The global mHealth solutions market is expected to reach US$ 1,27,865.0 million in 2023, according to Future Market Insights. The global market size is expected to reach US$ 13,73,865.50 million by 2033, with a CAGR of 26.8%.
As smartphones, tablets, and other mobile devices become increasingly popular, the market for mHealth solutions is expected to rise. From complex population health analysis to chronic care management, mHealth has a wide range of applications.
Furthermore, the need for mHealth in healthcare transformation is rapidly increasing as a result of the shift toward outcome-based care and a patient-centric paradigm. People’s growing health consciousness is motivating large corporations to develop improved health-oriented smart gadgets, which is driving the market. This can be observed in the increased use of mobile devices and fitness trackers.
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Many healthcare solution providers are expected to follow suit in the near future to capitalize on this potential revenue opportunity. This is expected to open the way for customer application development services in the healthcare business.
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
- A growing trend among the young age population to maintain a 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 a high CAGR, owing to the increasing investments by the government in the digitalization of the healthcare industry
COVID-19 Impact Analysis on M-Health Solution Market
The COVID-19 pandemic has impacted every sector and due to social distancing norms, organizations are transforming towards digitalization to ensure safety. Due to the pandemic, the adoption of digital health technologies has increased to help health professionals and the 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 COVID-19 symptoms through remote patient monitoring platforms.
The fear of infection among people has led them to adopt m-health devices and applications as these devices give people accurate feedback on their blood pressure, body temperature, and 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.
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.
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Key Segments Of Mhealth Solutions Industry Survey
mHealth Solutions Market by Product and Service:
- M-Health Devices
- mHealth Apps
- mHealth Services
mHealth Solutions Market by Application:
- mHealth Solutions for Disease Tracking
- mHealth Solutions for Wellness Management
- mHealth Solutions for Patient Monitoring
mHealth Solutions Market by End User:
- mHealth Solutions for Physicians
- mHealth Solutions for Patients
- mHealth Solutions for Hospitals
- mHealth Solutions for Healthcare Insurance Vendors
mHealth Solutions Market by Region:
- North America mHealth Solutions Market
- Latin America mHealth Solutions Market
- Europe mHealth Solutions Market
- East Asia mHealth Solutions Market
- South Asia & Pacific mHealth Solutions Market
- Middle East & Africa (MEA) mHealth Solutions Market
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