mHealth Market Analysis By Component (mHealth Wearables, mHealth Apps, Fitness Apps), By Services (mHealth Monitoring Services, mHealth Diagnosis Services, mHealthcare Systems Strengthening Services), By Participants, By Region - Global Forecast 2022-2032
Global mHealth Market Outlook (2022-2032)
The global mHealth market is poised to be valued at US$ 57 Billion in FY2022, and is expected to flourish at a staggering 12% value CAGR throughout the 2022-2032 forecast period. By the end of the aforementioned assessment period, the market is poised to be valued at over US$ 177 Billion.
Market Value in 2021
US$ 51 Billion
Expected Market Value in 2022
US$ 57 Billion
Projected Market Value in 2032
US$ 177.03 Billion
Global Growth Rate (2022-2032)
Market Share of North America
Growth Rate of Asia Pacific (2022-2032)
Key Companies Profiled
As of 2021, the market for mHealth services reached US$ 51 Billion, and is likely to experience a Y-o-Y expansion of 10% by the end of 2022. Based on component, mHealth apps are expected to capture over 75% of the total revenue, while half of the global mHealth market revenue will be generated by mobile operators.
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Global mHealth Demand Analysis 2015-2021 vs. Future Market Projections 2022-2032
According to Fact.MR- a market research and competitive intelligence provider- demand for mHealth services experienced a noteworthy increase from 2015 to 2021, registering a CAGR of 9%. Rapid advancements in global healthcare delivery in order to improve patient outcomes have prompted key stakeholders to incorporate technological advancements in various aspects of healthcare delivery.
The importance of mHealth was further accentuated amid the COVID-19 pandemic crisis, attributed to extensive reliance on virtual platforms for diagnostic and treatment consultations, amid fear of contracting the virus through face-to-face contact. Patients afflicted with various diseases extensively capitalized on telehealth services to avail consultations from doctors.
In the post-pandemic scenario, this reliance on virtual healthcare is expected to prevail. Consequently, mHealth app and service providers are introducing highly robust and state-of-the-art solutions, capable of being integrated with such advanced technologies as IoT, blockchain, big data analytics and artificial intelligence. According to the study, the industry is forecast to surge over 3x from 2022 to 2032.
Prominent Growth Drivers Influencing the mHealth Industry
Extensive Reliance on the Virtual Space Globally Elevating mHealth Services Prospects
The global healthcare industry has undergone an impressive transformation in recent years. Countries globally are titling towards digitization in order to provide a more streamlined experience to patients, leading to improved treatment outcomes and easing of medical workflows. This has translated into the extensive uptake of mHealth apps and services.
According to the 2030 Agenda for Sustainable Development, the spread of information and communications technology and global interconnectedness has tremendous potential to accelerate human progress, bridging the digital divide and to develop knowledge societies. This notion has been made the cornerstone of all healthcare providers to improve access to medical care across all regions.
Technologies such as the Internet of things, virtual care, remote monitoring, artificial intelligence and big data analytics, to create a continuum of care have proven potential to enhance 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 creating more evidence-based knowledge, skills and competence for professionals to support health care.
How is Integration of Wireless Connectivity Technology Uplifting Growth Prospects?
Health-related technologies and mobile applications are often known as mHealth, which helps in managing patients’ experiences. Such health mobile technologies and apps utilize advanced data analytics to help medical professionals in providing their patients best care at low cost.
These health mobile applications facilitate easy and better health management through simple apps such as diet, exercise trackers, and calorie-counting. Such USPs are driving the global mHealth market. Along with this, rising penetration of internet connections and smartphones, and rapid technological advancements in healthcare industry are the factors majorly fueling growth in the global mHealth market.
Furthermore, mHealth ensures continuous communication between medical professionals and patients, thereby allow physicians to monitor, and diagnose patients without seeing them in person. Such benefits are also boosting the global market for mHealth services.
How do Growth Prospects Appear across the North American Market?
Rising Importance of Monitoring Cardiovascular Health Propelling Growth Prospects
According to Fact.MR, North America is anticipated to accumulate a revenue share of 39% in 2022, attributed to the rising prevalence of cardiovascular problems and the subsequent need to manage the condition across multiple healthcare settings. The region is likely to maintain its hegemony throughout the forecast period.
According to the Centers for Disease Control and Prevention (CDC), heart disease is the leading cause of death among people across most ethnic and racial groups in the U.S. One person dies every 36 seconds in the U.S from cardiovascular disease. On a yearly basis, 1 in every 4 deaths is caused by a cardiovascular condition. Moreover, heart diseases costs the government about US$ 363 billion each year. Consequently, healthcare providers are taking measures to curb this incidence on a heightened scale.
