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mHealth Market: USD 293.29 Billion in 2028 at 29.1% CAGR

According to Fortune Business Insights, The global mHealth market size is expected to reach USD 293.29 billion by 2028, exhibiting a CAGR of 29.1% during the forecast period. Rising Prevalence of Cardiovascular Diseases to Bolster Growth in Europe

Pune, India, May 24, 2022 (GLOBE NEWSWIRE) -- The global mHealth market size is expected to reach USD 293.29 billion by 2028, exhibiting a CAGR of 29.1% during the forecast period.  The increasing penetration of smartphones and smart devices will boost the mHealth market trends during the forecast period. According to Pew Research Center’s first survey of smartphone ownership conducted in 2011, 96% of Americans own a cell phone. Out of which ,81% of the American use smartphones. While roughly three-quarters of U.S. adults own desktop or laptop computers, furthermore, the launch of technologically advanced smartphones and wearable devices will consequently aid the mHealth market share, sates our lead analysts at Fortune Business Insights. For instance, OnePlus launched a new concept phone, the OnePlus Concept One McLaren Edition has various features including electrochromic glass technology. In addition, Fitbit CEO James said in a statement, “We see ourselves evenly split between being a consumer company and being a health company.”

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According to the report, published by Fortune Business Insights in a report, titled “mHealth Market Size, Share & Industry Analysis, By Category (By Apps {Disease & Treatment Management, Wellness Management}, By Wearable {Body & Temperature Monitors, Sleep Trackers, Fitness Trackers, Glucose Monitors, BP Monitors, Cardiac Monitors}) By Services Type (Monitoring Services, Fitness & Wellness Solutions, Diagnostic Services, Treatment Services) By Service Provider (mHealth App Companies, Pharmaceutical Companies, Hospitals, Health Insurance) and Regional Forecast, 2019-2028” the market size stood at USD 34.28 billion in 2018. The mHealth market report implements a PESTEL study and SWOT analysis to reveal the stability, restrictions, openings, and threats in the smart building market. Combined with the market analysis proficiencies and data integration with the relevant findings, the report has foretold the robust future growth of the market, and all articulated with geographical and merchandise segments. Moreover, it also shows different procedures and strategies, benefactors and dealers working in the market, explores components convincing market development, generation patterns, and following systems. Additionally, the figures and topics covered in this report are both all-inclusive and reliable for the readers.

Emergence of Fitbit will Exemplify Its Predomination

Fitbit, Apple Inc. and DEXCOM are some of the key players operating in the market. The launch of groundbreaking health wearables bands by Fitbit will spur competition among other key players. For instance, in March 2019, Fitbit announced the launch of four new smart wearables called Fitbit Versa Lite Edition, Fitbit Inspire HR, Fitbit Inspire and Fitbit Ace 2. The launch of these novel products is expected to attract more customers, thereby generating more revenue.

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Key Segments in the Global mHealth Market Include:

Category: Under the segment, the market is classified into apps and wearables. The apps are further sub-segmented into disease & treatment management and wellness management apps. The wellness management apps are expected to hold the lion’s share during the forecast period due to the growing demand for fitness apps. The rising trend among millennials to maintain a healthy body through various diet and exercise routines is another major factor enabling the growth of the segment. Furthermore, the wearable segment held maximum share in 2018 and is predicted to grow profoundly during the forecast period owing to the increasing prevalence of chronic diseases such as cardiovascular disorders (CVD), diabetes, respiratory disorders, and others. Moreover, the rising demand for fitness wearables devices such as wrist bands, smartwatch and others will bode well for the segment, which, in turn, will accelerate the mHealth market growth.

Service Type: Under the segment, the market is classified into monitoring services, fitness & wellness solutions, diagnostic services, treatment services, and others. The monitoring services segment is predicted to account for maximum share in the market due to growing cases of chronic disorders across various regions. According to The State Council Information Office of the People’s Republic of China, doctors diagnose around 260 million people with chronic illnesses every year. Moreover, the growing geriatric population along with the surge in mortality rate will contribute significantly to the segment’s growth.

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Growing Geriatric Population to Spur Business Opportunities for the Market

The increasing demand for mHealth solutions around the globe, owing to its user-friendly benefits and high calling efficiency in handling an emergency situation, will aid the mHealth market revenue in the forthcoming years. The increasing number of mHealth applications such as chronic disease management, remote monitoring owing to its cost-effective advantage will further fuel demand for mHealth solutions in the foreseeable future. The growing geriatric population will also contribute positively to the growth of the market. For instance, people above the age of 65, are more prone to chronic ailments; in the U.S., 40 million people, i.e., around 12.9% of the population is above 65 years. Thus, there is a colossal scope for the mHealth market in the countries where the geriatric population is surging. 

Rising Prevalence of Cardiovascular Diseases to Bolster Growth in Europe

Europe held significant share in 2018 and is expected to grow rapidly during the forecast period.  The increasing cases of cardiovascular health diseases and diabetes will enable speedy growth of the market in Europe. The rising demand for remote patient monitoring for people deprived of basic medical facilities due to geographical barriers will further create new sales opportunities for the market in Europe. The mHealth market size in North America stood at USD 10.20 billion in 2018 and is expected to witness significant growth in the forthcoming years. The presence of key players will boost the mHealth market trends in North America. Additionally, the increasing burden of chronic diseases across the U.S will further propel the growth of the market in North America.

Major MHealth Market Key players covered in the report include:

  • Bayer MHealth
  • Medtronic
  • Apple
  • AirStrip
  • AliveCor, Inc.
  • BioTelemetry Inc.
  • athenahealth
  • AgaMatrix
  • LifeWatch Services, Inc.
  • Philips
  • iHealth
  • AT&T
  • Omron Healthcare, Inc.
  • Qualcomm Technologies
  • Cerner Corporation
  • Nokia

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Table of Content:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Statistics on smartphone penetration rate for key countries
    • Healthcare expenditure for key countries
    • Average costs of chronic illnesses by type of medical facility in the U.S.
    • New product launch
    • Technological Advancements
    • Funding and Start-ups: Overview
  • Global mHealth Market Analysis, Insights and Forecast, 2015-2026 
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Category
      • Apps
        • Disease & Treatment Management
          • Healthcare Providers/Insurance
          • Medication Reminders
          • Women Health and Pregnancy
          • Disease Specific
        • Wellness Management
          • Fitness
          • Lifestyle and stress
          • Diet and Nutrition
        • Others
      • Wearable
        • Body & Temperature Monitors
        • Sleep Trackers
        • Fitness Trackers
        • Glucose Monitors
        • BP Monitors
        • Cardiac Monitors
        • Others
    • Market Analysis, Insights and Forecast – By Services Type
      • Monitoring Services
      • Fitness & Wellness Solutions
      • Diagnostic Services
      • Treatment Services 
      • Others
    • Market Analysis, Insights and Forecast – By Service Provider
      • mHealth App Companies
      • Pharmaceutical Companies
      • Hospitals
      • Health Insurance
      • Others
    • Market Analysis, Insights and Forecast – By Region
      • North America
      • Europe
      • Asia Pacific
      • Latin America
      • Middle East & Africa

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