Global mHealth Market Grows Steadily at a CAGR of 17.4%

Introduction

mHealth is the abbreviation for mobile health, which is the application of mobile devices to medicine and public health. The most prevalent application of this phrase is the use of mobile communication devices, such as tablet computers, personal digital assistants (PDAs), mobile phones, and wearable technology, such as smartwatches. The purpose of mHealth applications is to support diagnostic procedures, assist physicians in making treatment decisions, and promote disease-related education for medical professionals and patients.

Market Dynamics

High Penetration of Smartphones Drives the Global Market

Smartphone penetration is increasing significantly. According to the Mobile Economy 2019, smartphone penetration in 2018 was 60% and is anticipated to reach 79% by 2025. Consumers' increasing adoption of smartphones is propelling the market for mHealth applications. The continuous improvement of network infrastructure and expanding network coverage drive up demand for mHealth services. In addition, the market is anticipated to be driven by technological advances in smartphone technology that enhance disease diagnostics. According to data published in 2019, various smartphone sensors are being developed to monitor health issues such as cardiovascular activity, skin health, eye health, sleep, auditory health, respiratory and lung health, cognitive function, daily activity, mental health, etc.

Supportive Initiatives and Increasing Strategic Alliances Creates Tremendous Opportunities

Physicians with expertise in company management or investments are funding digital health startups. This is anticipated to have a positive effect on the market. As per the 2019 survey conducted by American Well, approximately two-thirds of respondents expressed interest in telehealth. In addition, the propensity to utilize telehealth was highest among respondents aged 18 to 34 (approximately 74%). This growing interest in telehealth will likely promote the adoption and penetration of mHealth solutions over the next few years.

Significant transactions and strategic alliances on the market are generating growth opportunities. MobiHealthNews recorded 56 mergers and acquisitions in the mobile health industry in 2018. Recent examples of mergers and acquisitions include Platinum Equity's acquisition of Johnson & Johnson's Chesterbrook, Roche's acquisition of Flatiron Health, and Best Buy's acquisition of GreatCall.

Regional Analysis

North America is the most significant global mHealth market shareholder and is estimated to exhibit a CAGR of 15.8% over the forecast period. In North America, mHealth services are anticipated to be driven by the rapid adoption of smartphones, advancements in coverage networks, a rise in the prevalence of chronic diseases, and an increase in the geriatric population. According to the 2019 UN World Population Ageing Report, one in four North Americans and Europeans will be 65 or older by 2050. It has the second-oldest population in the globe, behind only Europe. The high adoption of mHealth is one of the primary aspects contributing to the expansion of this market. According to the CDC, 86.9% of office-based physicians utilize at least one form of EMR/EHR system.

In addition, mergers, acquisitions, and product introductions have increased, positively influencing the mHealth market. For instance, in July 2020, Allscripts and Microsoft announced their partnership to develop cloud-based IT solutions. It is anticipated that this will assist the company in enhancing its healthcare technologies for improved patient engagement.

Europe is predicted to exhibit a CAGR of 17.8% over the forecast period. E-Mobile health apps and services are being introduced in Europe, primarily focusing on monitoring patients with chronic diseases and assisting with solutions for independent aging. Europe has the oldest population in the globe. According to an EU article published in 2020, the proportion of Europeans aged 65 and older was approximately 20.3% in 2019. As the population ages, it is anticipated that the demand for mHealth in chronic care management, diagnostic tools, and post-acute care management will increase.

The popularity of smartphones is another factor contributing to the proliferation of health and wellness-related mobile applications. The United Kingdom, Germany, Norway, Greece, and Spain are among the most prominent markets in the region, having contributed significantly to market growth. For instance, Orange has introduced diabetes monitoring services in Spain that enable remote monitoring of patients' blood glucose levels.

Key Highlights

• The global mHealth market was valued at USD 63.01 billion in 2022. It is estimated to reach USD 266.90 billion by 2031, growing at a CAGR of 17.4% during the forecast period (2023–2031).
• Based on components, the global mHealth market is segmented into wearables and mHealth apps. The mHealth apps segment is the highest contributor to the market and is projected to exhibit a CAGR of 17.5% over the forecast period.
• Based on services, the global mHealth market is segmented into monitoring services, diagnosis services, healthcare systems strengthening services, and other services. The monitoring services segment owns the highest market share and is anticipated to exhibit a CAGR of 16.5% over the forecast period.
• Based on participants, the global mHealth market is bifurcated into mobile operators, device vendors, content players, and healthcare providers. The mobile operator segment dominates the global market and is predicted to exhibit a CAGR of 16.4% during the forecast period.
• North America is the most significant global mHealth market shareholder and is estimated to exhibit a CAGR of 15.8% over the forecast period.

Competitive Players

1. AT&T
2. Samsung Electronics Co.
3. Allscripts Healthcare Solutions
4. Apple, Inc.
5. Airstrip Technologies, Inc.
6. Orange
7. mQure
8. Qualcomm, Inc.
9. Telefonica S.A.
10. SoftServe
11. Vodafone Group

Recent Developments

Recent Developments

• April 2023: Oraichain, a prominent provider of AI-powered oracles and blockchain ecosystems, announced the launch of BlockAI.Care, an innovative mobile healthcare platform, is in its ecosystem. The comprehensive application incorporates multiple AI-powered models to provide an all-inclusive health monitoring platform.
• April 2023: DocGo, a prominent provider of last-mile mobile health services, announced that it had signed a preferred provider agreement with Fresenius Medical Care (FMC), the largest provider of renal dialysis treatment in the United States. This preferred provider agreement includes services for remote patient monitoring, primary care management, chronic care management, and emergent care.

Segmentation

1. By Product and Service
   1. Introduction
   2. mHealth Apps
      1. Healthcare Apps
         1. Chronic care management apps
            1. Mental health and behavioral disorder management apps
            2. Diabetes management apps
            3. Blood pressure and ECG monitoring apps
            4. Cancer management apps
            5. Other chronic care management apps
         2. General health and fitness apps
            1. Health-tracking apps
            2. Obesity and weight management apps
            3. Fitness and nutrition apps
         3. Medication management apps
         4. Women’s health apps
            1. Pregnancy apps
            2. Breastfeeding apps
            3. Fertility apps
            4. Other women’s health apps
         5. Personal health record apps
         6. Other healthcare apps
      2. Medical Apps
         1. Patient management & monitoring apps
         2. Medical reference apps
         3. Communication & consulting apps
         4. Continuing medical education apps
      3. Connected Medical devices
         1. Vital Signs Monitoring Devices
            1. Blood pressure monitors
            2. Blood glucose meters
            3. ECG/heart rate monitors
            4. Pulse oximeters
         2. Peak flow meters
         3. Sleep apnea monitors
         4. Multiparameter trackers
         5. Fetal monitoring devices
         6. Neurological monitoring devices
         7. Other connected medical devices
      4. mHealth Services
         1. Remote monitoring services
         2. Diagnosis and Consultation services
         3. Treatment services
         4. Healthcare system strengthening services
         5. Fitness and wellness services
         6. Prevention services
2. By End User
   1. Introduction
   2. Healthcare Providers
   3. Healthcare Payers
   4. Patients/Consumers
   5. Other end users