mHealth Solutions Market worth $395.0 billion | MarketsandMarkets

CHICAGO, March 27, 2023 /PRNewswire/ -- The mHealth solutions industry is expected to experience significant growth in the near future. The industry is expected to see an increase in the use of mobile devices and services for health-related activities, such as monitoring patients' vital signs and collecting data for analysis. Additionally, the development of mHealth solutions is expected to be driven by the need for more cost-effective, patient-centered, and personalized healthcare. The adoption of mHealth solutions is expected to be driven by the need to improve patient outcomes, reduce costs, and increase access to healthcare services. Furthermore, developments in artificial intelligence, machine learning, and data analytics are expected to further enhance the capabilities of mHealth solutions.

mHealth Solutions Market in terms of revenue was estimated to be worth $119.5 billion in 2023 and is poised to reach $395.0 billion by 2028, growing at a CAGR of 27.0% from 2023 to 2028 according to a new report by MarketsandMarkets™. Growth in this market is driven by the opportunities offered by the emerging markets in healthcare and government mandates & support for mHealth Solutions. However, IT infrastructural constraints in developing countries and resistance from traditional healthcare providers are expected to restrain the growth of this market to a certain extent.

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Browse in-depth TOC on "mHealth Solutions Market"

336 - Tables
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346 - Pages

mHealth Solutions Market Scope:

The Health Apps segment accounted for the largest share in the mHealth solutions market, by mHealth Apps.

The mHealth solutions market, by mHealth Apps, is segmented into Healthcare Apps and Medical Apps. In 2022, the Healthcare Apps segment accounted for the largest market share. Healthcare apps are mostly used for continuously self-monitoring vital signs and communicating with physicians for related services. Other major application areas include fitness/wellness and disease prevention, diagnosis, and treatment. Free healthcare apps dominate device-linked and paid healthcare applications in the market. Free access to most smartphone apps is a major factor restraining the market growth for paid apps

By products, the vital signs monitoring segment registered the highest growth in the connected medical devices market during the forecast period

The connected medical devices segment is categorized into vital signs monitoring devices, peak flow meters, neurological monitoring devices, sleep apnea monitors, multiparameter trackers, fetal monitoring devices, and others. The vital signs monitoring devices is expected to grow at the highest CAGR during the forecast period. This is mainly due to the growing adoption of digital healthcare solutions for monitoring vital signs and the increasing incidence of cardiovascular diseases; the high prevalence of diabetes; and the rising number of patients suffering from asthma, hypertension, and hypotension.

By services, the remote monitoring services segment accounted for the largest share in the mhealth solutions market by service.

In 2022, Remote patient monitoring services accounted for the largest share by services market. The rising global adoption of smartphones, high-speed network availability, and the demand for remote patient monitoring and consultation are key to the market growth. Other factors driving the market growth are the rising global prevalence of chronic diseases, emerging applications of mHealth services, and increasing demand for patient-centric healthcare delivery. The Affordable Care Act and similar legislations raising federal support for mHealth services form a key market driver in the US.

Asia Pacific is expected to exhibit the highest growth during the forecast period

The APAC market is expected to register the highest CAGR during the forecast period. Factors such as a large patient population, especially in China and India, growing per capita income, rising prevalence of chronic disorders, increasing per capita income, higher adoption of smartphones, and the presence of advanced connectivity and networks in these countries are driving the growth of the APAC mHealth Solutions market.

