Medical Apps Segment Expected to Remain the Key Driving Factor for the Growth of the mhealth Apps Demand, Fact.MR
Published : 18 Feb 2022 Industry: Healthcare
The mHealth Apps market revenues reached a valuation of US$ 36.7 Bn in 2021 and is anticipated to grow at a CAGR of 14.3% from 2022-2032, according to a recently published Fact.MR report. By the end of 2032, the market is expected to reach US$ 155.9 Bn. Revenue through medical health apps is expected to garner an absolute $ opportunity of around US$ 111 Bn.
As a result of the COVID-19 outbreak, the mHealth Apps market surged rapidly. With government and non-government organizations advocating the usage of mobile health apps in raising public awareness, a new dimension was added to the previous trends. This has increased the revenue of all the regions providing mHealth Apps. Compared to 2019, the revenues of all the regions, including North America, Latin America, Europe, APAC and MEA saw an increase of 25%, 23%, 25%, 31% and 19% respectively, in 2020.
Market growth is expected to be fueled by the growing demand for Diagnostic and Women’s Health Apps across numerous mHealth Apps segment. The diagnostic app market is expected to grow due to the increased usage of mobile applications for remote monitoring, self-assessment, contact tracing and educating the people for the pandemic. Also, the patients with chronic illness shifted to digital consultations increasing the usage of diagnostic app segments during the pandemic. During the forecast period 2022-2032, the APAC region is expected to deliver the most lucrative results.
Key Takeaways from the Market Study
- Global mHealth apps market is expected to reach a market size of US$ 41.4 Bn by 2022.
- Medical Apps segment is estimated to account for 96.4% of the market revenue in 2022
- Fitness Apps segment to cross US$ 5.2Bn by 2032, growing a CAGR of over 13.4%
- The market in APAC region is expected to experience a CAGR of 16.1% across the 2022-2032
Extensive internet penetration and growing mobile subscription has boosted the adoption of mHealth applications across the globe, which was utilized during the Covid period for the remote monitoring of patients and as a digital substitute for the chronic patients who abstained from physical visits, comments a Fact.MR analyst.
The mHealth Apps market is dominated by several regional and global players. To sell their services across numerous industries, they compete based on product innovation, quality, brand reputation, and market presence. The increased adoption and deployment of mHealth apps have created a competitive environment among industry players.
In addition, the large corporations' strategies of mergers, collaborations, and acquisitions are expected to expand the market and intensify competition. The leading firms are working on building cost-effective mHealth applications that fulfil the expectations of consumers. In this way they are trying to maintain their dominant position. The major developments in the market are:
- In January 2022, Pfizer funded the MyCancerGuide App to accelerate the global adoption of telehealth. Early detection of breast and cervical cancer would be much easier with this app.
- In January 2022, BrightInsight and Sanofi announced a joint venture to bring Sanofi's best-in-class software as a medical device with a next-generation digital companion application to market.
- In Nov 2021, the Merck & Co. buys Acceleron Pharma for $11.5 billion, gaining rights to Acceleron's principal therapeutic candidate. This was thought to be the biggest healthcare deal of 2021.
- In May 2021, Teladoc Health Inc announced collaboration with Vivo to improve the local population's access to high-quality healthcare in Brazil through its virtual care platform.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the mHealth Apps market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product type (medical apps and fitness apps) across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
About the Healthcare Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned healthcare team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the mHealth Apps market across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
For more information, refer to our market research report or contact the PR author.
Shambhu Nath Jha
Client Partner – Healthcare