mHealth Solutions Market worth $395.0 billion | MarketsandMarkets
CHICAGO, March 27, 2023 /PRNewswire/ -- The mHealth solutions industry is expected to experience significant growth in the near future. The industry is expected to see an increase in the use of mobile devices and services for health-related activities, such as monitoring patients' vital signs and collecting data for analysis. Additionally, the development of mHealth solutions is expected to be driven by the need for more cost-effective, patient-centered, and personalized healthcare. The adoption of mHealth solutions is expected to be driven by the need to improve patient outcomes, reduce costs, and increase access to healthcare services. Furthermore, developments in artificial intelligence, machine learning, and data analytics are expected to further enhance the capabilities of mHealth solutions.
mHealth Solutions Market in terms of revenue was estimated to be worth $119.5 billion in 2023 and is poised to reach $395.0 billion by 2028, growing at a CAGR of 27.0% from 2023 to 2028 according to a new report by MarketsandMarkets™. Growth in this market is driven by the opportunities offered by the emerging markets in healthcare and government mandates & support for mHealth Solutions. However, IT infrastructural constraints in developing countries and resistance from traditional healthcare providers are expected to restrain the growth of this market to a certain extent.
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mHealth Solutions Market Scope:
The Health Apps segment accounted for the largest share in the mHealth solutions market, by mHealth Apps.
The mHealth solutions market, by mHealth Apps, is segmented into Healthcare Apps and Medical Apps. In 2022, the Healthcare Apps segment accounted for the largest market share. Healthcare apps are mostly used for continuously self-monitoring vital signs and communicating with physicians for related services. Other major application areas include fitness/wellness and disease prevention, diagnosis, and treatment. Free healthcare apps dominate device-linked and paid healthcare applications in the market. Free access to most smartphone apps is a major factor restraining the market growth for paid apps
By products, the vital signs monitoring segment registered the highest growth in the connected medical devices market during the forecast period
The connected medical devices segment is categorized into vital signs monitoring devices, peak flow meters, neurological monitoring devices, sleep apnea monitors, multiparameter trackers, fetal monitoring devices, and others. The vital signs monitoring devices is expected to grow at the highest CAGR during the forecast period. This is mainly due to the growing adoption of digital healthcare solutions for monitoring vital signs and the increasing incidence of cardiovascular diseases; the high prevalence of diabetes; and the rising number of patients suffering from asthma, hypertension, and hypotension.
By services, the remote monitoring services segment accounted for the largest share in the mhealth solutions market by service.
In 2022, Remote patient monitoring services accounted for the largest share by services market. The rising global adoption of smartphones, high-speed network availability, and the demand for remote patient monitoring and consultation are key to the market growth. Other factors driving the market growth are the rising global prevalence of chronic diseases, emerging applications of mHealth services, and increasing demand for patient-centric healthcare delivery. The Affordable Care Act and similar legislations raising federal support for mHealth services form a key market driver in the US.
Asia Pacific is expected to exhibit the highest growth during the forecast period
The APAC market is expected to register the highest CAGR during the forecast period. Factors such as a large patient population, especially in China and India, growing per capita income, rising prevalence of chronic disorders, increasing per capita income, higher adoption of smartphones, and the presence of advanced connectivity and networks in these countries are driving the growth of the APAC mHealth Solutions market.
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mHealth Solutions Market Dynamics:
Key Market Players:
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), AT&T Inc. (US), AgaMatrix, Inc. (US), Cisco Systems, Inc. (US), Fitbit Inc. (US), OSP Labs (US), SoftServe (US), Garmin, Ltd. (US), Dexcom, Inc. (US), Tunstall Healthcare (UK), Teladoc Health, Inc. (US), ZTE Corporation (China), and My mHealth Limited (UK) are the major players in this market. These companies are majorly focusing on the strategies such as acquisitions, product launches, agreements, collaborations, partnerships, and expansions in order to remain competitive and further increase their share in the market.
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mHealth Solutions Market Advantages:
mHealth Solutions Market - Report Highlights:
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