The penetration of smartphones, tablets, and other mobile devices is increasing rapidly, which is creating growth opportunities for the mhealth solutions market. mHealth has a wide range of uses, from chronic care management to complex population health analysis.
Moreover, the increasing shift toward outcome-based delivery and a patient-centric model is creating rapid demand for mHealth for healthcare transformation. The increasing adoption of mobile devices and fitness trackers, driven by growing health awareness among people, is encouraging the key players to develop enhanced health-oriented smart devices, and this is driving the market. To capitalize on this potential revenue opportunity, various healthcare solution providers are expected to follow suit in the near future. This is expected to pave the way for customer application development services in the healthcare sector.
The global m-health solution market is estimated to register a CAGR of 26.8% during the forecast period of 2020-2030.
Key Takeaways: M-Health Solution Market
- Patient segment among the end user is estimated to register a CAGR of 32.5% during the forecast period as the adoption of m-health apps is increasing among patients for keeping track of their health and as preventive measure
- Disease tracking segment to dominate in 2020 with a market share of 31.7% followed by patient monitoring
- Growing trend among young age population to maintain healthy lifestyle through various diet and exercise routines is increasing demand for fitness apps. The fitness apps segment is estimated to grow by 28% Y-o-Y from 2019 to 2020
- Among regions, South Asia & Pacific m-health solution is estimated to register high CAGR, owing to the increasing investments by government in digitalization of the healthcare industry
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“The growing demand for new types of wearable devices and application for tracking health & fitness and partnership among key players for offering innovative m-health services to enhance the user experience. Also, with continuous innovation in the technological aspects, m-health devices like wearable fitness trackers are offering various features for its customers and introduction of m-health apps for monitoring and keeping track of health is driving the market growth during the forecast period.,” says FMI Analyst.
COVID-19 Impact Analysis on M-Health Solution Market
COVID-19 pandemic has impacted every sector and due to social distancing norms organizations are transforming towards digitalization to ensure the safety. Due to pandemic the adoption of digital health technologies has increased to help health professionals and public stay up to date about disease, maintain communication and for better strategic planning. The demand is increasing for m-health solutions as these m-health solutions are used to identify the COVID-19 symptoms through remote patient monitoring platforms.
The fear of infection among the people have led them to adopt m-health devices and applications as these devices give people accurate feedback on their blood pressure, body temperature, oxygen level which are restoring the sense of control in people. However, the m-health solution market is estimated to witness a growth of 1.3X in 2020 and 2021 as well.
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Demand for Cloud-based Solutions and Services
Cloud-based services are an attractive means of deploying IT solutions, as they reduce IT infrastructure costs while accelerating the speed of operations for healthcare organizations. This is, in turn, expected to drive the demand for cloud-based mhealth solutions. Cloud based solutions offer increased flexibility, storage and automation. Moreover, using cloud storage, clinical images can be accessed by multiple doctors from any location. Furthermore, mhealth solutions and service providers are increasingly investing in research and development activities to cater to the growing demand for consumer-centric and cloud-based solutions. Increasing competition is influencing companies to introduce innovative cloud-based offerings and upgrade their existing product portfolio to enhance their presence in the market.
More Valuable Insights on M-Health Solution Market
FMI’s report on the m-Health Solution market is segmented into four major sections such as product & services (m-health devices, apps and services), application (disease tracking, wellness management, patient monitoring, others), end user (physician, patients, hospitals, healthcare insurance vendors, and others) and region(North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa) to help readers understand and lucrative evaluate opportunities in the m-health solution market