Introduction
With advancements in technology and growing ownership of gadgets, mHealth solutions have been witnessing remarkably rising uptake in the healthcare industry. Today more than 325,000 mHealth apps and the number is rising with advent of novel technologies, enabling growth in the global mHealth solutions market.
By the end of 2020, Future Market Insights (FMI) has forecast the market to reach US$ 63.7 Bn. It is expected to reach US$ 685.9 Bn by 2030, rising at an impressive CAGR of 26.8% between 2020 and 2030.
Technological Advancements Encouraging Growth
The increasing penetration of smartphones, launch of their latest models at pocket-friendly prices, launch of portable healthcare devices integrated with wireless technologies, and other technological innovations have been aiding the expansion of the market.
The rising demand for wearable devices that support applications for tracking health and fitness is identified as a chief growth driver. MHealth solutions are regarded as game-changers in the healthcare sector. While still considered at a nascent stage, rising at a remarkable CAGR mHealth solutions are likely to gain immense popularity in the coming years.
The rising demand for digitized health records has made advanced clinical information systems imperative to input, share, and analyze data. Steered by shifting preferences in the healthcare sector, greater investment is reported towards disease management with more focus on preventive care.
With the struggle to manage rising healthcare sector continuing, mHealth solutions will help in reducing financial burden incurred especially on the treatment of chronic ailments common in aging population. Spurred by these factors, the demand for mHealth app solutions and mHealth patient monitoring solutions will rise.
MHealth Solution Market Gaining Pace During Pandemic
Silent transmission of novel coronavirus, often unknowingly, by asymptomatic people is a key challenges posed by the COVID-19 pandemic. Leveraging mHealth solutions such as wearable sensors and mobile applications can help monitor suspected cases, mitigating unprecedented jolts by the pandemic.
Health experts are of opinion that combining novel technologies with holistic mHealth solutions can pave the way for deploying end-to-end solutions, encompassing risk profiling, tools for screening, early detection of potential infection, tracking infections, gaining access to referrals for testing among others.
Against the ongoing backdrop, the demand for digital innovations such as mHealth solutions is expected to surge.
Key Challenges
MHealth technologies, once deployed generate staggering volume of data on a day-to-day basis. This aggravates the chances of possible cyber-attack. Also, complication implementation, lack of trained personnel, and inadequate awareness pertaining to digitized healthcare solutions can hinder the growth of the market to an extent.
Region-wise Insights - Market to Record Impressive Upsurge
North America mHealth Solutions Market
With the presence of several established players and rising volume of start-ups in the field, North America is the topmost contributor to the global market. According to FMI, the North America market will rise at 17.0% CAGR between 2020 and2030.
The rise in awareness among the patients and the decreasing communication gap with the doctor is driving the market in North America. Moreover, the consistent backing from the government to launch novel technologies is favoring expansion of the North America market.
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East Asia mHealth Solutions Market
East Asia has emerged as a lucrative market mHealth solutions. The remarkable development of IT infrastructure witnessed in East Asia, coupled with surging investment in digital health sectors, has been aiding expansion of the mHealth solution market in the region. Also the rising burden of geriatric population in China and Japan has made mHealth solutions indispensable.
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Europe mHealth Solutions Market
The demand for mHealth solutions is significantly high in Europe. As per the study, the Europe market is expected to grow at an impressive pace over the forecast period. The rising focus on on health management and prevention will aid the expansion of the mHealth solutions market in the region.
The region boasts the presence of a sophisticated healthcare network. Additionally, people are more willing to spend on advanced healthcare, including the latest healthcare applications. The prevalence of a high rate of awareness has been creating lucrative growth prospects for the market in Europe.
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Category-wise Insights
Hostipals Forecast to Dominate
In the end users category, hospitals are forecast to remain dominant through the forecast period. With hospitals focusing on improving the quality of patient care, they are likelier to invest in latest innovations. Also, hospitals around the world are looking to make healthcare better accessible to patients and their families, which has been favoring the widespread uptake of mHealth solutions.
Patient Monitoring To Remain Lead
In terms of application, patient monitoring is estimated to remain lead among others including disease tracking, wellness management, and other applications. The assistance that mHealth offers by monitoring information about the patient's health condition and by giving step-by-step directions to handle them in the most effective way possible is the key factor adding to the market growth.
Apps Remain Dominant
Based on products & services, mHealth apps will remain dominant through the forecast period. The rising adoption of smartphones and surging penetration of the internet will aid expansion of the segment. Coupled with this, the surging awareness pertaining to health and wellness among consumers is tipping scales in favor of app downloads.
These apps are available widely and often offer free trials to attract potential users. Besides this, government funding to healthcare apps has been rising globally. This in turn is forecast to drive growth in the segment in the coming years.
Competitive Landscape
More and more vendors are investing in mHealth apps and services. The rise in the preferential selection of wearable healthcare technology as means is anticipated to have a positive influence on the market.
