The Global mHealth Market- Growth, Trends, COVID-19 impact and Forecast (2021-2025)
The mHealth Market is segmented by Components (mHealth Apps and Wearables); Service (Monitoring Services, Diagnosis Services, Healthcare System Strengthening Services and Others); Participants (Mobile Operators, Device Vendors, Content Players, Healthcare Providers); Geography (North America, Europe, APAC and ROW).
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.
Furthermore, the collected patient data is stored on a remote cloud with the help of a mHealth application. This stored data is accessed by healthcare professionals to conduct analysis of parameters associated with medical condition.
The major factors that contribute toward the growth of the mHealth market include rise in prevalence of lifestyle disorders, integration of wireless technologies with portable healthcare devices, technological innovations, and favorable government initiatives.
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 market is expected to grow to $139.5 billion by 2025
Growth momentum is expected to accelerate during the forecast period with a 21.5% CAGR.
Growing penetration of smartphones and internet connectivity, supportive government initiatives are boosting the market growth.
North America is dominating due to factors such as high healthcare expenditure, the incidence of chronic diseases, a rise in geriatric population, 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 AT&T, Telefonica, Google, Softserve, Airstrip technologies, Allscripts Healthcare solutions.
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
Lack of standards and regulations as well as paucity of reimbursements