Dubai, UAE, Feb. 13, 2023 (GLOBE NEWSWIRE) -- According to the researchers at Extrapolate, the global mHealth Market size was valued at USD 35.2 billion in 2021 and is anticipated to expand to USD 293.2 billion in 2030, recording a remarkable CAGR of 22.3% from 2022 to 2030 due to the rising expansion of 5G networks and increasing utilization of mHealth applications.
The market's popularity has skyrocketed due to increased social media penetration, which has raised awareness about mHealth applications, increased internet exposure, and smartphone accessibility. North America is poised to lead the market due to accelerating healthcare expenditure, a rising geriatric population, increasing chronic diseases, and ultra-network infrastructures.
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A study conducted by the New Brunswick Health Council (NBHC) found that 32% of Canadians use mobile health apps. Between the ages of 18 and 30, 41% of younger adults use mobile applications and smart-linked devices, as do 59% of employed adults and 55% of adults with a university education. While 46% of those earning more than USD 80,000 and 28% of those suffering from a chronic illness or condition use mobile health applications, only 24% of Canadians track their health conditions using smart connected devices.
Competitive Landscape:
The global mHealth market is highly competitive, with prominent players adopting various strategies to gain maximum market share. These strategies include new product launches, partnerships, collaborations, and acquisitions. Additionally, market players are also focusing on customer engagement and leveraging healthcare analytics for better customer experience.
For instance, Apple Inc. has focused on building strong relationships with healthcare providers and expanding its e-health platform. The company has also entered into several partnerships with organizations such as the American Heart Association and Stanford Medicine to develop new healthcare solutions.
- Fitbit, Inc.
- Apple Inc.
- DEXCOM
- Jawbone Health Hub, Inc.
- Omada Health, Inc.
- Airstrip Technologies, Inc.
- BioTelemetry, Inc.
- Livongo Health
- Allscripts Healthcare Solutions
- AT&T
- Boston Scientific Corporation
- Omron Healthcare, Inc.
- Others
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SSEGMENTATION
By Component
- Wearables
- Apps
- Medical Apps
- Fitness Apps
By Provider
- mhealth App Companies
- Pharmaceutical Companies
- Hospitals
- Health Insurance Providers
- Others
Pharmaceutical Companies Segment to Continue Dominating mHealth Market, with Europe Contributing Majorly
Based on the provider segment, the pharmaceutical companies segment dominated the global market in 2021 and is projected to maintian its dominance over the forecast period owing to the rising number of companies providing mHealth solutions in numerous well-established and developing nations. Europe harbors the majority of startups focused on digital health. Moreover, the expansion of businesses providing a wide range of distinctive mobile health services globally is likely to accelerate the mHealth market growth.
Additionally, the hospital segment is expected to witness the fastest growth in the upcoming years due to the rising number of multi-specialty hospitals globally. Modern amenities found in such multi-specialty hospitals are anticipated to promote business expansion. The respective segment’s growth will be aided by increasing government initiatives to incorporate mHealth solutions across all hospitals and the availability of the necessary infrastructure to enable mHealth services.
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By Service Type
- Monitoring
- Diagnostic
- Treatment
Monitoring Segment Dominates mHealth Market and Continues to Hold Significance
Based on service type, the global mHealth market is segmented into monitoring, diagnostics, and treatments. In 2021, the monitoring segment dominated the market due to the rise in chronic and infectious diseases and the increasing demand for remote monitoring platforms in post-acute care. The demand for advanced monitoring services is being driven by the prevalence of chronic conditions and growing investments by major businesses in inpatient monitoring.
On the other hand, the diagnostic segment is expected to grow rapidly in the near future due to an increase in the number of diagnostic platforms and applications and rising health awareness among the population. The need for mobile health services is also expected to increase in the coming years due to the desire for improved efficiency and healthcare administration.
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
North America to Continue Dominating mHealth Market
North America has been at the forefront of the healthcare sector and is expected to gain significant traction in the coming years. Some of the factors driving the growth of the mHealth market include the increasing adoption of advanced technologies such as mobile health security and wearables; the availability of cutting-edge products; the rising awareness about personal health and fitness; and the increasing affordability of mHealth products and services. Moreover, the advancement in internet and wireless technologies have made it easier to access and use mHealth services, which is further driving the growth of the market in the region. In addition, a strong presence of major players such as Allscripts Healthcare Solutions, AT&T, and Apple is adding value to the regional market growth.
The US is the largest revenue contributor to the North America mHealth market. A study suggests that, from 2016 to 2022, the US witnessed over a 200% increase in the number mHealth devices. The growth is driven by several major factors, including the high penetration of smartphones, the growing demand for convenient and easy-to-use health apps, and the supportive healthcare system that offers cost-effective solutions for health monitoring and management. The advent of telemedicine has also enabled patients to receive medical care from the comfort of their homes.
