(MENAFN- GlobeNewsWire - Nasdaq) mHealth market Projected to Expand Significantly with Advancements in Mobile health Technologies, Telehealth, and WearablesNew York, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Overview
The Global mHealth Market size is expected to reach USD 75.2 billion by 2024 and is further anticipated to reach USD 210.8 billion by 2033 according to Dimension Market Research . The market is anticipated to register a CAGR of 12.1% from 2024 to 2033.
The mHealth market includes mobile health technologies worldwide, uses mobile devices & wireless networks, which address global healthcare challenges through applications, wearables, telehealth, HIT, disease management, analytics, & infrastructure, revolutionizing healthcare delivery and outcomes globally.
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Important Insights
The global mHealth market is expected to grow by USD 135.6 billion by 2033 from 2024 with a CAGR of 12.1%. mHealth apps led the healthcare sector in 2024, holding the majority of the market share, with ongoing growth driven by accessibility, convenience, & personalized health solutions. Monitoring services are expected to show significant growth, as it is important in mobile health. Also customized for the elderly, they support preventive healthcare & enhanced chronic condition management. Mobile operators is projected to led the mHealth market participant segment in 2024, anticipating major growth, as they offer important connectivity, collaborate on mHealth platforms, deliver diverse apps and services, facilitate IoT connectivity, allow remote patient monitoring, and prioritize security &privacy. North America , particularly the US, and Canada, is projected to hold 38.2% of the global mHealth market in 2024, fueled by advanced technology, strong healthcare systems, and strategic initiatives, it anticipates continuous growth.
Latest Trends
Rising Chronic Disease Rates : The rise in the incidence of chronic diseases globally is driving the need for mHealth solutions that provide remote monitoring, personalized care plans, & timely interventions. Telemedicine Growth : The growing telemedicine sector, driven by developments in communication technologies, contributes to the mHealth market's growth, allowing remote consultations, diagnostics, & treatment. Advancements in Wearable Technologies : Technological developments in wearables, like smartwatches, and fitness trackers, contribute to the mHealth market by improving the capability for live health monitoring & data collection. Patient Empowerment and Engagement : A rise in emphasis on patient-centered care & the desire for more active patient participation in healthcare decisions drives the demand for mHealth tools that supports individuals to manage their health proactively.
mHealth Market: Competitive Landscape
The mHealth market's competitive landscape is dynamic, consisting of key players, digital health startups, & contributors from diverse sectors. Further, Electronic Health Record companies, pharmaceutical firms, & healthcare IT entities integrate mHealth features. These trends include AI & ML integration, remote patient monitoring, telehealth platform expansion, & ongoing innovation in wearables. Further, data security & privacy receive increased emphasis, with companies investing in strong cybersecurity measures. Also, the competitive landscape for the market evolves rapidly with new startups, strategic partnerships, & acquisitions shaping the mHealth industry.
Some of the major players in the market include Bayer Healthcare, Samsung Group, Sanofi, Medtronic Plc, Dexcom Inc, and more.
Some of the prominent market players:
Bayer Healthcare Boston Scientific Corporation Dexcom, Inc. Johnson & Johnson Koninklijke Philips N.V Masimo Corporation Medtronic plc Omron Corporation Samsung Group Sanofi Other Key Players
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mHealth Market Scope
Report Highlights | Details |
Market Size (2024) | USD 75.2 Bn |
Forecast Value (2033) | USD 210.8 Bn |
CAGR (2024-2033) | 12.1% |
Leading Region in terms of Revenue Share | North America |
Percentage of Revenue Share by Leading Region | 38.2% |
Historical Data | 2018 - 2023 |
Forecast Data | 2024 – 2033 |
Base Year | 2023 |
Estimate Year | 2024 |
Segments Covered | By Component, By Service, By Participants |
Regional Coverage | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
Regional Analysis
North America is projected to command 38.2% of the global mHealth market in 2024, with anticipated growth in coming years, which is fixed with advanced technological infrastructure, high-speed internet, 4G/5G networks, & broad smartphone use, mainly in the US & Canada, as a strong healthcare system, favorable regulations, & substantial investments in healthcare technology stimulate the proliferation of mHealth solutions. Also, the COVID-19 pandemic accelerated telehealth adoption. Strategic partnerships, government initiatives, & funding contribute to North America's mHealth sectors dominance, while Europe & Asia-Pacific also experience substantial growth.
