MHealth Market is Expected to Reach USD 235 Billion by 2027

Growing penetration of tablets smartphones, and other devices, is fuelling the demand of MHealth devices. Moreover, strong penetration of 4G and 3G networks for uninterrupted healthcare services and growing focus on patient-centric delivery of healthcare services are also expected to boost the market growth.

The global MHealth market was valued at USD 45.70 billion in 2020, and it is expected to reach USD 235 billion by 2027, with a CAGR of 17.7%, during the forecast period.

Factors such as an increasing number of market players investing in mHealth services for patient monitoring, and the ability to penetrate smartphones, tablets, and other mobile platforms are driving the growth of the mHealth market during the forecast period. In addition, limiting healthcare delivery costs and high penetration of 4G and 3G networks which is necessary to provide uninterrupted services are also driving the market at a rapid pace. In addition, growing interest in providing patient-cantered healthcare and growing demand for home healthcare services are benefiting the industry.

However, the lack of standards and regulations, as well as the scarcity of reimbursements, limited advice from physicians on application selection, and resistance from traditional healthcare providers are some of the hindering factors for the growth of the industry.

The increasing prevalence of lifestyle disorders and low density of doctors, providing a platform for greater acceptance of mHealth apps in developing regions will create lucrative opportunities in the market. Additionally, the adoption of mHealth solutions is increasing in other industries and the increasing adoption of AI and 5G will also offer the possibility of remunerating market players to make a good profit.

mHealth, shortened for mobile health, is a service-based solution for public health and medical uses supported by mobile devices such as personal digital assistants, cell phones, infrastructure wireless floors, and tablets. mHealth is a set of tools used to improve care delivery and education. mHealth includes tools, devices, machines, and software (including mobile applications) related to the delivery of medical services. Mobile health (mHealth) provides new possibilities to enhance the monitoring of chronic diseases and offers to develop the precautionary aspect of the health system. In the field of digital health, mHealth includes all the functions of multimedia and telecommunications technologies to provide data on health and well-being. mHealth facilitates the provision of counselling, care management, diagnostic and self-management services using information and communication technologies (ICT). It involves various technologies and tactics to deliver virtual medical, health, and education services to users.

Key Findings:

• Based on type, the BP monitor segment is expected to have the highest market share during the forecast period.
• Based on services, monitoring services is anticipated to grow with the highest CAGR during the forecast period.
• Based on participants, mobile operators segment dominated the mHealth market in 2020 and is expected to continue its dominance throughout the forecast period.
• Based on the application, the diabetes segment is expected to grow with the highest CAGR during the forecast period.
• Regionally, North America region captured a significant portion of the global mHealth market in 2020 and is expected to dominate the global mHealth market during the forecast period.

Recent News:

• In Dec 2020, Samsung received CE marked for its Samsung Health Monitoring app, which supports blood pressure monitoring through pulse wave analysis, with heart rate monitoring sensors, and also has an ECG function that analyses heart electrical activity through a sensor by installing the app on the phone and smart watch.
• In October 2020, Masimo Corporation has launched the Radius T thermometer, a wireless, hand-held sensor that continuously measures a patient's body temperature. This decision extended the company’s customer base and bolstered expedites the company's revenue.
• In Sep 2020, Abbott Laboratories received CE certification for its next-generation Freestyle Liber 3 system for people with diabetes. The new Freestyle Liber 3 technology provides continuous real-time blood glucose readings and is automatically transmitted to a smartphone every minute, providing unmatched accuracy over 14 days.
• In June 2020, BioTelemetry announced that it had signed an agreement to acquire the OnDemand remote patient training and monitoring platform, operated by Envolve People Care Inc. which is a subsidiary of Centene Corporation. This acquisition augments BioTelemetry's existing connected acute healthcare portfolio, thereby strengthening its market position.