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Some of the key questions answered in this report:
- What is the projected growth rate of the mHealth market in the next decade?
- What is the global market value of mHealth?
- What is the impact of 5G network on the mHealth market?
- What kind of medical gadgets and services does the mHealth industry offer?
- What is the role of mobile devices in mHealth?
Some Points from TOC:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Scope, definition, and assumptions
2.3. Data Component
2.3.1. Secondary Component
2.3.1.1. Preliminary data hospitals
2.3.2. Primary Component
2.3.2.1. Statistical Model
2.3.2.2. Data Triangulation
2.3.2.3. Research Objective
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key trends
3.2.1. Growing Usage of mHealth Due to Occurrence of COVID-19
3.3. Market drivers
3.3.1. Proliferation of 5G Network creating the Demand of mHealth
3.3.2. Increasing Usage of mHealth Applications for Better Communication Aiding the Market Growth
3.4. Market restraints
3.4.1. Concerns Pertaining to Limited Awareness of mHealth Technology
3.5. Market opportunities
3.5.1. Integration with 3rd Party Apps Technologies with the mhealth
3.6. Market Challenges
3.6.1. Limited Offerings in Some Nations
3.7. Porter’s Five Forces Analysis
3.7.1. Bargaining Provider of Suppliers
3.7.2. Bargaining Provider of Buyers
3.7.3. Threat of New Entrant
3.7.4. Threat of Substitutes
3.7.5. High Competitive Rivalry
3.8. Value chain analysis
Chapter 4. COVID-19 Impact On mHealth Market
Chapter 5. Global mHealth Market Overview, By Component, 2017 - 2030 (USD Million)
5.1. Global mHealth Market Share, By Component, 2017 - 2030 (USD Million)
5.1.1. Wearables
5.1.1.1. Market Size and Projections,2017 - 2030 (USD Million)
5.1.1.2. Market Size and Projections, by Region, 2017 - 2030 (USD Million)
5.1.2. Apps
5.1.2.1. Market Size and Projections,2017 - 2030 (USD Million)
5.1.2.2. Market Size and Projections, by Region, 2017 - 2030 (USD Million)
Chapter 6. Global mHealth Market Overview, By Service Type, 2017 - 2030 (USD Million)
6.1. Global mHealth Market Share, By Service Type, 2017 - 2030 (USD Million)
6.1.1. Monitoring
6.1.1.1. Market Size and Projections,2017 - 2030 (USD Million)
6.1.1.2. Market Size and Projections, by Region, 2017 - 2030 (USD Million)
6.1.2. Diagnostic
6.1.2.1. Market Size and Projections, 2017 - 2030 (USD Million)
6.1.2.2. Market Size and Projections, by Region, 2017 - 2030 (USD Million)
6.1.3. Treatment
6.1.3.1. Market Size and Projections, 2017 - 2030 (USD Million)
6.1.3.2. Market Size and Projections, by Region, 2017 - 2030 (USD Million)
Chapter 7. Global mHealth Market Overview, By Provider, 2017 - 2030 (USD Million)
7.1. Global mHealth Market Share, By Provider, 2017 - 2030 (USD Million)
7.1.1. mhealth App Companies
7.1.1.1. Market Size and Projections,2017 - 2030 (USD Million)
7.1.1.2. Market Size and Projections, by Region, 2017 - 2030 (USD Million)
7.1.2. Pharmaceutical Companies
7.1.2.1. Market Size and Projections, 2017 - 2030 (USD Million)
7.1.2.2. Market Size and Projections, by Region, 2017 - 2030 (USD Million)
7.1.3. Hospitals
7.1.3.1. Market Size and Projections, 2017 - 2030 (USD Million)
7.1.3.2. Market Size and Projections, by Region, 2017 - 2030 (USD Million)
7.1.4. Health Insurance Providers
7.1.4.1. Market Size and Projections, 2017 - 2030 (USD Million)
7.1.4.2. Market Size and Projections, by Region, 2017 - 2030 (USD Million)
7.1.5. Others
7.1.5.1. Market Size and Projections, 2017 - 2030 (USD Million)
7.1.5.2. Market Size and Projections, by Region, 2017 - 2030 (USD Million)
Chapter 8. Global mHealth Market Overview, By Geography, 2017 - 2030 (USD Million)
8.1. Global mHealth Market Share, By Geography, 2017 - 2030(USD Million)
8.1.1. Market size and projections, by Countries, 2017 - 2030 (USD Million)
8.1.2. Market Share and CAGR Comparison, by Countries, 2021 - 2030 (%)
Chapter 9. North America mHealth Market Overview, By Countries, 2017 - 2030 (USD Million)
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