mHealth Market to Generate a Market Valuation of US$ 177 billion by 2032

Hitesh
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mHealth Apps to Account for 75% of the Global mHealth Market revenue. The latest Fact.MR market study on the global mHealth market provides insights into key developments registered across segments in terms of component, services and participants. The study also highlights organic and inorganic growth strategies adopted by key players to gain a competitive edge in the mHealth market.

Fact.MR – A Market Research and Competitive Intelligence Provider: The global mHealth market is predicted to reach US$ 57 billion in FY2022, and to grow at a remarkable 12% value CAGR over the forecast period of 2022-2032. The market is expected to be worth approximately US$ 177 billion by the end of the evaluation period.

During the COVID-19 pandemic, the need for mHealth was highlighted even more due to widespread reliance on virtual platforms for diagnosis and treatment consultations due to fears of spreading the virus through face-to-face contact. Patients suffering from a variety of ailments made great use of telehealth services to obtain doctor consultations.

This reliance on virtual healthcare is predicted to prevail in the post-pandemic environment. As a result, mHealth app and service providers are providing extremely reliable and cutting-edge solutions that can be combined with cutting-edge technologies such as IoT, blockchain, big data analytics, and artificial intelligence. According to the survey, the industry is expected to grow by more than 3X between 2022 and 2032.

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The development of information and communications technology, as well as global interconnectedness, has immense potential to accelerate human progress, bridge the digital divide, and establish knowledge societies, according to the 2030 Agenda for Sustainable Development. To increase access to medical care in all locations, this concept has been made the cornerstone of all healthcare providers.

The Internet of Things, virtual care, remote monitoring, artificial intelligence, and big data analytics have all been shown to improve health outcomes by improving medical diagnosis, data-based treatment decisions, digital therapeutics, clinical trials, self-management of care, and person-centered care, as well as providing more evidence-based knowledge, skills, and competence for health care professionals.

With the prevalence of a large geriatric population base, there is a growing emphasis on improving access to healthcare, which is pushing uptake of mHealth services across key countries.

In addition, given the rapidly increasing living circumstances in emerging countries, the region is seeing a growth in smartphone penetration. According to the GSMA’s Mobile Economy report, unique mobile subscriptions in APAC are expected to reach 3 billion by 2025. In addition, 5G connections are estimated to account for approximately 2 billion connections.

Report Attributes Values
Market Value in 2021 US$ 51 Bn
Expected Market Value in 2022 US$ 57 Bn
Projected Market Value in 2032 US$ 177.03 Bn
Global Growth Rate (2022-2032) 12% CAGR

Key Takeaways:

  • By component, mHealth apps are expected to account for more than 75% of global market revenue.
  • mHealth monitoring services will account for more than three out of every five sales, particularly for chronic disease management.
  • Mobile operator-based mHealth services are expected to hold 50% of the overall demand.
  • mHealth applications for content creators to expand at a CAGR of 13% during 2022-2032
  • In 2022, North America will account for 39% of the global mHealth revenue.
  • From 2022 to 2032, Asia-Pacific is expected to grow at a CAGR of 10% in terms of mHealth services.

Growth Drivers:

  • The global transformation of the healthcare industry has resulted in the growth of mhealth market.
  • Countries all over the world are moving toward digitization in order to deliver a more streamlined experience for patients, resulting in better treatment outcomes and a simplification of medical operations. This has resulted in widespread adoption of mHealth apps and services.

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Competitive Landscape

Due to rising penetration of technology breakthroughs in the healthcare area, leading mHealth service providers are merging the most cutting-edge virtual technologies to launch extremely sophisticated mobile applications. Other significant players’ expansion tactics include extensive R&D initiatives, collaborations, and mergers and acquisitions. The following are some noteworthy developments:

  • AT&T Inc. announced a collaboration with Smart Meter in January 2022 to enhance health outcomes for people with chronic diseases like diabetes and high blood pressure. The iPulseOxTM device, which will install AT&T’s statewide IoT Network, will be unveiled at CES 2022.
  • Samsung Electronics Co. partnered with American Well in February 2017 to improve the consumer-facing space by providing access to mHealth solutions that give credible data. The goal of the collaboration was to create an integrated care delivery system and improve business outcomes.

Key Companies Profiled by Fact.MR –

  • AT&T
  • Samsung Electronics Co
  • Allscripts Healthcare Solutions
  • Apple Inc.
  • Orange
  • mQure
  • Qualcomm Technologies, Inc.
  • SoftServe
  • Google Inc.
  • Airstrip Technologies, Inc.
  • Telefonica S.A.
  • Vodafone Group

More Valuable Insights on mHealth Market

Fact.MR provides an unbiased analysis of the mHealth market, presenting forecast statistics for the period from 2022-2032. The study divulges compelling insights on the global mHealth market with a detailed segmentation on the basis of:

  • By Component
    • mHealth Wearables
      • BP Monitors
      • Glucose Monitors
      • Pulse Oximeters
      • Sleep Apnea Monitors (PSG)
      • Neurological Monitors
      • Activity Trackers/Actigraphs
    • mHealth Apps
      • Medical Apps
        • Women’s Health
        • Personal Health Record Apps
        • Medication Management Apps
        • Disease Management Apps
        • Diagnostic Apps
        • Remote Monitoring Apps
        • Others
      • Fitness Apps
        • Exercise & Fitness
        • Diet & Nutrition
        • Lifestyle & Stress
  • By Services
    • mHealth Monitoring Services
      • Independent Aging Solutions
      • Chronic Disease Management & Post-acute Care Services
    • mHealth Diagnosis Services
    • mHealthcare Systems Strengthening Services
    • Other mHealth Services
  • By Participants
    • Mobile mHealth Operators
    • mHealth Device Vendors
    • mHealth Content Players
    • mHealthcare Providers

Key Questions Covered in the mHealth Market Report 

What was the documented market value for mHealth services in 2021?

At what value will the market for mHealth close in 2022?

At what percentage is the mHealth industry anticipated to grow until 2032?

What is the predicted ending value of the mHealth market in 2032?

How opportunistic will the market for mHealth be across North America?

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