Northbrook, IL 60062 -- (SBWire) -- 07/24/2023 --mHealth Solutions Market has been experiencing remarkable growth, with its revenue estimated to be worth $119.5 billion in 2023. According to a comprehensive report by MarketsandMarkets™, the market is projected to expand at a staggering Compound Annual Growth Rate (CAGR) of 27.0% from 2023 to 2028, positioning it to reach a whopping $395.0 billion by the latter year. The surge in demand is fueled by the promising opportunities in emerging healthcare markets, along with strong government mandates and support for mHealth solutions. Nonetheless, certain challenges like IT infrastructural limitations in developing countries and resistance from traditional healthcare providers may temper the market's growth to some extent.
The mHealth solutions industry is expected to experience significant growth in the near future. The industry is expected to see an increase in the use of mobile devices and services for health-related activities, such as monitoring patients' vital signs and collecting data for analysis. Additionally, the development of mHealth solutions is expected to be driven by the need for more cost-effective, patient-centered, and personalized healthcare. The adoption of mHealth solutions is expected to be driven by the need to improve patient outcomes, reduce costs, and increase access to healthcare services. Furthermore, developments in artificial intelligence, machine learning, and data analytics are expected to further enhance the capabilities of mHealth solutions.
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Key Market Players:
Koninklijke Philips N.V. (Netherlands), Medtronic plc (Ireland), Johnson & Johnson (US), OMRON Healthcare Co., Ltd. (Japan), Cerner Corporation (US), Apple, Inc. (US), AliveCor, Inc. (US), AirStrip Technologies (US), athenahealth, Inc. (US), iHealth Lab Inc. (US), AT&T Inc. (US), AgaMatrix, Inc. (US), Cisco Systems, Inc. (US), Fitbit Inc. (US), OSP Labs (US), SoftServe (US), Garmin, Ltd. (US), Dexcom, Inc. (US), Tunstall Healthcare (UK), Teladoc Health, Inc. (US), ZTE Corporation (China), and My mHealth Limited (UK) are the major players in this market. These companies are majorly focusing on the strategies such as acquisitions, product launches, agreements, collaborations, partnerships, and expansions in order to remain competitive and further increase their share in the market.
Key Takeaways:
- The mHealth solutions market is predicted to achieve a CAGR of 27.0% between 2023 and 2028, resulting in a substantial value of $395.0 billion by 2028.
- The current estimated worth of the market stands at $119.5 billion in 2023, showcasing significant growth potential over the forecast period.
- Expanding healthcare markets in emerging economies and increased governmental backing are the major drivers behind the market's rapid growth.
- Despite the positive outlook, challenges like IT infrastructure limitations and hesitancy from conventional healthcare providers could impede the market's expansion to some degree.
Analysis: The mHealth solutions industry is on a trajectory of exponential growth, primarily due to the immense opportunities it presents in healthcare markets across the globe. As technology continues to advance, mobile health applications and services have become increasingly accessible to users, encouraging the adoption of mHealth solutions for personal health monitoring, remote patient care, and disease management. This trend is further accelerated by the active support from governments worldwide, who recognize the transformative potential of mHealth in optimizing healthcare services and reducing the burden on traditional healthcare systems.
The Health Apps segment accounted for the largest share in the mHealth solutions market, by mHealth Apps.
The mHealth solutions market, by mHealth Apps, is segmented into Healthcare Apps and Medical Apps. In 2022, the Healthcare Apps segment accounted for the largest market share. Healthcare apps are mostly used for continuously self-monitoring vital signs and communicating with physicians for related services. Other major application areas include fitness/wellness and disease prevention, diagnosis, and treatment. Free healthcare apps dominate device-linked and paid healthcare applications in the market. Free access to most smartphone apps is a major factor restraining the market growth for paid apps
By products, the vital signs monitoring segment registered the highest growth in the connected medical devices market during the forecast period
The connected medical devices segment is categorized into vital signs monitoring devices, peak flow meters, neurological monitoring devices, sleep apnea monitors, multiparameter trackers, fetal monitoring devices, and others. The vital signs monitoring devices is expected to grow at the highest CAGR during the forecast period. This is mainly due to the growing adoption of digital healthcare solutions for monitoring vital signs and the increasing incidence of cardiovascular diseases; the high prevalence of diabetes; and the rising number of patients suffering from asthma, hypertension, and hypotension.
By services, the remote monitoring services segment accounted for the largest share in the mhealth solutions market by service.
In 2022, Remote patient monitoring services accounted for the largest share by services market. The rising global adoption of smartphones, high-speed network availability, and the demand for remote patient monitoring and consultation are key to the market growth. Other factors driving the market growth are the rising global prevalence of chronic diseases, emerging applications of mHealth services, and increasing demand for patient-centric healthcare delivery. The Affordable Care Act and similar legislations raising federal support for mHealth services form a key market driver in the US.
Asia Pacific is expected to exhibit the highest growth during the forecast period
The APAC market is expected to register the highest CAGR during the forecast period. Factors such as a large patient population, especially in China and India, growing per capita income, rising prevalence of chronic disorders, increasing per capita income, higher adoption of smartphones, and the presence of advanced connectivity and networks in these countries are driving the growth of the APAC mHealth Solutions market.
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mHealth Solutions Market Dynamics:
Drivers:
1. Increasing penetration of smartphones, tablets, and other mobile platforms
2. Increasing utilization of connected devices and mHealth apps to manage chronic diseases
3. Cost containment in healthcare delivery
4. Growing penetration of 4G & 5G networks to ensure uninterrupted healthcare
5. Rising focus on patient-centric healthcare delivery
6. Increasing demand for home healthcare services
Restraints:
1. Lack of standards & regulations and insufficient reimbursement
2. Resistance from traditional healthcare providers & limited guidance from physicians
Opportunities:
1. Growing adoption of mHealth solutions in other mobile platforms
Challenges:
1. Authenticity and reliability
2. Patent protection for mHealth devices and apps
3. Lack of data security and concerns regarding data theft and healthcare fraud
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Recent Developments:
- In February 2023 Vodafone (UK) partnered with Charité Berlin, Leipzig University Hospital (Berlin).The collaboration with Charité Berlin (one of Europe's largest university hospitals), Leipzig University Hospital, and 16 other leading research and medical experts across Germany enabled Vodafone to explore future medical applications using 6G.
- In January 2023 Koninklijke Philips (Netherlands) partnered with Masimo (US). The partnership aimed to augment patient monitoring capabilities in home telehealth applications with the Masimo W1 advanced health-tracking watch.
- In January 2023, Garmin (US) launched Instinct Crossover in India, which delivers Garmin's full suite of wellness features, including Sleep Score and Advanced Sleep Monitoring, and Health Monitoring activities.
Exploring the Robust Growth of mHealth Solutions Market: A $395.0 Billion Projection by 2028
In February 2023 Vodafone (UK) partnered with Charité Berlin, Leipzig University Hospital (Berlin).The collaboration with Charité Berlin (one of Europe's largest university hospitals), Leipzig University Hospital, and 16 other leading research and medical experts across Germany enabled Vodafone to explore future medical applications using 6G.