- The mHealth Market Size, Growth driven by the increasing adoption of smartphones and other mobile platforms, the exponential spread of COVID-19, growing awareness regarding mHealth and rising government funding for the development and adoption of virtual medical platforms.
- The remote monitoring services segment to hold largest share of market during 2021-2028.
NEW YORK, March 18, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "mHealth Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Service (Remote Monitoring, Diagnosis, Treatment, Health Support, Fitness & Wellness, and Other Services), Devices (Insulin Pump, BP Monitor, Glucose Monitor, Personal Pulse Oximeter, and Other Devices), and End User (Mobile Operators, Devices Vendors, Health Providers, and Others), and Geography", the global mHealth market is expected to grow from $70.83 billion in 2021 to $410.39 billion by 2028; it is estimated to grow at a CAGR of 28.5% during 2021-2028.
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Report Coverage | Details |
Market Size Value in | US$ 70.83 Billion in 2021 |
Market Size Value by | US$ 410.39 Billion by 2028 |
Growth rate | CAGR of 28.5% from 2021 to 2028 |
Forecast Period | 2021-2028 |
Base Year | 2021 |
No. of Pages | 157 |
No. Tables | 93 |
No. of Charts & Figures | 165 |
Historical data available | Yes |
Segments covered | Service, Devices, End User, and Geography |
Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
mHealth Market: Competitive Landscape and Key Developments
Companies operating in the mHealth market have implemented various inorganic strategies, such as acquisitions and partnerships that have led to dynamic improvements in the market so far. These strategies help them strengthen their customer base, expand their product portfolio, and enhance their geographic presence. Similarly, several companies are implementing organic strategies, such as products launch and expansions.
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In February 2022, Highmark Health launched Dubbed Well360 Diabetes Management, a virtual care program for adults with Type 2 diabetes, which includes personalized care management, remote patient monitoring, and telehealth.
In February 2020, DexCom signed a commercialization agreement with Insulet Corporation, a medical device company. Under this agreement, the companies aim to offer the Omnipod Horizon System for automated insulin delivery by combining the current and future continuous glucose monitoring systems (CGM) of Dexcom with the trusted tubeless insulin delivery Pods of Insulet.
mHealth Market: Key Insights - Future Trend
Connected devices are shaping the modern world, providing scope for enhanced mobility and agility, increasing efficiency and productivity of tasks, and allowing users to receive and process various types of data for obtaining valuable insights. A survey conducted in 2020 by the Pew Research Center states that 21% of Americans (~70 million people) claim to have embraced wearable technologies. Hence, the flourishing trend of the Internet of Things (IoT) eventually has paved its way to healthcare where it is known as the Internet of Medical Things (IoMT). Gradually, mHealth apps and IoMT devices, such as wearables, are complementing each other. For instance, Apple watches were initially launched for the prime purpose of fitness tracking in 2015, while today, Apple's "Movement Disorder API" feature allows monitoring symptoms of Parkinson's disease and gathering new insights into the disease. Nearly all IoMT devices require integration with an mHealth app that provides useful data that ensures better health management.
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mHealth Market: Segmental Overview
Based on service, the mHealth market is segmented into remote monitoring, diagnosis, treatment, health support, fitness & wellness, and other services. In 2021, the remote monitoring services segment held the largest share of the market. However, the diagnosis services segment is estimated to register a significant CAGR in the market during the forecast period.
mHealth solutions are capable of providing detailed information about the intake of drugs to patients. They serve as an aid for individuals to manage their health and wellness by promoting healthy living and providing adequate access to useful information when and where needed. For instance, University of Illinois researchers have developed a camera that could improve the mHealth diagnostic capabilities of a smartphone. When incorporated in a smartphone, the technology could enable users to conduct a myriad of medical tests that previously have been limited to the clinics or laboratories, which include identifying biomarkers for nutrition, checking for cardiac health and sepsis, diagnosing cancer, detecting pregnancy, pharmaceutical drugs, testing hormones, and diagnosing infectious diseases. When linked to a smartphone app and the cloud, the user could communicate in real-time with clinicians and specialists. A smartphone could be used to conduct tests for diseases such as hepatitis, malaria, HIV/AIDS, Zika, and Ebola in remote locations, followed by beginning the suitable treatments without any delay. It could help consumers determine if they or their children have the flu before heading out to work or school. Through a mHealth collection platform, smartphones could also help clinicians identify and treat patients who can't get to the clinic or hospital.
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