mHealth Market Size to Surpass Around US$ 243.57 Bn by 2030

Ottawa, Jan. 12, 2022 (GLOBE NEWSWIRE) -- The global mHealth market size was worth at US$ 54.25 billion in 2021. The mHealth market gained rapid traction in 2020 amid the COVID-19 pandemic, which forced almost every industry on the globe to adopt digital technologies. The mHealth offers access to the healthcare services from the comfort of the home just at a press of a button. The ease and conveniences associated with the mHealth applications is significantly boosting the growth of the global mHealth market.

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Moreover, the rising penetration of internet, growing number of smartphone users across the globe, rising prevalence of chronic diseases, and growing geriatric population is boosting the growth of the market. Furthermore, the advancements in the technologies such as wireless connectivity, AI, 4G and 5G, and the rising investments in the telecommunication infrastructure are the various crucial factors that augment the growth of the global mHealth market.

Regional Snapshot

North America accounted for around 38% of the market share and dominated the global mHealth market in 2020. The higher adoption rate of the digital technologies in the region along with the presence of numerous mHealth application has significant contributions in the development of the market. The rising geriatric population and increased prevalence of various chronic diseases is further fueling the adoption of the convenient mHealth solutions. The 24*7 availability of the physician consultation services and the remote patient monitoring services are the major drivers of the mHealth market in North America. The presence of educated and aware consumers in the region along with the favorable government policies regarding the use of virtual healthcare platforms are together augmenting the growth of the mHealth market in the region.

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Report Scope of the mHealth Market

Asia Pacific is estimated to be the most opportunistic market during the forecast period. This is mainly attributed to the presence of huge youth population who are highly influenced by the social media and other digital platforms. Moreover, rising penetration of smartphones and enhanced access to the internet owing to the developing IT infrastructure in the region is expected to drive the market growth exponentially in the foreseeable future. Moreover, rapidly growing geriatric population in the region is expected to fuel the adoption of the mHealth platforms in the upcoming future. According to the United Nations, the global geriatric population is expected to reach at 2 billion by 2050 and about 80% of the geriatric population will be living in the low and middle income countries.

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Market Dynamics

Driver

Rising adoption of internet and smartphones

The world is witnessing a rapid surge in the number of smartphone users and the internet users.. According to the GSMA State of Mobile Internet Connectivity Report 2020, approximately 50% of the global population had access to the mobile internet connectivity by the end of 2019. As per the ITU, majority of the inter users have access to the internet through their smartphones. Therefore, the rising adoption of the smartphones and improved access to the internet is the major driver of the global mHealth market.

Restraints

Lack of digital skills and literacy

Most of the people especially in the developing and the underdeveloped regions have access to the smartphones and internet. But the lack of literacy and lack of digital skills is a major factor that restricts the growth of the mHealth market.

Opportunities

Integration of the latest technologies with the mHealth

The growing adoption of latest technologies like artificial intelligence, data analytics, and 5G are expected to drive the mHealth market during the forecast period. The integration of such latest technologies with the mHealth can improve the patient care and is expected to provide lucrative growth opportunities to the market players in the foreseeable future.

Challenge

Lack of awareness regarding mHealth

There is a lack of awareness regarding the mHealth platforms especially in the rural areas of the underdeveloped markets. Moreover, the poor access to the basic healthcare facilities is further depriving the rural population from accessing the digital mHealth platforms.

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Report Highlights

• Based on the component, the apps segment dominated the market in 2020. This is attributable to the surging popularity of various mHealth startups and their aggressive investments in the digital marketing through the social media platforms. Moreover, the easy consulting facilities provided by the mHealth platforms is fostering the demand for the mHealth solutions across the globe.
• Based on the services, the monitoring segment dominated the market in 2020. The rising geriatric population across the globe is fostering the need for remote patient monitoring services. Moreover, the old age people are susceptible to various diseases, which fuels the adoption of the mHealth platform for the monitoring services.

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 Geography

• North America
• Europe
• Asia Pacific
• Rest of the World

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