Westford, USA, Aug. 09, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Global mHealth Market will attain a value of USD 176.69 Billion by 2031, with a CAGR of 13.8% over the forecast period (2024-2031). There will be a significant increase in the global market over the next few years. It is expected that the market will grow rapidly in years ahead due to factors such as rising demand for smartphones, tablets as well as other kinds of mobile platforms; use of connected devices and mHealth applications to treat and keep track of chronic diseases. The need to contain costs in the delivery of healthcare; the widespread adoption of 3G and 4G networks; the growing emphasis on patient-centric healthcare delivery; and the rise in demand for home healthcare services.
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Browse in-depth TOC on the " mHealth Market "
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- Figures – 76
mHealth Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $62.82 Billion |
| Estimated Value by 2031 | $176.69 Billion |
| Growth Rate | Poised to grow at a CAGR of 13.8% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, and End Use |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Revolutionizing healthcare with AI, data analytics, and 5G in mHealth |
| Key Market Opportunities | Growing adoption of mHealth solutions in other mobile platforms |
| Key Market Drivers | Growing penetration of 4G & 5G networks to ensure uninterrupted healthcare |
Mobile Health Apps Product to Dominate Due to Convenient Access to Medical Information
Smartphone usage and health consciousness are on the rise creating a population of smartphone health users thus making mobile health applications leaders of the global mHealth market. Such applications provide remote monitoring, personalized health management, and instant access to medical information thus increasing patient involvement and compliance leading to high adoption rates and expansion of the market.
Remote Monitoring Service to be the Largest Growing Sub-Segment Due to Advances in Wearable Technology
The global mHealth industry is led by remote monitoring services due to wearable technological advancements and an increase in the prevalence of chronic diseases. These solutions improve results and reduce hospital visits through continuous patient monitoring and early detection of health complications, thereby enhancing patients' convenience and healthcare productivity to drive their wide acceptance and dominance.
Favorable Government Initiatives Helped North America to Dominate the Market
North America was the highest revenue earning region for the global mHealth market in 2021 due to several reasons such as its advanced network infrastructure, increasing elderly people, increasing costs on health and increasing rates of chronic diseases. Additionally, there are beneficial government policies and increasing use of mobile healthcare apps that are also pushing up demand for mHealth services within the same zone.
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mHealth Market Insight
Drivers:
- Increasing demand for wireless devices such as smartphones
- Growing penetration of 4G & 5G networks to ensure uninterrupted healthcare
- Increasing patient centric emphasis and healthcare delivery
Restraints:
- Difficulty in implementing and integrating mHealth apps
- Resistance from traditional healthcare providers & limited guidance from physicians
- Lack of data security and concerns regarding data theft and healthcare fraud
Prominent Players in mHealth Market
The following are the Top mHealth Companies
- Koninklijke Philips N.V. (Netherlands)
- Medtronic plc (Ireland)
- Johnson & Johnson (US)
- Omron Healthcare Co., Ltd. (Japan)
- Cerner Corporation (US)
- Apple, Inc. (US)
- AliveCor, Inc. (US)
- AirStrip Technologies (US)
- athenahealth, Inc. (US)
- iHealth Lab Inc. (US)
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Key Questions Answered in Global mHealth Market Report
- What is the estimated market size for mHealth globally by 2031, and what is the anticipated compound annual growth rate (CAGR) for the 2024–2031 projection period?
- In the global mHealth market, which region generated the most revenue in 2021, and what factors led to this?
- Which are the main factors propelling the global mHealth market expansion?
This report provides the following insights:
- Analysis of key drivers (Increased global demand for smartphones, variety of healthcare-related services, rising desire for better communication & information and increased communication capabilities in Hospital Information Systems), restraints (Complexity of integration & implementation, usability of mHealth to be as simple as possible and lack of guidance or support from doctors towards the technology), opportunities (Remote healthcare solutions leveraging advanced telecommunication technologies, smartphone-linked solutions and remote health monitoring or consultation services), and challenges (Security concerns about proprietary data & applications and no standard frameworks to secure data stored) influencing the growth of mHealth market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the mHealth market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the mHealth market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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