Global mHealth Market Size, Share, and COVID-19 Impact Analysis, By Component (Wearables, Apps), By Service Type (Monitoring, Diagnostic & Treatment), By Provider (mhealth App Companies, Pharmaceutical Companies, Hospitals, Health Insurance Providers & Others), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) Analysis and Forecast 2022-2030
KEY MARKET INSIGHTS
The global mHealth market was valued at USD 35.2 Bn in 2021. The market is projected to grow USD 293.2 Bn in 2030, at a CAGR of 22.3%. mHealth, often known as mobile healthcare, refers using mobile devices such as personal digital assistants, mobile phones, wireless infrastructure, and tablets to enhance medical and public health. mHealth is a subset of digital health that encompasses all multimedia and telecommunications functionalities used to provide health and healthcare data. The collecting of patient data is characterized as mHealth, which is a different division of eHealth. Wireless electronic devices such as mobile phones, wearables, and other mHealth devices are used to collect patient data. Furthermore, utilizing a mHealth application, the acquired patient data is stored in the cloud remotely. This information is made available to healthcare practitioners for the analysis of health-related aspects.
The mHealth Blood Pressure Monitor, for example, captures data on patient blood pressure variations. Healthcare personnel instantly check these values to ascertain the severity of the condition. In addition, the industry offers a wide range of medical gadgets and services. Blood glucose monitors, pulse oximetry, blood pressure monitors, heart monitors, neurological monitoring, apnea and sleep monitors are only a few examples.
COVID-19 ANALYSIS
The emergence of the Covid-19 epidemic has greatly hastened the growth of medical and healthcare services. Other sectors, on the other hand, are battling this new trend and taking their time to apply it throughout diverse industries. Due to travel, operational, and lockdown constraints, the production, manufacturing, and distribution units have suffered the most. People's lives have been disrupted by the pandemic, forcing them to take every precaution to increase their immunity. In addition, those who have contracted the sickness are in hospitals or under home quarantine. The patients' records are required in order to treat the patients and cure this and other illnesses. This is because the risk quotient and the treatment of patients are both understood with the help of the risk quotient.
LATEST TREND
Growing Usage of mHealth Due to Occurrence of COVID-19
The increased prevalence of COVID-19 cases worldwide is driving up demand in the mHealth market. Digital health services are becoming increasingly popular as a result of the continuation of social contacts during Covid-19 sickness. In other words, mobile phones' mHealth market share is approaching COVID-19 and is expected to grow. The biggest percentage, as well as the total size of the mHealth industry, is shown in 2019.
DRIVING FACTORS
Proliferation of 5G Network creating the Demand of mHealth
The introduction of 4G LTE technology and 5G network in a number of emerging countries is projected to boost mHealth sales in those countries. Various mHealth makers are focusing on releasing 5G devices in order to meet the growing demand for 4G and 5G mHealth among tech-savvy consumers. As demand for 5G devices grows, costs for 4G mHealth are likely to fall, resulting in increased sales volume.
Increasing Usage of mHealth Applications for Better Communication Aiding the Market Growth
The increasing applications of mHealth regarding communication among patients and doctors are likely to fuel the market growth. The advantages include providing training to new healthcare professionals and helping current employees to improve job satisfaction and reduce turnover, both of which are necessary to meet human capital requirements. Furthermore, the necessity to increase communication across different healthcare departments in order to provide more efficient patient care is becoming increasingly important.
RESTRAINTS
Concerns Pertaining to Limited Awareness of mHealth Technology
A major barrier limiting the expansion of the mHealth business is a lack of literacy and digital capabilities. The lack of technological awareness among the geriatric population hinder the growth of the global mHealth market.
SEGMENTATION
The global mHealth market is segmented By Component (Wearables, Apps), By Service Type (Monitoring, Diagnostic & Treatment), By Provider (mhealth App Companies, Pharmaceutical Companies, Hospitals, Health Insurance Providers & Others) and Region. Based on the component, the market is categorized wearables & apps. Based on service type, the market is categorized into monitoring, diagnostic & treatment. Based on provider, the market is categorized into mhealth app companies, pharmaceutical companies, hospitals, health insurance providers & others. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, South America, Middle East and Africa.
