mHealth is defined as a diverse branch of eHealth that involves the collection of patient data. This patient-related data is collected by wireless electronic means such as mobile devices, wearable devices, and other mHealth devices. In addition, the collected patient data is processed in a remote cloud using the mHealth application. This stored data is used by healthcare professionals to analyze parameters related to the medical condition. For example, the mHealth BP monitor collects readings related to a patient's blood pressure fluctuations. Such measurements are then examined by health practitioners to assess the seriousness of the medical condition. In addition, various kinds of devices and services are available on the market. For example, blood glucose monitors, BP monitors, pulse oximetry, neurology monitoring, cardiac monitors, Apnea and Sleep Monitors, among others.
The global mHealth market was valued at USD 65.92 billion in 2023 and is projected to experience substantial growth in the coming years. By 2024, the market is expected to reach USD 73.24 billion, and by 2032, it is anticipated to rise to USD 172.81 billion. This expansion reflects a robust compound annual growth rate (CAGR) of 11.33% during the forecast period from 2024 to 2032. The increasing adoption of mobile health technologies and innovations in healthcare delivery are key factors driving this market growth
Market Dynamics
The mHealth market is one of the fastest-growing industries attributable to the changing dynamics of the legal and regulatory process and the intense competition between a wide number of public companies. mHealth is also one of the most modernized trends in the healthcare sector that has shown massive progress in recent years. This trend is observed due to the growing number of personal health devices that can be easily worn or used with a tablet or smartphone.
The numerous factors that affect the growth of the mHealth market research are the involvement of patients in personal healthcare, the introduction of smartphones and wearable devices in the healthcare sector, the convergence of wireless technology with portable healthcare devices, the advantages of cost-effectiveness and patient’s convenience, and a rise in lifestyle diseases.
However, inadequate mHealth-related reimbursement coverage and lack of technical knowledge among the aging population can impede the growth of the market. Conversely, the lucrative growth potential offered by untapped developing-economy markets provides a profitable opportunity for healthy market growth.
Key Players
Some of the significant participants in the global mHealth market are Agamatrix, INC, Apple, INC, Alivecor, INC, Athenahealth INC, Google INC, AT&T, INC, Biotelemetry INC. (CARDIONET), GE Healthcare, Jawbone INC, Johnson & Johnson, Laboratory Corporation of America Holdings, Philips Healthcare, and others.
Segmentation
The global mHealth market has been segmented based on therapeutics and application.
Basis on therapeutics, the global market for mHealth has been segmented into diabetes, respiratory, mental and neurological disorders, fitness & lifestyle therapeutics, and others.
Based on the application, the global market for mHealth has been segmented into monitoring applications, education and awareness, healthcare management, diagnosis & treatment, wellness & prevention, and remote data collection.
Market Dynamics
Regionally, the global mHealth market has been segmented into the Americas, Europe, and the Asia Pacific.
The Americas is the leading region for mHealth due to the presence of key market players, the high level of adoption of emerging technology, an increased understanding of connected care. The intense penetration of the Internet and smartphones in the region and the usage of medical/health-related apps is one of the main factors responsible for its market share.
The Asia Pacific is the second-largest region for mHealth. Factors that fuel the growth of the mHealth market include a broad patient base for diabetes and a rise in health care spending in the region. Developing economies present lucrative incentives for mHealth providers to grow their businesses.
The European market for mHealth is expected to grow at a steady pace.
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