Published Date : 10 Feb 2023
The global mHealth market size was exhibited at USD 63.88 billion in 2022 and is projected to hit around USD 243.57 billion by 2032, growing at a CAGR of 18.2% from 2023 to 2032.
mHealth refers to mobile health. It means the practice of medicine is supported by mobile phones. It is used for mobile communication devices, such as mobiles, computers, personal digital assistants (PDAs), and wearable devices. It is a sub-segment of eHealth. It uses information and communication technology (ICT), such as computers, mobile phones, communications satellites, and patient monitors. It provides health services and information.
It uses mobile devices to collect clinical health data and real-time monitoring of patient vital signs. It delivers healthcare information for practitioners, researchers, and patients. It has emerged as an application for developing countries. It has improved the capacity of health systems to provide quality healthcare. It has improved the ability to diagnose and track diseases. It supports diagnostic procedures to help doctor decision-making for treatments.
The increasing focus on improving personal health and fitness significantly contribute to the market growth. In line with this, the emergence of smart devices and wearables accelerates the market growth. Furthermore, increasing penetration of the internet and smartphones positively influences market growth across the globe. Apart from this, the growing adoption of mHealth technology creates a positive outlook for the market. Moreover, rapid adoption by physicians and patients catalyzes market growth. Besides, the rising penetration of digital health services propels market growth. The emergence of remote patient monitoring systems drives market growth. The demand for mhealth apps catalyzes market growth. The growing awareness among individuals about the app drives the market growth. The supportive government initiatives to promote digital healthcare have boosted market growth. The surging use of smartphones among adults and teenagers drives the app's growth.
The shift from traditional healthcare practices to patient-centric drives the market for mHealth. The rising demand for mobile medical platforms and real-time patient care is expected to accelerate the market's growth during the forecast years. Furthermore, favorable government strategies are likely to accelerate the growth of the market. The rising collaboration of the manufacturers with several healthcare organizations boosts the overall market growth. The heavy investments in digital health create a positive outlook for the market. Mobile health platforms have gained widespread popularity during the COVID-19 pandemic. The pandemic encouraged people and doctors to adopt digital health platforms. The escalating demand for mobile health technology and remote patient monitoring catalyze market growth.
mHealth Market Report Scope
|Market Size in 2023
|USD 75.30 Billion
|Market Size in 2030
|USD 243.57 Billion
|CAGR of 18.2%
|Fastest Growing Market
|2022 To 2030
|By Component, By Application, and By Participants
|North America, Europe, Asia-Pacific, Latin America and Middle East & Africa
Market Driver: Increasing Prevalence of chronic conditions
The increasing incidence of chronic conditions drives the home diagnostics market growth. In line with this, an unhealthy urban lifestyle significantly contributes to market growth. Furthermore, the rising geriatric population catalyzes market growth. Senior people are more susceptible to diabetes and chronic conditions.
The escalating demand for user-friendly and portable diagnostic devices propels market growth. The demand for the point-of-care diagnostic is rapidly increasing with the surging cases of acute diseases worldwide. A significant surge in the occurrence of chronic diseases like cardiovascular disorders, diabetes, and infectious diseases is seen across the globe. The high prevalence of these diseases drives market growth.
Market Opportunity: Rapid technological advancements
Rapid advancements in mobile and digital technologies offer numerous opportunities for market growth. These technologies improve patient care quality and enhance development efficiency. Rapid technological advancements create a positive outlook for the market.
The integration of artificial intelligence in mobile health applications positively influences market growth. The proliferation of medical electronics with advanced technologies offers lucrative opportunities for market expansion. High advancements in healthcare systems catalyze market growth.
Market Restraint: Healthcare fraud
Healthcare fund is essential to deliver remote patient monitoring services via mHealth apps. There are many ways how a person can fall prey to healthcare fraud. There can be healthcare fraud in remote patient monitoring systems in mHealth apps. All these factors restrict the market growth.
Market Challenge: Concerns related to data security
The public is facing concerns related to data security and privacy. This is expected to challenge the mHealth market growth. Moreover, competition pressure faced by healthcare providers impedes market growth.
Market Key Players:
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