Portland, OR, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report titled, “mHealth Market by Type (mHealth Devices and mHealth Services), Application (Cardiovascular, Diabetes, Respiratory, Neurology, and Others), and Stakeholders (Mobile Operator, Device Vendors, Healthcare Providers, and Application and Content Players): Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global mHealth industry generated $70.7 billion in 2022 and is anticipated to generate $370.7 billion by 2032, witnessing a CAGR of 18.0% from 2023 to 2032.
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Prime Determinants of Growth:
The global mHealth market is experiencing growth due to several factors, including an increase in the adoption of mHealth, a surge in cases of heart disease, and an increase in awareness regarding mHealth devices in developing countries. However, concerns related to ensuring regulatory compliance are hampering the mHealth market growth. On the contrary, the high growth potential in developing countries and the increase in R&D in mHealth are expected to offer remunerative opportunities for the expansion of the mHealth market during the forecast period.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $70.7 billion |
| Market Size in 2032 | $370.7 billion |
| CAGR | 18.0% |
| No. of Pages in Report | 350 |
| Segments covered | Type, Application, Stakeholder, and Region |
| Drivers | Rise in prevalence of cardiac diseases Increase in the incidence rate of diabetes Increase in demand for mHealth and wearable devices |
| Opportunities | High growth potential in developing countries Rise in geriatric population |
| Restraints | Concerns related to ensuring regulatory compliance |
Recession 2023 impact analysis on mHealth market:
- Startups and smaller businesses in the mHealth sector, which often rely on loans or investments to fund their operations and expansion, may face challenges in obtaining affordable financing. This can hinder their ability to invest in R&D, product innovation, and market expansion.
- Furthermore, the recession is expected to temporarily impact the growth and investment in the mHealth market, whereas the long-term potential for the growth of mHealth market remains insignificant.
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The mHealth devices segment to maintain its leadership status throughout the forecast period-
Based on type, the mHealth services segment held the highest market share in 2022, accounting for nearly three-fifths of the global mHealth market revenue. Owing to the high adoption of mHealth services and the high number of mHealth service providers. On the other hand, the mHealth devices segment is estimated to maintain its leadership status throughout the forecast period. The same segment is projected to manifest the highest CAGR of 21.4% from 2023 to 2032. Owing to an increase in R&D activities regarding mHealth devices and a surge in demand for mHealth devices.
The cardiovascular segment to maintain its leadership status throughout the forecast period -
Based on application, the cardiovascular segment held the highest market share in 2022, accounting for more than half of the global mHealth market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is due to the high adoption of patch recorders and Holter monitors and higher cases of high blood pressure and heart disease. However, the diabetes segment would display the fastest CAGR of 19.8% from 2023 to 2032. Due to the increase in technological advancements in glucose monitor devices and the increase in cases of diabetes.
The device vendors segment to rule the roost by 2032 -
Based on stakeholder, the mobile operators segment held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global mHealth market. Owing to the provision of secure end-to-end healthcare services and content-based wellness information services (SMS subscription service). However, the device vendors segment is expected to witness the fastest CAGR of 19.9% from 2023 to 2032 and is projected to rule the roost by 2032. owing to a surge in demand for mHealth devices for delivery of treatment and diagnostic services and an increase in the number of device vendors in the market.
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North America to maintain its dominance by 2032 -
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global mHealth market revenue, and is likely to dominate the market during the forecast period. Owing to robust healthcare infrastructure, presence of key players, and rise in healthcare expenditure. However, the Asia-Pacific region is expected to witness the fastest CAGR of 20.6% during the forecast period. Owing to a rise in heart disease cases, unmet medical demands, and high population base.
Leading Market Players: -
- Boston Scientific Corporation
- DexCom, Inc.
- FITBIT, INC. (Google)
- Koninklijke Philips N.V.
- Medtronic plc
- Omada Health
- Omron Corporation
- SAMSUNG ELECTRONICS CO., LTD.
- Teladoc Health, Inc.
- Welldoc, Inc.
The report provides a detailed analysis of these key players in the global mHealth market. These players have adopted different strategies, such as agreements, acquisitions, product launches, product approvals, and others, to increase their market share and maintain dominant positions in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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