The Global Mobile Health (mHealth) Market size is estimated to reach USD 310.37 billion by 2027 from USD 51.90 Billion in 2021, delivering a CAGR of 29.5%, according to a new report by Reports and Data.
The Global Mobile Health (mHealth) Market size is estimated to reach USD 310.37 billion by 2027 from USD 51.90 Billion in 2021, delivering a CAGR of 29.5%, according to a new report by Reports and Data. The market growth is driven by the growing penetration of smart technologies in the healthcare sector.
The aim of mobile health (mHealth) is to empower patients by providing information regarding their health for proper management, thereby increase access throughout the system, including clinics & hospitals, outcome improvement with improved decision-making, along with reducing costs.
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Currently, millions of mobile health (mHealth) apps are available that are being utilized by the populace to manage their health, promote healthy living, along with having access to necessary health information. These tools are rapidly advancing and witnessing massive adoption as well. As of 2017, there were nearly 325,000 mobile health apps, over 80,000 mHealth app publishers, and the market is witnessing 3.7 billion downloads annually.
The growing investment in health start-ups across the globe is providing impetus to the mobile health (mHealth) market growth. In 2019, nearly USD 7.5 billion were invested into various start-ups in the United States alone, attempting to digitalize the healthcare system across the region. A similar trend followed by the developing economies will supplement the mobile heath market share through 2027.
The growing awareness among masses regarding the benefit of healthcare management, and growth in the focus of personalized medicine, and rising need for point-of-care diagnosis & treatment, are some of the other key factors that may augment mobile health (mHealth) market revenue share through 2027.
Further key findings from the report suggest
- Based on platform, the wearable devices segment is forecast to witness a substantial growth of 39.5% through 2027. The robust growth is driven by growing consumer consciousness regarding exercise, diet, and overall health, which is leading to the increasing popularity of fitness apps and wearable technology. For instance, As of November 2019, Fitbit, an American consumer electronics and fitness company, had 28 million active users across the globe and has sold over 100 million devices.
- The mobile apps segment accounts for 56.3% of the global mobile health (mHealth) market share and is estimated to exhibit a CAGR of 40.0% over the projected timeframe.
- On the basis of application, the remote monitoring segment accounted for 18.6% of the industry share in 2019 and is anticipated to register significant gains through 2027. An exponential rise in the number of diabetes patients across the globe is fuelling the adoption of remote monitoring apps among patients.
- In the regional landscape, APAC is anticipated to witness substantial growth over the forecast period due to unchecked population growth in the region. The Chinese government invested over USD 64 billion into hospitals in 2019 in order to improve electric health monitoring systems in the region. Moreover, developing countries such as Indonesia and Malaysia are providing mHealth to enable people with low income to have access to better health-related information. These factors will contribute to regional market growth through 2027.
- Europe is projected to register a growth rate of 28.9% through 2027 due to the uniform penetration of mobile health (mHealth) platforms in the region.
- In April 2020, Samsung Electronics Co., Ltd., a South Korean multinational electronics company, announced that Samsung Smart TVs in several regions across the world would provide access to six new health & wellness apps in partnership with leading fitness brands, including Echelon, barre3, Calm, obé Fitness, Jillian Michaels Fitness, and Fitplan.
Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
AT&T, Allscripts Healthcare Solutions, mQure, Apple Inc., Omron Healthcare Inc., Philips Healthcare, Samsung Electronics Corporation, Bayer Healthcare, Cardionet Inc., and LifeWatch AG, among others.
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Mobile Health Market Segmentation:
Platform Outlook (Revenue, USD Billion; 2019-2030)
- Mobile Apps
- Wearable Devices
Application Outlook (Revenue, USD Billion; 2019-2030)
- Education and Awareness
- Disease and Epidemic Outbreak Tracking
- Communication and Training
- Diagnostics and Treatment
- Remote Data Collection
- Remote Monitoring
- Others
Regional Outlook:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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