mHealth Market To Reach USD 154,115 Million by 2030

 The total revenue of the mHealth market was USD 59,640 million in 2022, which will grow at a rate of 12.60% in the years to come, to touch a value of USD 154,115 million by 2030.

Connected devices had the largest share of revenue, of about 48% in the recent past, and it will consolidate its position in the future. 

This has a lot to do with the growing use of internet, increasing usage of tablets and smartphones, mounting need for enhanced patient care, increasing demand for a lower cost of care, and robust emphasis on real-time management of diseases.

Healthcare apps had the larger revenue share, and this trend will continue in the years to come as well. This is because of the increasing cases of chronic diseases amongst the elderly population, increasing preference for suitable health solutions, and high internet penetration along with the usage of smartphones.

Service apps also generated a considerable revenue in the past. This is credited to the growing requirement for online consultation, healthcare surveillance, remote monitoring, and emergency response; increasing count of outpatient settings, growing requirement for frequently tracking the health of patients, and increasing number of initiatives by the government to spread consciousness about overall health.

Mobile operators dominated the mHealth market with a share of 51%, in 2022, and they will maintain their dominance by the end of this decade as well. This is owing to the increase in the subscriber count, incessant development in the network infra, rise in the acceptance of the 4G and 5G, and increase in the number of industry consolidation activities.

The growing use of smartphones and tablets in various developed and developing countries is a main factor powering the growth of the industry. Mobile users are quickly switching to smartphones because of the obtainability of reasonably priced 3G and 4G spectra. 

This increasing use of smartphones, together with the increasing awareness of the numerous advantages of these services and devices, such as preventive care, will power the requirement for them. 

North America had the largest revenue share of about 38% in the past, and it will continue its dominance in the future, as per a report published by P&S Intelligence.

It is because of the increasing healthcare spending, rising number of cases of chronic ailments, growing elderly population, and sophisticated network infra.

Apart from this, the increasing burden of cardiovascular diseases, and increasing number of in-house patients boost the growth of the industry.

It is because of the increasing use of internet and smartphone, the demand for mHealth services will continue to rise in the future as well.

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How Is mHealth Technology Enhancing Patient Care?

The adoption of mobile health (mHealth) connected devices, such as blood pressure monitors, pulse oximeters, blood glucose monitors, sleep apnea monitors, multiparameter monitors, and electrocardiogram (ECG) monitors, has surged over the years, on account of the rising prevalence of chronic disorders and easy mobility of these devices. Among the various products, the demand for blood glucose monitors is expected to escalate in the coming years, due to the increasing cases of diabetes. For instance, the World Health Organization (WHO) states that nearly 629 million people will be affected by diabetes by 2045.

Browse detailed report on mHealth Market - Global Industry Analysis, Technology Trends and Demand Forecast to 2023

Furthermore, application of mHealth devices and services has significantly increased, due to the rising penetration of tablets, smartphones, and other mobile platforms, especially in developing countries. Mobile users in these economies are rapidly switching to smartphones, due to the affordability of 3G and 4G spectrums and the increasing adoption of mobile applications. This has led to the high adoption of healthcare apps in these countries. Moreover, advancements in mobile technologies and apps have immense potential to transform mHealth technology.

In recent years, North America has registered the highest adoption of mHealth connected devices, services, and apps. This can be ascribed to the escalating incidence of chronic and lifestyle-associated ailments, augmenting healthcare spending, growing elderly population, and improving accessibility to connected medical devices. The high populace of the elderly with chronic disorders fuels the demand for remote monitoring devices and several other patient-centric mobile applications. According to the United Nation Department of Economic and Social Affairs (UNDESA), the population of people aged 60 years or above in North America is estimated to reach 122.8 million by 2050.

Major players in the mHealth market, such as Medtronic plc, AirStrip Technologies Inc., Koninklijke Philips N.V., Athenahealth Inc., OMRON Corporation, AgaMatrix Inc., Johnson & Johnson, AliveCor Inc., iHealth Labs Inc., and Cisco Systems Inc., are acquiring related enterprises and entering into partnerships for introducing novel digital health solutions. For example, in March 2018, Koninklijke Philips N.V. partnered with Samsung Electronics Co. Ltd. to expand its connected health ecosystem. The partnership aspires to connect the ARTIK Smart IoT platform of Samsung with the HealthSuite digital platform of Philips.

Thus, the increasing penetration of internet devices and the rising incidence of chronic diseases among the older population will boost the adoption of mHealth devices and apps in the coming years.

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