mHealth Market Size is Projected to Reach USD 353.4 billion, Growing at 15.3% CAGR By 2031 - Transparency Market Research, Inc.

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Jan 15, 2024, 06:15 ET

The need for mobile healthcare services is being driven by an increase in the need for remote patient monitoring devices for chronic illnesses.

WILMINGTON, Del., Jan. 15, 2024 /PRNewswire/ -- The global mHealth market attained a valuation of US$ 97.0 billion in 2022. It is anticipated to garner a 15.3% CAGR from 2023 to 2031 and by 2031 the market is likely to attain US$ 353.4 billion by 2031.

mHealth is utilized to improve patient care by enhancing research, healthcare services, and health outcomes. Devices, connections, apps, and service forms are all accessible for these. Since it facilitates remote data access for healthcare practitioners and increases patient engagement, mHealth is essential to telemedicine.

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mHealth Market Report Scope:

Report Coverage	Details
Forecast Period	2023-2031
Base Year	2017-2021
Size in 2022	US$ 97.0 Bn
Forecast (Value) in 2031	US$ 353.4 Bn
Growth Rate (CAGR)	15.3 %
No. of Pages	289
Segments covered	Product, End-user

The availability of modern technology and easy access to contemporary healthcare services have led to a global surge in digital health. Mobile self-care services are made possible for people with diabetes, chronic illnesses, and other medical conditions by mHealth. In addition to making patient interactions easier, the technology gives doctors instant access to patient data, including heart rate, blood pressure, and sugar level.

Key Findings of the Market Report

The mHealth industry is being driven by the rising use of advanced remote patient monitoring devices.
The market statistics are being supported by an increase in demand for remote patient monitoring therapies for chronic illnesses.
To prevent serious problems and limitations, chronic illnesses including diabetes, cancer, and heart disease require routine patient data monitoring.
Through remote devices, patients may report their heart rate, blood sugar levels, and other symptoms via mHealth.
Rising chronic disease prevalence is fueling market revenue growth.

Market Trends For mHealth

Increased penetration of 5G connection, machine learning, artificial intelligence, and augmented reality are some of the most recent technologies embraced by the healthcare industry. By utilizing distant networks, Internet of Things (IoT) integration in mHealth improves accessibility and connectedness.
Leading businesses in the industry are making significant investments to create cutting-edge mobile health applications for managing diabetes, which is further propelling the market's advancement. For example, AT&T and Smart Meter worked together to create cutting-edge digital health solutions that use Smart Meter's IoT devices and AT&T's established IoT network to monitor and manage chronic illnesses like diabetes.
The market dynamics are being bolstered by the increase in demand for fitness watches that measure heart rate. To accurately capture patient data, manufacturers are using sensors, temperature monitors, and motion detectors.

Global Market for mHealth: Regional Outlook

Various reasons are propelling the growth of mHealth throughout the region. These are:

The global mHealth market was dominated by North America itself. The mHealth industry share is anticipated to rise throughout the forecast period as a result of the implementation of government efforts to promote mHealth.
To raise public awareness, the U.S. Department of Health and Human Services, the National Institutes of Health, and the National Cancer Institute, for example, launched Smokefree.gov and BeTobaccoFree.gov. The most innovative technologies are being used by top businesses in the area to offer new patient services and applications.
The market is also growing as a result of an increase in the adoption of mobile health apps and linked devices to treat chronic illnesses. The region's market scenarios are favorable due to the presence of a sophisticated healthcare infrastructure and robust network connection. Furthermore, businesses may create services that meet the needs of patients thanks to the ease of access to cutting-edge technologies.

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Global mHealth Market: Key Players

To keep up with the current mHealth industry trends, leading firms are concentrating on using the newest technology. To monitor real-time patient data, wearable fitness trackers are being integrated with motion sensors, temperature monitors, artificial intelligence, and the Internet of Things.

In an effort to improve patient knowledge of fitness and involvement, manufacturers are launching new programs and services. The following companies are well-known participants in the global mHealth market:

Dexcom Inc.
Apple Inc.
FitBit Inc.
Withings
Proteus Digital Health Inc.
Omada Health Inc.
Welldoc Inc.
Teladoc Health Inc.
Noom Inc.
Propeller Health
Canary Health
BiogeniQ Inc.
Glooko Inc.
Firstbeat Technologies
BioTelemetry Inc.

Some key developments by the players in this market are:

A new mobile health app driven by artificial intelligence called Cedars-Sinai Connect was unveiled in October 2023 by Cedars-Sinai, a renowned provider of specialist care from board-certified physicians. This software provides round-the-clock virtual access to medical professionals for urgent care, as well as same-day primary care consultations for a range of clinical concerns.
The global technology corporation Apple Inc. stated in March 2023 that by 2025, it would be updating the AirPods with health tracking capabilities including temperature monitors, motion detectors, and biometric sensors that can measure heart rate and sweat.

Global mHealth Market Segmentation

Product

Connected Medical Devices
- Heart Rate Monitors
- Activity Monitors
- Electrocardiograph
- Fetal Monitoring
- Neuromonitoring
- Others
mHealth Applications
- Fitness & Wellness
- Diabetes
- Cardiovascular Diseases
- Central Nervous System Diseases
- Respiratory Diseases
- Musculoskeletal Diseases
- Smoking Cessation
- Medication Adherence
- Others
mHealth Services

End User

B2B
- Patients
- Caregivers
B2C
- Providers
- Payers
- Employers
- Others

Region

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

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