness, and Fitplan.
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For the purpose of this report, Reports and Data has segmented into the Global Mobile Health (mHealth) Market on the basis of platform, application, end-use, and region:
Platform Outlook (Revenue, USD Billion; 2019-2030)
- Mobile Apps
- Wearable Devices
Application Outlook (Revenue, USD Billion; 2019-2030)
- Education and Awareness
- Disease and Epidemic Outbreak Tracking
- Communication and Training
- Diagnostics and Treatment
- Remote Data Collection
- Remote Monitoring
End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Research Centers
- Insurance Companies
- Biopharmaceutical Companies
- Tech Companies
Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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