Component Insights
Based on the component segment, the global mHealth market is categorized into wearables & apps. The apps segment has dominated the market share in 2020 of global mHealth market owing to increasing penetration of the internet and smartphones, as well as the growing acceptance of mobile health apps by healthcare professionals and the general public. Additionally, rising awareness of mobile health apps for remote patient monitoring, patient tracking, medication management, disease management, fitness and wellness, women's health, personal health record management, and other applications is expected to propel the segment forward in the coming years.
Service Type Insights
Based on the service type segment, the global mHealth market is categorized into monitoring, diagnostic & treatment. The monitoring segment has dominated the market share in 2020 of global mHealth market owing to the increased frequency of infectious and chronic diseases, as well as the expanding demand for remote monitoring platforms in post-acute care, are driving the segment's rise. For example, in China, the rising number of people suffering from chronic illnesses is becoming a major societal concern. The majority of these chronic illnesses necessitate ongoing monitoring, which is fueling demand for advanced monitoring services in the country. Furthermore, the top market companies' increased investments in inpatient monitoring are expected to enhance segment expansion over time.
The diagnostic segment is anticipating the fastest CAGR of global mHealth market over the next few years due to the growing number of diagnosis-capable applications and platforms, as well as an increase in health awareness. Furthermore, in the next years, the increased desire for workflow efficiency and better healthcare management is likely to drive up demand for mobile health services.
Provider Insights
Based on the provider segment, the global mHealth market is categorized into mhealth App Companies, pharmaceutical companies & hospitals. The pharmaceutical companies segment is dominated the market share in 2020 of global mHealth market owing to growing number of companies offering mHealth solutions in various established and emerging nations. In addition, Europe has the highest number of digital health startups on the market. As a result, the growing number of enterprises offering a variety of unique mobile health services around the world will significantly boost market growth. As a result, the aforementioned variables will propel the economy forward from 2018 to 2026.
The hospitals segment is anticipating the fastest CAGR of global mHealth market over the next few years due to increasing number of multi-specialty hospitals in various parts of the world is responsible for the rapid rise. Furthermore, the presence of cutting-edge facilities in such multi-specialty hospitals will boost corporate growth. The availability of needed infrastructure to support such mHealth services, as well as expanding government initiatives to integrate mHealth solutions across all hospitals, will boost segmental growth.
REGIONAL INSIGHTS
The global mHealth market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. North America region is dominating the market share of global mHealth market owing due to rising acceptance rate of digital technologies, as well as the presence of several mHealth applications, has had a significant impact on the market's growth. The growing senior population, as well as the rising prevalence of numerous chronic conditions, are driving the adoption of mobile health solutions. The existence of educated and informed consumers in the region, as well as favorable government rules regulating the usage of virtual healthcare platforms, are all contributing to the region's mHealth market's growth. However, Asia Pacific region is anticipated to grow over the next few years of global mHealth market owing to the rising incidence of chronic diseases would significantly increase the size of the Asia - pacific region mHealth market in the future. Additionally, mobile broadband adoption is fast increasing across Asia, boosting regional growth. In addition, the growing number of senior individuals in countries like India and Japan would boost Asia Pacific market share even more. In addition, rising healthcare expenditure is a key element driving product demand over the anticipated period.
PLAYERS PROFILED:
· 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
Key Developments:
October 2020- Fitbit and U.S. Army’s Medical Research and Development Command (USAMRDC) formed a partnership to launch a COVID-19 mHealth study to develop a connected health platform to detect the impact of COVID-19 in the U.S. military to detect early signs of COVID-19.
August 2020- Livongo Health and Teladoc health announced a merger to expand on a concept of “consumer centered virtual care”. This strategic combination will help the company to provide a unique opportunity and will drive the growth of their data driven platform.
SEGMENTATION
By Component
- Wearables
- Apps
- Medical Apps
- Fitness Apps
By Service Type
- Monitoring
- Diagnostic
- Treatment
By Provider
- mhealth App Companies
- Pharmaceutical Companies
- Hospitals
- Health Insurance Providers
- Others
By Region
- North America- U.S., Mexico, Canada
- Europe- UK, France, Germany, Italy
- Asia-Pacific- China, Japan, India
- Latin America- Brazil, Argentina, Colombia
- The Middle East and Africa- United Arab Emirates, Saudi Arabia
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Global mHealth Market Size
- July-2022
- 1 4 0
- Global
- Healthcare-Medical-Devices-Biotechnology
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