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mHealth Solutions Market Dynamics:

Drivers:

1. Increasing penetration of smartphones, tablets, and other mobile platforms
2. Increasing utilization of connected devices and mHealth apps to manage chronic diseases
3. Cost containment in healthcare delivery
4. Growing penetration of 4G & 5G networks to ensure uninterrupted healthcare
5. Rising focus on patient-centric healthcare delivery
6. Increasing demand for home healthcare services

Restraints:

1. Lack of standards & regulations and insufficient reimbursement
2. Resistance from traditional healthcare providers & limited guidance from physicians

Opportunities:

1. Growing adoption of mHealth solutions in other mobile platforms

Challenges:

1. Authenticity and reliability
2. Patent protection for mHealth devices and apps
3. Lack of data security and concerns regarding data theft and healthcare fraud

Key Market Players:

Koninklijke Philips N.V. (Netherlands), Medtronic plc (Ireland), Johnson & Johnson (US), OMRON Healthcare Co., Ltd. (Japan), Cerner Corporation (US), Apple, Inc. (US), AliveCor, Inc. (US), AirStrip Technologies (US), athenahealth, Inc. (US), iHealth Lab Inc. (US), AT&T Inc. (US), AgaMatrix, Inc. (US), Cisco Systems, Inc. (US), Fitbit Inc. (US), OSP Labs (US), SoftServe (US), Garmin, Ltd. (US), Dexcom, Inc. (US), Tunstall Healthcare (UK), Teladoc Health, Inc. (US), ZTE Corporation (China), and My mHealth Limited (UK) are the major players in this market. These companies are majorly focusing on the strategies such as acquisitions, product launches, agreements, collaborations, partnerships, and expansions in order to remain competitive and further increase their share in the market.

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Recent Developments:

• In February 2023 Vodafone (UK) partnered with Charité Berlin, Leipzig University Hospital (Berlin).The collaboration with Charité Berlin (one of Europe's largest university hospitals), Leipzig University Hospital, and 16 other leading research and medical experts across Germany enabled Vodafone to explore future medical applications using 6G.
• In January 2023 Koninklijke Philips (Netherlands) partnered with Masimo (US). The partnership aimed to augment patient monitoring capabilities in home telehealth applications with the Masimo W1 advanced health-tracking watch.
• In January 2023, Garmin (US) launched Instinct Crossover in India, which delivers Garmin's full suite of wellness features, including Sleep Score and Advanced Sleep Monitoring, and Health Monitoring activities.

mHealth Solutions Market Advantages:

• Improved Patient Outcomes: mHealth solutions can help patients make informed decisions about their health and provide them with better access to medical resources. This can lead to better health outcomes for patients.
• Cost Savings: mHealth solutions can help reduce the overall cost of health care by reducing the need for expensive visits to the doctor or hospital. This can be especially beneficial for those with limited health care budgets.
• Improved Accessibility: mHealth solutions can make it easier for patients to access health care services, even in remote locations. This can help reduce the disparities in health care access that exist in certain parts of the world.
• Increased Efficiency: mHealth solutions can help streamline the delivery of health care services, reducing paperwork and increasing efficiency. This can help reduce wait times for patients and increase overall satisfaction levels.
• Enhanced Care: mHealth solutions can provide a more personalized approach to health care services, as they can provide tailored recommendations to individual patients based on their data. This can help create better health outcomes.

mHealth Solutions Market - Report Highlights:

Summary of changes

• Emerging industry trends have been elaborated on in the industry insights chapter.
• The competitive landscape chapter has been updated with the market evaluation matrix and an evaluation matrix for start-ups. The competitive landscape also includes the market ranking analysis, revenue analysis of top market players, R&D expenditure analysis, and competitive scenario of the global market.

Updated Financial Information/Product Portfolios of Players:

• The new edition of the report provides updated financial information until 2021/2022 for each listed company in a single diagram (instead of multiple tables). This will easily help analyze the present status of profiled companies in terms of their financial strength, profitability, key revenue-generating regions/countries, business segment focus in terms of the highest revenue-generating segments, and R&D investments.

Updated Market Developments of Profiled Players:

• Recent developments are important to understand the market trends and growth strategies players adopt. The current edition of this report provides updated developments of profiled players from January 2020 to February 2023, indicating the continuation of the previous version. Product launches and partnerships were the principal growth strategies adopted by market players during this period.

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