mHealth Services Market Size to Reach USD 415.6 Bn by 2031 Due to a Surge in the Prevalence Rate of Chronic Diseases, says Transparency Market Research

Wilmington, Delaware, United States, April 20, 2023 (GLOBE NEWSWIRE) -- The global mHealth services market stood at USD 111.6 Bn in 2021 and is projected to reach USD 415.6 Bn by 2031.

Rise in adoption of mHealth services in healthcare systems for emergency response and public healthcare surveillance during epidemics is anticipated to bolster market growth.

Significant demand for mHealth fitness apps is expected to offer lucrative business opportunities for companies in the mHealth services market. mHealth apps enable healthcare providers to improve medical care services and promote patient satisfaction is estimated to propel the market.

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Market Snapshot:

Rapid pace of adoption of patient-centered healthcare services in several countries is expected to spur commercialization of mHealth services in the next few years. Recent market trends indicate surge in adoption of mHealth in disease surveillance and epidemic outbreak tracking. Focus of governments to support patient-engagement strategies is likely to bolster usage of mHealth apps in preventive healthcare. Surge in R&D in mHealth software in the past few years is likely to broaden market outlook.

Key Findings of Study

• Increase in Adoption of mHealth Services in Chronic Disease Management: Rise in prevalence of chronic diseases is expected to offer significant business opportunities to companies in the mHealth services market. Utilization of mHealth apps for self-management of chronic diseases offers several benefits, such as information sharing between patients and health care practitioners, medication adherence, and monitoring of symptoms on a daily basis. Surge in demand for healthcare technologies to manage chronic conditions at home, especially among geriatrics, is likely to bolster market value. In terms of service, the solutions for patient segment is projected to grow at a rapid pace during the forecast period. Significant business potential in the segment could be ascribed to effectiveness of mHealth apps to deliver patient-centered care. For instance, mHealth apps can be used to improve medication adherence in patients suffering from cardiovascular diseases (CVDs). Furthermore, surge in demand for emergency response services in the past few years contributed to the growth of the segment in 2021.
• Rapid Increase in Applications of mHealth Apps in General Healthcare & Fitness: Based on application, the general healthcare & fitness segment accounted for the leading market share of 68.1% in 2021. The trend is projected to continue from 2022 to 2031. Rapidly growing popularity of fitness and wellness apps is expected to fuel the segment. Surge in usage of mHealth apps to promote physical activity in individuals is likely to offer lucrative opportunities to market players in near future.

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Key Drivers

• Rise in prevalence of chronic diseases globally is a key driver of patient-centered healthcare services. This, in turn, is expected to bolster global mHealth services market. Increase in demand for patient-centered care for chronic conditions, such as cardiovascular disease, diabetes, and rheumatoid arthritis, is anticipated to augment the industry value in the near future.
• Constant focus of healthcare organizations on improving patient clinical outcomes through the usage of mHealth technologies is likely to drive adoption of mHealth services
• Surge in applications of mHealth technologies in post-operative care, medication adherence, and individualized medication & health management, especially for the elderly, is expected to boost market size.
  

Regional Growth Dynamics

North America accounted for major market share in 2021. Surge in usage of mHealth to monitor chronic diseases/conditions is likely to propel the market. Rise in awareness about patient-centered health outcomes of mHealth is anticipated to fuel the market in the region.

Asia Pacific accounted for second largest share of the global mHealth services market in 2021. Latin America and Middle East & Africa are lucrative markets for mHealth services. Surge in demand for mHealth technologies in developing countries in these regions are likely to propel the market in the near future. Rapid rise in usage of mHealth technology in order to increase access to quality and low-cost healthcare services is expected to drive the market in these regions. Furthermore, surge in demand for mHealth for mother & child care, especially in regions with low access to essential health services, is likely to offer significant business opportunities to companies in Asia Pacific.

Competition Landscape

Companies are investing significantly in R&D activities to launch innovative products. Prominent companies are focusing on product portfolio expansion in order to consolidate their market positions.

Key players operating in the mHealth services market are AT&T Inc., Apple Inc., Airstrip Technologies Inc., Alcatel Lucent, Cerner Corporation, Qualcomm Inc., SoftServe Inc., Vodafone Group plc., and Symantec Corporation.

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mHealth Services Market Segmentation

Service

• Solutions for Patients
  • Wellness
  • Prevention Service
  • Monitoring Service
  • Diagnostic Service
  • Treatment Service
  • Information & Reference
    
    
• Healthcare System Strengthening
  
  
  • Emergency Response
  • Health Care Practitioner Support
  • Healthcare Surveillance

Application

• General Healthcare & Fitness
• Medication Information
• Remote Monitoring, Collaboration, and Consultancy
• Health data & Record Access

End-user

• Public/Private Healthcare Institutions
• Physicians
• Healthcare Workers
• Individuals

Region

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

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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