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.