Global mHealth Market Size & Share Will Grow to USD 212.26 Billion by 2030: Fatpos Global

In 2003, mHealth was coined for the first time by the professor at London’s Kingston University. mHealth has evolved into 4G health over the years and is widely used in today’s generation. The recent developments that include sensor technologies are growing at a faster pace. The industry has multiple players in the market that faces major competition in terms of their share in the global market. With the rising penetration of smartphones across the globe, mHealth is giving several opportunities to patients and doctors in terms of real-time communication & collaboration and assist doctors in the process of diagnosis, monitoring, and treatment. Furthermore, mHealth apps increase rural access to medicine and medical professionals that has resulted in a surge in demand for mHealth apps in rural areas.

Global mHealth market is anticipated to reach USD 212.26 billion by 2030 from USD 45.6 billion in 2019. The market is to grow at a CAGR of 35.7% during the forecast period of 2020 to 2030.

The growth of the mHealth market may be attributed to the following factors. The increasing adoption of smartphones, growing penetration of internet networks, rising demand of digital devices and adoption of mHealth apps for the monitoring of fitness and chronic diseases, escalating emphasis on cost control in the delivery of healthcare services, and the rising demand for convenient home-based medical facilities are few major factors propelling the higher usage of smartphones and digital technology amid patients and medical experts. Additionally, the healthcare sector showcases prominent growth possibilities for the IT sector owing to favorable government strategies across the sector. Nevertheless, the absence of guidelines and insufficient directives, restricted advice from doctors in choosing healthcare apps, and aversion to switching from conventional healthcare providers are some factors that may hamper the growth of the market.

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Based on the components, the global mHealth market is segmented into Wearables, mHealth Apps, and Fitness Apps. The mHealth apps segment contributed to the largest share of the market in 2019 and is anticipated to grow at the highest rate during the forecast period. The growth of this segment can be attributed to the increasing usage of smartphones and healthcare apps and increasing chronic and lifestyle-related diseases globally. Additionally, the demand for mobile health apps is growing among doctors and trainees so that they can stay updated with the most recent advancements and technological innovations in the healthcare sector. The prevalence of low cost or free mHealth apps has amplified the frequency of free trials of various applications by consumers. Complimentary government policies, growing funding for the improvement of network services, and growing consumer responsiveness are also driving the market growth.

Based on End-User, the market is categorized into Mobile Operators, Device Vendors, Content Players, and Healthcare Providers. The mobile operator’s segment captured the largest market share and is expected to continue through the forecast period. This is due to a rise in the number of mobile users throughout the world, better network connectivity, and development in 3G/4G technologies that generate growth possibilities for mobile operators. However, the healthcare providers segment is expected to grow at the highest rate during the forecast period due to the growing utilization of digital technology in healthcare infrastructure with increasing healthcare expenditure.

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Top Market Players:

• Omron Corporation
• Philips Healthcare
• AgaMatrix Inc
• Medtronic Plc.
• Airstrip Technologies
• Withings
• BioTelemetry Inc.
• iHealth Labs Inc.
• Athenahealth Inc.
• Cerner Corporation

The setting up of several digital start-ups led to increased attention towards mobile healthcare applications in the healthcare industry. The increasing vogue of preventive healthcare and rising investments in mobile health startups are gaining thrust that has further driven the overall market growth. Google and Apple are the two key players of technology that are investing in mHealth apps. As per a report, mHealth perceived the highest investment of around USD 2 billion by business enterprises and was also the most purchased group in 2018. Thus, increasing investments in mHealth apps for the prerequisite of improved healthcare facilities will further propel the market growth.

One of the major factors hampering the growth of the global mHealth market is increasing privacy and security concerns among the patients as well as healthcare professionals. Moreover, stringent regulatory policies and lack of awareness regarding mHealth in under-developed and under-developing nations are other factors that may further dampen the growth of the mHealth market.

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Global mHealth Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia-Pacific, and Middle-East & Africa. Geographically, North America is likely to dominate the market due to mHealth application use rapidly growing over there owing to the rise in the penetration of tablets and smartphones, increasing use of connected devices, supportive government policies, and growing digitalization. The acceptance of mHealth apps is witnessed mostly among adults in the region and since 2015, the number of people using a Smartphone has risen to 71%. Hence, the rising penetration of smartphones has propelled the market growth in the region. 

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