The companies are focusing more on collaborating with well-organized categorized startups to give better solutions in a better and faster way. For instance, Bayer, in 2019, took a step forward, and rather than one-off startup programs, it is now concentrating on collaborating in specific areas that are longer-term investments, like digital therapeutics, Artificial Intelligence for drug discovery, and patient engagement platforms.
The FMI study not only gives the dynamics of the market but also has lists the top players of the global market. Some of them include Bayer Pharmaceuticals, Medtronic, Apple, AirStrip, AliveCor, Inc. BioTelemetry Inc., athenahealth, AgaMatrix, LifeWatch Services, Inc., Philips, iHealth, ATandT, Omron Healthcare, Inc., Qualcomm Technologies, Cerner Corporation, and Nokia.
The list is only indicative –the full list of M-health Solution Market key players is available upon request.
MHealth Solution Market - Report Scope
| Attribute | Details |
| Forecast Period | 2020-2030 |
| Historical Data Available For | 2015-2019 |
| Market Analysis | US$ Bn for Value and Units for Volume |
| Market Value for Base Year (2019) | US$ 50.4 Bn |
| Market Volume for Base Year (2019) | 50,456 Units |
| Key Countries Covered | US, Canada, Germany, Italy, France, UK, Spain, BENELUX, Russia, China, Japan, South Korea, Brazil, Mexico, India, ASEAN, Australia, New Zealand, GCC Countries, South Africa, Turkey |
| Key Segments Covered | By End-users – Physicians, Patients, Hospitals, Healthcare Insurance Vendor, By Applications - Disease Tracking, Wellness Management, Patient Monitoring, By Product and Services - M-Health Devices, Apps, Services |
| Key Companies Profiled | Bayer Pharmaceuticals, Medtronic, Apple, AirStrip, AliveCor, Inc. BioTelemetry Inc., athenahealth, AgaMatrix, LifeWatch Services, Inc., Philips, iHealth, ATandT, Omron Healthcare, Inc., Qualcomm Technologies, Cerner Corporation, and Nokia |
| Report Coverage | Market Forecast, Region-wise and Category-wise Analysis, Competitive Landscape, Key Challenges |
| Customization & Pricing |
Key Questions Answered by the Report
- What is the mHealth solution market size?
The global mHealth market is expected to reach US$ 63.7 Bn in 2020. The market is forecast to rise at a CAGR of 26.8% between 2020 and 2030.
- Which is the largest market for the mHealth solution market?
The North America mHealth market currently holds dominance backed by surging demand and production in high potential markets such as the US and Canada.
- Which are the top companies in the mHealth solution market?
Some of the leading companies operating in the global market are Bayer Pharmaceuticals, Medtronic, Apple, AirStrip, AliveCor, Inc. BioTelemetry Inc., athenahealth, AgaMatrix, LifeWatch Services, Inc., Philips, iHealth, ATandT, Omron Healthcare, Inc., Qualcomm Technologies, Cerner Corporation, and Nokia.
- Which is the product & services segment in mHealth solution market?
The rising penetration of smartphones has sealed the position of apps as the leading segment within the market.
- What is the outlook on the mHealth solution market?
FMI foresees positive growth for the global market. The consistently rising demand for the mHealth services and current measures due to the Covid-19 crisis will aid the expansion of this market.
Enquiry before Buying
- Is this research conducted by Future Market Insights?
Yes, through a combination of past research and secondary research the report on the mHealth market has been conducted by expert analysts of Future Market Insights. To know more about how the research was conducted, you can speak to a research analyst.
- What research methodology is followed by FMI?
FMI follows a methodology that encompasses the demand-side assessment of the market and triangulates the same through supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
- Who are the respondents for primary research?
FMI speaks to stakeholders across the spectrum, including C-level executives, services providers, product managers, and industry experts. For a full list of primary respondents, please reach out to us.
- What are the sources of secondary research?
FMI conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
- Is a sample of this report available for evaluation?
Yes, you can request a sample and it will be sent to you through an email.
- How can I buy this report?
FMI provides a secure online payment system to buy the report seamlessly and securely.
Key Segments
End-users
- Physicians
- Patients
- Hospitals
- Healthcare Insurance Vendor
Applications
- Disease Tracking
- Wellness Management
- Patient Monitoring
Product and Services
- M-Health Devices
- Apps
- Services
Regional Outlook
- North America - US and Canada
- Europe - Germany, Italy, France, UK, Spain, BENELUX, Russia, and Rest of Europe
- East Asia - China, Japan, and South Korea
- Latin America - Brazil, Mexico, and Rest of Latin America
- South Asia and Pacific - India, ASEAN, Australia and New Zealand, and the rest of South Asia and Pacific.
- The Middle East and Africa - GCC Countries, South Africa, Turkey, and the rest of the Middle East and Africa.
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by - Sudip Saha, Managing Director and Co-Founder of Future Market Insights
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