Wed, 20 Oct 2021

The Global Mobile Health (mHealth) Market size is estimated to reach USD 310.37 billion by 2027 from USD 40.59 billion in 2019, delivering a CAGR of 28.8%, according to a new report by Reports and Data. The market growth is driven by the growing penetration of smart technologies in the healthcare sector.

The aim of mobile health (mHealth) is to empower patients by providing information regarding their health for proper management, thereby increase access throughout the system, including clinics & hospitals, outcome improvement with improved decision-making, along with reducing costs.

Currently, millions of mobile health (mHealth) apps are available that are being utilized by the populace to manage their health, promote healthy living, along with having access to necessary health information. These tools are rapidly advancing and witnessing massive adoption as well. As of 2017, there were nearly 325,000 mobile health apps, over 80,000 mHealth app publishers, and the market is witnessing 3.7 billion downloads annually.

The growing investment in health start-ups across the globe is providing impetus to the mobile health (mHealth) market growth. In 2019, nearly USD 7.5 billion were invested into various start-ups in the United States alone, attempting to digitalize the healthcare system across the region. A similar trend followed by the developing economies will supplement the mobile heath market share through 2027.

The growing awareness among masses regarding the benefit of healthcare management, and growth in the focus of personalized medicine, and rising need for point-of-care diagnosis & treatment, are some of the other key factors that may augment mobile health (mHealth) market revenue share through 2027.

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Key participants in the global mobile health (mHealth) market are

AT&T, Allscripts Healthcare Solutions, mQure, Apple Inc., Omron Healthcare Inc., Philips Healthcare, Samsung Electronics Corporation, Bayer Healthcare, Cardionet Inc., and LifeWatch AG, among others.

Technological advancements and rapid digitization have streamlined the daily operations of the pharmaceutical industry. Increasing spending on medicine due to growing geriatric populace, rising incidence of chronic diseases, increasing number of product launches, and growing number of R&D activities are some key factors contributing to revenue growth of the market. Increasing focus on patient engagement solutions, rising focus to cater to growing unmet clinical demand, adoption of advanced technologies to streamline workflows in healthcare sector, and availability of skilled healthcare professionals has been positively impacting the pharma & healthcare industry. The emergence of COVID-19 pandemic has further increased focus on healthcare facilities, teleconsultation and telemedicine, and increased burden on the healthcare industry compelling governments and companies to invest heavily to cater to the growing global demand.

Further key findings from the report suggest

Based on platform, the wearable devices segment is forecast to witness a substantial growth of 39.5% through 2027. The robust growth is driven by growing consumer consciousness regarding exercise, diet, and overall health, which is leading to the increasing popularity of fitness apps and wearable technology. For instance, As of November 2019, Fitbit, an American consumer electronics and fitness company, had 28 million active users across the globe and has sold over 100 million devices.

The mobile apps segment accounts for 56.3% of the global mobile health (mHealth) market share and is estimated to exhibit a CAGR of 40.0% over the projected timeframe.

On the basis of application, the remote monitoring segment accounted for 18.6% of the industry share in 2019 and is anticipated to register significant gains through 2027. An exponential rise in the number of diabetes patients across the globe is fuelling the adoption of remote monitoring apps among patients.

In the regional landscape, APAC is anticipated to witness substantial growth over the forecast period due to unchecked population growth in the region. The Chinese government invested over USD 64 billion into hospitals in 2019 in order to improve electric health monitoring systems in the region. Moreover, developing countries such as Indonesia and Malaysia are providing mHealth to enable people with low income to have access to better health-related information. These factors will contribute to regional market growth through 2027.

Europe is projected to register a growth rate of 28.9% through 2027 due to the uniform penetration of mobile health (mHealth) platforms in the region.

In April 2020, Samsung Electronics Co., Ltd., a South Korean multinational electronics company, announced that Samsung Smart TVs in several regions across the world would provide access to six new health & wellness apps in partnership with leading fitness brands, including Echelon, barre3, Calm, obé Fitness, Jillian Michaels Fitness, and Fitplan.

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For the purpose of this report, Reports and Data has segmented into the Global Mobile Health (mHealth) Market on the basis of platform, application, end-use, and region:

Platform Outlook (Revenue, USD Billion; 2017-2027)

Mobile Apps

Wearable Devices

Application Outlook (Revenue, USD Billion; 2017-2027)

Education and Awareness

Disease and Epidemic Outbreak Tracking

Communication and Training

Diagnostics and Treatment

Remote Data Collection

Remote Monitoring

Others

End-Use Outlook (Revenue, USD Billion; 2017-2027)

Physicians

Patients

Research Centers

Insurance Companies

Pharmacies

Government

Biopharmaceutical Companies

Tech Companies

Others

The report discusses in detail the top companies in the market along with their recent initiatives such as mergers and acquisitions, joint venture, partnerships, corporate and government deals, collaborations, and brand promotions and product launches among others. The report further discusses the companies' initiatives and investments in key regions across the globe such as North America, Europe, Latin America, Asia Pacific, and Middle East & Africa.

Region analysis Covers:

North America (U.S.A., Canada, Mexico)

Europe (U.K., Italy, Germany, France, Rest of Europe)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

In conclusion, the report offers a comprehensive analysis of the factors expected to drive the global Mobile Health (mHealth) market growth over the forecast period of 2021-2027. The report is an all-inclusive document covering the market landscape and a futuristic perspective on its growth and progress. The report also provides an analysis of the entry-level driving and restraining factors for the new entrants contributing to the market. The report also offers strategic recommendations to the established players as well as new entrants to help them gain a strong foothold in the market.

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Thank you for reading our report. Customization of this report is available as per the client's requirements. Please connect with us to know more about the report and our team will ensure you get the report tailored according to your needs.

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About Reports and Data

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client's make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.

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