mHealth Market Size, Share & Trends Analysis Report By Component (Wearables, mHealth Apps), By Service (Monitoring, Diagnosis), By Participant (Mobile Operators, Device Vendors), By Region, And Segment Forecasts, 2020 - 2027
The global mHealth market size is expected to reach USD 316.8 billion by 2027., registering a CAGR of 29.2% over the forecast period. The increasing prevalence of chronic diseases such as diabetes, cardiovascular disorders, and obesity and rising adoption of digital health technology are some of the key factors promoting the growth of mobile health solutions. Technological advancements leading to product innovations such as advanced wearable devices and apps in the area of mHealth is expected to boost the revenue growth of the market.
Growing subscription to mHealth apps by consumers due to increasing adoption of preventive healthcare is another factor driving the market. Another key factor supporting the demand for these apps among consumers is their growing inclination toward mobile health apps as they offer accessibility to health-related information and ensure real-time communication between patients and healthcare providers that enable providers to easily diagnose, prescribe, and monitor their patients without personal appointments.
Moreover, the increase in penetration of mobile internet users, coupled with rising adoption of smartphones among adult population with subscription to mobile health apps, is expected to drive the market growth during the forecast period. According to a research published in NCBI in August 2018, around 95.0% of the adult population in U.S. possessed a mobile phone, with 64.0% of them owning smartphones. About 45.0% of these smartphone owners were reported to use some type of health app in U.S., with 78.0% reporting the use of fitness apps, 37.0% using diet tracking apps, and 25.0% using apps for weight management. Thus, the increase in smartphone ownership among adults has created lucrative opportunities for mHealth applications.
Further key findings from the report suggest: • mHealth apps emerged as the largest component segment in 2019 with a revenue share of 86.1% in the global market owing to the increasing popularity of using apps to track health and fitness activities
• Amongst services, the monitoring services segment accounted for the largest share in 2019. However, diagnosis services is projected to register the highest CAGR over the forecast period owing to easy access to healthcare professionals for the diagnosis of health-related conditions
• Mobile operators emerged as the leading participant segment in 2019 and is also expected to register a significant growth rate over the forecast period owing to an increase in the number of mobile subscribers
• The Asia Pacific mobile health market accounted for the largest share in 2019 due to increasing research initiatives in the digital health space for the unmet healthcare needs in the region
• Key players operating in the mHealth market include Apple Inc.; AT&T Inc.; AirStrip Technologies; Allscripts Healthcare Solutions; Google Inc.; and SoftServe.
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