Given the deepening internet penetration, healthcare facilities across the continent have extensively invested in procuring mHealth applications and services to monitor heart patients. Companies such as Apple Inc., AT&T and Smart Meter are active players in the mHealth domain. Likewise, several regional level small to medium scale operators exist in the region.
Why are mHealth Service Providers flocking to the Asia-Pacific?
Greater Access to Smartphones amid Rising Living Standards Propelling Expansion
Asia Pacific is expected to emerge as a lucrative hub for mHealth providers, expected to grow at a CAGR of 10% across the 2022-2032 forecast period. Increasing emphasis on improving access to healthcare amid the prevalence of a large geriatric population base is driving adoption of mHealth services across key countries.
Additionally, the region is witnessing increased penetration of smartphones, given the rapidly improving living conditions across emerging economies. According to the Mobile Economy, GSMA, by 2025, unique mobile subscriptions across APAC are likely to reach 3 billion. Additionally, nearly 2 billion connections are expected to be 5G in nature.
Furthermore, rising government initiatives to promote digital literacy and virtual healthcare have significantly heightened revenue prospects for mHealth service providers throughout the Asia Pacific.
Which Component of mHealth is likely to Remain Dominant?
High demand anticipated for mHealth Apps in the Coming Decade
By component, Fact.MR forecasts mHealth apps to accumulate over 3/4th of the global revenue share in 2022. Increasing access to smartphones and high-speed mobile connectivity are widening prospects for mHealth applications. Moreover, the quest to streamline healthcare disbursement is also widening growth prospects.
In recent years, there is heightening awareness regarding remote patient monitoring. Remote patient monitoring is imperative to ensure a speedy recovery, encompassing such aspects as medication management, fitness tracking, record management and disease management respectively. Thus, mHealth applications are exactly suited to fulfil these aforementioned objectives.
Why are Monitoring Services Highly Sought After?
Increasing Need to Manage Chronic Health Conditions Yielding High Growth Opportunity
By services, mHealth monitoring is anticipated to accrue maximum gains in 2022 and beyond. Growth is majorly attributed to the ever increasing incidences of chronic ailments. Conditions such as diabetes, hypertension and cardiac problems are becoming highly common across all regions.
These conditions require constant monitoring by healthcare providers, which has augmented the need for advanced tracking systems. Furthermore, the presence of a large proportion of geriatrics is enhancing the importance of mHealth solutions for chronic conditions. Fact.MR expects the segment to capture 62% of total revenue.
By Participants, which Category is likely to benefit the Most?
Mobile Operators to Emerge as Primary mHealth Beneficiaries in the Long-Run
According to Fact.MR, mobile operators are expected to be the major stakeholders of mHealth services, accounting for nearly 50% revenue in 2022. Rising proportion of mobile internet subscribers and improvement in connectivity infrastructure are attributed as key motivators behind rising mHealth services adoption.
At the same time, mHealth services are expected to be leveraged by content players, given the rising need for documenting, handling and monitoring of various health conditions by multiple stakeholders. A CAGR of 13% has been projected for this segment.
An Adaptive Approach to Modern-day Research Needs
Given the increased penetration of technological advancements in the healthcare domain, prominent mHealth service providers are incorporating the latest virtual technologies to introduce highly sophisticated mobile applications. Besides, extensive R&D activities, collaborations and mergers & acquisitions constitute other expansion strategies of key players. Some notable developments are as follows:
- In January 2022, AT&T Inc. announced a partnership with Smart Meter to improve health outcomes for patients with chronic conditions such as diabetes and high blood pressure. The company intends to introduce the iPulseOxTM device at CES 2022, which will deploy AT&T’s nationwide IoT Network
- In February 2017, Samsung Electronics Co collaborated with American Well in order to beef up the consumer-facing space with access to mHealth tools to provide reliable data. The partnership was aimed at ushering in an integrated care delivery system and improve business outcomes
Key Segments Covered in the mHealth Research Report
- 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
- Fitness Apps
- Exercise & Fitness
- Diet & Nutrition
- Lifestyle & Stress
- Medical Apps
- mHealth Wearables
- mHealth Monitoring Services
- Independent Aging Solutions
- Chronic Disease Management & Post-acute Care Services
- mHealth Diagnosis Services
- mHealthcare Systems Strengthening Services
- Other mHealth Services
- mHealth Monitoring Services
- Mobile mHealth Operators
- mHealth Device Vendors
- mHealth Content Players
- mHealthcare Providers
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