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By Region
North America
Europe
Germany The U.K. France Italy Russia Spain Benelux Nordic Rest of Europe
Asia-Pacific
China Japan South Korea India ANZ ASEAN Rest of Asia-Pacific
Latin America
Brazil Mexico Argentina Colombia Rest of Latin America
Middle East & Africa
Saudi Arabia UAE South Africa Israel Egypt Rest of MEA
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Market Analysis
mHealth apps is projected to dominate the healthcare sector in 2024, holding the majority of the market share, and are anticipated to experience continuous growth, as their appeal depends on providing accessibility, convenience, and personalized health solutions, supporting user engagement, & smoothly integrating with evolving healthcare technology.
Monitoring services is forecasted to constitute the majority of the market share in 2024, and are expected to grow significantly in the future, as they play a critical role in mobile health (mHealth). Particularly customized for the elderly, these services support preventive healthcare, early intervention, & enhanced chronic condition management. Also, current technological integration & a user-centric approach are set to shape the future development of mHealth monitoring services, including constant health metric tracking, remote patient monitoring, wearables integration, automated alerts, patient engagement tools, health data analysis, remote diagnostics, medical device integration, secure transmission of diagnostic images, virtual consultations, population health analytics, resource allocation optimization, EHR integration, and telehealth platforms.
Mobile operators dominated the participant segment in the mobile health market, expecting significant growth during the forecasted period, as they provide important connectivity infrastructure, collaborate on mHealth platforms, provide a range of apps & services, facilitate IoT connectivity, allow remote patient monitoring, & prioritize security and privacy.
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mHealth Market Segmentation
By Component
mHealth Apps Medical Apps Women's Health Fitness & Nutrition Menstrual Health Pregnancy Tracking & Postpartum Care Menopause Disease Management Others
Medication Management Apps Disease Management Apps Remote Monitoring Apps Others
Chronic Disease Management Apps Diabetes Management Apps Blood Pressure and ECG Monitoring Apps Mental Health Management Apps Cancer Management Apps Obesity Management Apps Other Chronic Disease Management Apps
Personal Health Record Apps Medication Management Apps Diagnostic Apps Remote Monitoring Apps Others Wearables Vital Sign Monitoring Devices Heart Rate Monitors Activity Monitors Electrocardiographs Pulse Oximeters Spirometers Blood Pressure Monitors Others
Sleep Monitoring Devices Sleep trackers. Wrist Actigraphs Polysomnographs Others
Electrocardiographs Fetal and Obstetric Devices Neuromonitoring Devices Electroencephalographs Electromyographs Others
By Service
Monitoring Services Independent Aging Solutions Chronic Disease Management
Diagnostic Services Healthcare Systems Strengthening Services Others
By Participants
Mobile Operators Device Vendors Content Players Healthcare Providers
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Growth Drivers
Government Initiatives : Favorable regulatory policies and government campaigns promote digital health solutions, increasing healthcare spending and access. Initiatives supporting telemedicine and mHealth technologies contribute significantly to market expansion. Growing Smartphone Penetration: Widespread smartphone adoption and improved internet connectivity expand access to mHealth services. This growth facilitates the use of mHealth apps, promoting health monitoring and virtual healthcare services.
Restraints
Regulatory Challenges: Evolving regulations and compliance requirements pose challenges for market players, potentially slowing market growth. Companies must navigate complex regulatory landscapes to ensure product compliance with regional standards. Data Privacy Concerns: Privacy and security issues hinder mHealth adoption. Concerns about data breaches and misuse of health information require robust data protection measures to enhance consumer trust and encourage the use of mHealth technologies.
Growth Opportunities
Untapped Markets: Emerging economies offer significant growth opportunities due to advancements in healthcare infrastructure and increased access to digital health services, providing fertile ground for market expansion. Expansion of Telemedicine: The rising acceptance of telemedicine services creates opportunities for market players to diversify their offerings, including remote consultations, home healthcare, and chronic disease management, meeting the growing demand for accessible healthcare.
Recent Developments in the mHealth Market
August 2022: Kaiser Permanente of the Northwest & Medical Teams International launched Kaiser Permanente Care & Connect, an innovative initiative enabling mobile healthcare services to lesser privileged populations in the Pacific Northwest. October 2023: Samsung Electronics announced a partnership with healthcare institutions like Brigham & Women's Hospital & Tulane University School of Medicine to research digital health, with a focus on using smartwatches and algorithms for advanced healthcare solutions. October 2023: Cedars-Sinai and K Health announced a partnership to create the Cedars-Sinai Connect app, providing 24/7 virtual access to urgent care, primary care, & specialized consultations in California, addressing various health conditions. January 2024: Canada announced over USD 355 million in a three-year bilateral agreement with Nova Scotia to enhance healthcare, which aligns with the USD 200 billion 10-year investment, including USD 25 billion for tailored provincial agreements.
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