mHealth Services Market Outlook 2031

• The global mHealth services market was valued at US$ 111.6 Bn in 2021. • The global market is estimated to grow at a CAGR of 15.7% from 2022 to 2031. • The global mHealth services market is anticipated to reach US$ 415.6 Bn by the end of 2031.

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Overview of mHealth Services Market

mHealth services are defined as the use of electronic devices such as mobile phones or other wireless technologies for medical care. mHealth solutions help in educating consumers about preventive healthcare services. It is also used for disease surveillance, treatment support, chronic disease management, and epidemic outbreak tracking. The global mHealth services market is expected to witness strong growth over the next few years, due to a rise in the adoption of mHealth technology among people.

According to the latest report published by Transparency Market Research (TMR), the global mHealth services market is likely to register a high growth rate during the forecast period, as it is a fast-growing and technology-driven service. Such trends are expected to change the way healthcare services are delivered globally.

New Developments Enable Use of mHealth Solutions in Diagnosis and Treatment of Patients

An increase in the number of applications for mobile health in the past three to four years has driven growth of the global mHealth services market, and this trend is likely to continue during the forecast period. Earlier, mHealth applications included only monitoring services and users could monitor their daily diet for nutrition and calorie intake. However, with new developments, newer application areas such as health data access and management of chronic diseases have been identified & are being explored for possible health applications.

Consequently, applications of mHealth services have been extended beyond conventional modes, and they now include diagnostic services, preventive services, treatment services, emergency response services, and doctor assistance services.

mHealth Holds Potential to Reduce Number of Deaths and Improve Patient Outcomes

An increase in the incidence of chronic diseases holds the potential for future market demand for mHealth services in the upcoming years. Mobile healthcare services help the independent geriatric population to immediately access different healthcare services and hence, are being increasingly preferred by them.

Chronic diseases require long-term medication and continuous monitoring, which can be provided with ease using mobile health technology, services, and solutions. Moreover, monitoring of chronic diseases and their treatment involves high costs due to continuous/regular monitoring & interventions required in the long term. As shown in the figure below, deaths due to chronic diseases such as diabetes, cancer, and cardiovascular diseases (CVDs) increased in the last decade. Other commonly known chronic diseases are chronic lung diseases, including asthma, Alzheimer’s, Crohn’s disease, and the like.

Therefore, a rise in demand for the management and monitoring of chronic diseases is likely to steer growth of the global mHealth services market during the forecast period. Recent developments in the mhealth services market hold promising potential to reduce the number of deaths caused due to chronic diseases since mHealth technology is a cost-effective medium for delivering basic healthcare services to patients.

Patient-centric mHealth Solutions Help Improve Diagnosis of Medical Conditions

In terms of service, the global mHealth services market has been bifurcated into solutions for patients and healthcare system strengthening. The solutions for the patients segment has been split into wellness, prevention service, monitoring service, diagnostic service, treatment service, and information & reference. This segment is one of the fastest growing markets for mhealth, since patient-centric services such as point-of-care diagnostics, medication management, and medical imaging are some of the recent developments in the mHealth services market.

The healthcare system strengthening segment has been segregated into emergency response, health care practitioner support, and healthcare surveillance. The solutions for patients service segment was the largest revenue generator of the mHealth services market, accounting for a significant share of 85.6% in 2021. This trend is anticipated to continue during the forecast period due to the high demand for emergency response services. Innovations in mHealth mobile apps are a key driving factor for the strengthening of emergency response services with the help of speed dial to doctors and clinicians.

mHealth Apps Transforming Healthcare & Fitness Industry for Health-conscious Individuals

Based on application, the global mHealth services market has been categorized into general healthcare & fitness, medication information, remote monitoring, collaboration, and consultancy; healthcare management, and health data & record access. Leading players in the mhealth services market are aiming toward the promotion, implementation, and validation of mHealth apps that are growing prominent in both developed & developing economies.

The general healthcare & fitness segment held a relatively large revenue share of around 68.1% in 2021, and the trend is projected to continue during the forecast period. The segment’s large share can be attributed to increase in the number of health-conscious individuals and rise in the need of independence among the fitness-conscious population. Various applications such as remote monitoring and healthcare management are likely to boost the growth of the mHealth services market.

Individual Users Key Target Customers for Companies in mHealth Services Market

In terms of end-user, the global mHealth services market has been divided into public/private healthcare institutions, physicians, healthcare workers, and individuals. The individuals segment dominated the global mHealth services market in 2021, accounting for around 49.8% share. The segment is expected to grow at the highest CAGR during the forecast period due to an increase in awareness about the advantages of mHealth services. A rise in demand for mHealth services among individual users can be ascribed to the availability of self-operated monitoring equipment/devices, such as blood sugar level tester and BP monitor.

Regional Outlook of mHealth Services Market

North America held the largest share of 42.14% of the global mHealth services market in 2021. This can be attributed to rise in the prevalence of chronic diseases, technological advancements, and increase in awareness about mobile healthcare services. New market players are investing in software developments for mHealth services in order to make it an easy-to-use interface between a healthcare provider and a patient or any individual.

Europe held 33.55% share of the global market in 2021. The region’s dominance can be attributed to increase in diagnostic facilities, rise in usage of mHealth services by various consumers, and focus of existing & new players on this market.

The Asia Pacific region held a larger revenue share of the global market in 2021 compared to Latin America and Middle East & Africa. However, the market in Latin America is expected to propel at a faster growth rate than Middle East & Africa. Since all these regions have a high number of developing economies, companies in the mHealth services market are boosting the penetration of mHealth technology, especially to support mother and child health in rural & underdeveloped areas.

Analysis of Key Players in mHealth Services Market

Companies are actively investing in applications pertaining to general healthcare & fitness, remote monitoring, collaboration, and consultancy, which is likely to boost the growth rate of the global mHealth services market. The future market demand for the mHealthtechnology is expected to increase significantly due to the rise in dependence on digital technology.

The mHealth services market report concludes with the company profiles section, which includes key information about key players in the global mHealth services market.

Leading players in the mHealth services market include AT&T, Inc., Apple, Inc., Airstrip Technologies, Inc., Alcatel-Lucent, Cerner Corporation, Qualcomm, Diversinet Corp., Koninklijke Philips N.V., SoftServe, Inc., Symantec Corporation, and Vodafone Group plc.

Source:  https://www.transparencymarketresearch.com/mobile-health-market.html