mHealth Market Highlights
The wave of modernization in the healthcare sector has led to the penetration of the concept of mHealth greatly. Reports that gauge the healthcare IT industry has been made available by Market Research Future which creates reports on several industry verticals that review the market growth and prospects.
MHealth Market Size was valued at USD 58.2 billion in 2022. The mHealth market industry is projected to grow from USD 64.8 Billion in 2023 to USD 123.1 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 11.30% during the forecast period (2023 – 2030).
The robust growth pace in the wearable health device sector has increased the expansion of the mHealth market globally. Moreover, increased usage of smartphones is also playing a key role in the growth of the market. Also, patients are increasingly involved and aware of their treatments which is expected to further influence the mHealth market in the forecast period.
The escalated turnaround in the market is likely to set off new openings for the development of the market. The enhancement in different domestic economies is projected to encourage the progress of the market in the impending period. The ease in accessing key planned opportunities important to consequent stabilization of inflation is projected to generate a promising option for development in the approaching years. In the approaching years, the control exerted by high-income level nations around the world and the likely gains observed towards a few of the currencies around the world is projected to strengthen the fruition of the market in the forecast period. A significant climb in the number of backers in the market is expected to craft an advantageous situation for the evolution of the market in the projected period. The advancement of the market is projected to capture amplified impetus in the coming years chiefly due to the incidence of contributory government plans.
The segmental evaluation of the mHealth market is carried out based on therapeutics, applications, and region. Based on therapeutics, the mHealth market has been segmented into respiratory, mental, and neurological disorders, diabetes, fitness & lifestyle therapeutics, and others. Based on the application the mHealth market is segmented into diagnosis & treatment, monitoring applications, healthcare management, education and awareness, wellness & prevention, and remote data collection. Based on regions, the mHealth market is segmented into Asia Pacific, Europe, the Americas, and the rest of the world.
Detailed Regional Analysis
The regional assessment of the mHealth market report includes regions such as Asia Pacific, Europe, the Americas, and the rest of the world. With reference to the analysis, the Americas region is the principal market for the mHealth market. The big size of the regional market can be accredited to the mounting digital developments in medical technology. The Asia Pacific region is identified as the next major region for the global mHealth market. The European region in the mHealth market is anticipated to develop at a stable pace. Although mHealth grew out of developed nations, the field has changed in favor of the emergent countries, stemming from the speedy increase of the mobile phone penetration in low-income nations. Moreover, in several developing countries, more people have access to the internet and are also using it more frequently. However, the African region remains a dark continent for the global mhealth market owing to its poor socio-economic conditions.
The eminent competitors shaping the mhealth market around the world are Alivecor, INC, Apple, INC, Athenahealth INC, AT&T, INC, Biotelemetry INC. (CARDIONET), Agamatrix, INC, GE Healthcare, Jawbone INC, Johnson & Johnson, Google INC, Laboratory Corporation of America Holdings, Philips Healthcare, and others.
Apr 2019 Oscar Health, a prominent digital health-based health plan has recently announced a partnership with Cardiogram to offer members accelerated and reimbursable access to follow-up care when their mHealth wearable senses an undiagnosed health concern. The novel service permits Oscar’s members to download the Cardiogram mHealth app on their wearable devices such as Garmin, the Apple Watch, or Google WearOS for Android devices
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