The mHealth market is anticipated to expand significantly, reaching USD 212.26 billion by 2030, up from USD 45.6 billion in 2021, with a compound annual growth rate (CAGR) of 35.7% from 2020 to 2030. First coined in 2003 by a professor at London’s Kingston University, mHealth has evolved, incorporating 4G health technologies and rapidly advancing sensor technologies. The proliferation of smartphones globally presents numerous opportunities for real-time communication and collaboration between patients and doctors, assisting in diagnosis, monitoring, and treatment. Moreover, mHealth apps are enhancing rural access to medical professionals, driving demand in these areas.
Market Highlights The mHealth market is expected to project a CAGR of 11.2% from 2022 to 2032. Key growth drivers include the increasing adoption of smartphones, the growing penetration of internet networks, rising demand for digital devices, and the adoption of mHealth apps for monitoring fitness and chronic diseases. The emphasis on cost control in healthcare delivery and the demand for convenient home-based medical facilities are also significant factors. Additionally, favourable government strategies and the healthcare sector's potential for IT integration further boost market growth. However, the absence of guidelines, insufficient directives, limited healthcare app recommendations from doctors, and resistance to switching from conventional healthcare providers may hinder market expansion.
Market Dynamics
Drivers
- Growing Number of Start-ups: The rise of digital start-ups has increased focus on mobile healthcare applications. The trend of preventive healthcare and rising investments in mobile health start-ups are driving overall market growth. Key technology players like Google and Apple are investing in mHealth apps, with the sector receiving around USD 2 billion in investments from businesses in 2018. Such investments are propelling market growth by enhancing healthcare facilities.
Restraints
- Growing Security and Privacy Concerns: Privacy and security concerns among patients and healthcare professionals are major factors hampering market growth. Additionally, stringent regulatory policies and lack of awareness regarding mHealth in under-developed and developing nations may further impede market expansion.
Regional Insights North America is expected to grow at the highest CAGR during the forecast period. The region is likely to dominate due to the rapid adoption of mHealth applications, increased penetration of tablets and smartphones, rising use of connected devices, supportive government policies, and growing digitalisation. The acceptance of mHealth apps is particularly high among adults, with smartphone usage rising to 71% since 2015. This increased smartphone penetration is driving market growth in the region.
Regional Segmentation
- North America: United States, Canada
- Latin America: Mexico, Argentina, Brazil, Rest of Latin America
- Europe: UK, Germany, France, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, Rest of Europe
- Asia-Pacific: India, China, South Korea, Malaysia, Japan, Indonesia, Australia, New Zealand, Rest of Asia-Pacific
- Middle East & Africa: North Africa, Israel, GCC, South Africa, Rest of Middle East & Africa
Key Players in the Global mHealth Market
- Omron Corporation
- Philips Healthcare
- Medtronic Plc
- Airstrip Technologies
- Withings
- BioTelemetry Inc.
- iHealth Labs Inc.
- Athenahealth Inc.
- Cerner Corporation
The Global mHealth Market Report also includes analysis on market segments by type, medication, route of administration, distribution channel, and end-user. It addresses market dynamics, supply and demand trends, challenges, competitive landscape, and market drivers and restraints.
