Introduction
mHealth is defined as a diverse branch of eHealth, which deals with the collection of patient data. This patient related data is collected through wireless electronic means such as mobiles, wearable devices, and other mHealth devices.
These mHealth apps are assisting medical professionals with management and documentation of complete records to improve productivity, communicate findings and allow access to information at minimal error rates and less overall healthcare costs.
The major factors that contribute toward the growth of the mHealth apps market include growing adoption of smartphones, increasing penetration of 3G/4G networks, increasing utilization of connected devices, technological innovations, and rising focus on patient-centric healthcare delivery.
The COVID-19 pandemic has severely impacted healthcare industry. But the demand for mHealth market is likely to increase during this pandemic period. These technologies are mainly helpful in safely tracking the COVID-19 patients and suspected cases.
Table of Contents
Market Overview
The global mHealth apps market is expected to grow to $122.10 billion by 2025
Growth momentum is expected to accelerate during the forecast period with a 21.87% CAGR.
Growing penetration of smartphones and internet connectivity, growing promotion of mHealth applications due to their benefits in improving patient lifestyle and treatment outcomes are boosting the market growth.
North America is dominating due to factors such as high healthcare expenditure, the incidence of chronic diseases, and improved network infrastructure.
Key Trends
Increasing utilization of mHealth solutions for personalized patient engagement
Remote monitoring and growing focus on consumer-centric mobility solutions
Growing application of cloud-based mHealth solutions across the healthcare ecosystem
Wearable health sensors and growing need for urgent care apps.
Key Market Players
Some of the key players in the market are Abbott Laboratories, AstraZeneca, Bristol-Myers Squibb Company, Novartis, Merck and co, GlaxoSmithKline.
The market is highly competitive owing to the rise in demand for mobile health platforms and services coupled with technological advancements, which is likely to boost the entry of new companies. Mergers & acquisitions, strategic alliances, and extensive R&D in the area of mHealth technologies are some of the initiatives being undertaken by key companies to increase their market shares.
Growth Drivers and Challenges
Evolving industrialization in growing economies are resulting in the prevalence and early onset of chronic diseases. To overcome this situation, increasing utilization of connected devices and mHealth apps for the management of chronic diseases
Significant cost savings in healthcare delivery is another crucial driving factor.
Robust penetration of 3G and 4G networks for uninterrupted healthcare services.
Increasing penetration of smartphones, tablets, and other mobile platforms.
Data security and privacy concerns are some of the factors that may hinder the adoption of mHealth platforms, thereby limiting the market growth. Data breaches, configuration changes, or accessibility issues to sensitive information are impeding the growth of the market