MHEALTH MARKET ANALYSIS

The global mHealth market size is expected to reach US$ 61.26 Bn by 2030, from US$ 24.25 Bn in 2023, exhibiting a compound annual growth rate (CAGR) of 14.2% during the forecast period.

Global mHealth Market Regional Insights

• North America is expected to be the largest market for mHealth market during the forecast period, accounting for over 41.3% of the market share in 2023. The growth of the market in North America is due to high prevalence of respiratory diseases, favorable reimbursements, and the presence of key players.
• Europe is expected to be the second-largest region for mHealth market, accounting for over 23.1% of the market share in 2023. The growth of the market in Europe is due to rising healthcare expenditures and strategic developments by companies.
• Asia Pacific is expected to be the fastest-growing region for mHealth market, with a CAGR of 7.2% during the forecast period. The growth of the market in Asia Pacific is due to improving healthcare infrastructure and expanding insurance coverage.

Figure 1. Global mHealth Market Share (%), By Region, 2023

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Analyst’s View on Global mHealth Market:

The global mHealth market is poised to experience significant growth in the coming years. Several factors, such as rising smartphone penetration, the growing prevalence of chronic diseases, increasing healthcare costs, and government initiatives are expected to drive the demand for mHealth solutions. Moreover, the COVID-19 pandemic has accelerated the adoption of digital health technologies, as contactless care has become imperative.

Global mHealth Market Drivers

• Increasing acquisitions among key market players: Increasing adoption of inorganic growth strategies such as acquisitions is expected to drive the global mHealth market. For instance, in November 2022, ELNA Medical, a medical clinic in Canada, announced the acquisition of m-Health Solutions, a provider of cardiac monitoring technologies and cloud-based reporting services. The acquisition helps provide cloud-based AI-enabled reporting service that deliver faster results and a quicker treatment pathway for patients with cardiovascular diseases and other conditions, including sleep apnea.
• Increasing Launch of mHealth Applications: Increasing launch of mHealth applications to expand virtual care access is expected to drive market growth over the forecast period. For instance, on October 12, 2023, Cedars-Sinai, a specialty hospital in the U.S., launched a new artificial intelligence-driven mHealth application for patients in California that provides virtual care options for various clinical conditions. Patients can use the app to access care for numerous conditions, including colds, headaches, anxiety, type 2 diabetes, wellness visits, and specialist referrals.
• Increasing usage of health and fitness apps: The rising popularity of health and fitness apps has been a major factor propelling the growth of the global mHealth app market. With growing health consciousness among people and advancements in smartphone technology, more individuals are embracing digital solutions to track their fitness goals and manage medical Health and fitness apps offer a wide range of functions from step counting, calorie burning, dietary monitoring to diagnosis help, remote consultation and medication reminders. Their around-the-clock availability and easy synchronization with other devices has made them a convenient option for self-care. Particularly during the Covid-19 pandemic, telehealth became an essential service with many turning to mobile apps to receive medical guidance while avoiding physical visits.

Global mHealth Market Restraints

• Low adoption of internet in some emerging economies: Low adoption of internet in some emerging economies is expected to hinder growth of the global mHealth market. For instance, in October, according to the Pew Research Center, Sub-Saharan Africa has a lower level of internet use than any other geographic region, ranging from a high of 59% in South Africa to a low of 25% in Tanzania.
• Moreover, resistance to change in general, the existence of unreliable technologies, the non-uniformity of technological availability, a lack of end-user education, and many other issues are also expected to limit the adoption of mHealth.
• Counterbalance: Thus, Government and private sector are focused on investment into telecommunications infrastructure for increasing internet coverage and quality
• Data Security and privacy concerns: Data security and privacy concerns have been a major obstacle in allowing the global mHealth market to reach its full potential in recent years. As digital health technology continues to rapidly advance and gather vast amounts of sensitive personal health data, users are increasingly worried about how their information could be vulnerable or misused. This erosion of trust in data protection acts as a brake on the widespread consumer adoption of mHealth apps and services.

Global mHealth Market Opportunities

• Growing usage of mHealth solutions for non-communicable diseases: The growing usage of mobile health or mHealth solutions holds great potential for the global mHealth market, particularly in managing non-communicable diseases (NCDs). NCDs such as cardiovascular diseases, cancer, respiratory diseases and diabetes account for over 70% of all deaths globally each year according to the World Health Organization. Often these diseases require long-term treatment, continual monitoring of vitals, and management of chronic conditions.
• mHealth applications can help address some of the challenges in NCD management by enabling remote patient monitoring and delivering personalized care outside of clinical settings. This is especially useful in low to middle income countries where access to healthcare infrastructure is limited. By leveraging the widespread adoption of mobile phones, mHealth apps allow real-time transmission of biometric data like blood glucose levels, blood pressure, electrocardiogram readings etc. from the patient's home to the doctor's clinic. Alerts can also be set for abnormal readings so that medical intervention is not delayed. Apps further aid treatment adherence through scheduling medication reminders, online consultations, and health tracking features.
• Integration of emerging technologies like AI and IoT: The integration of emerging technologies like artificial intelligence and the internet of things into mobile health solutions provides a tremendous opportunity to transform the global mHealth market. AI and IoT allow for the more personalized, predictive, and preventative delivery of healthcare services via mobile phones and connected devices.
• By utilizing huge amounts of health data collected from smartphones, wearables, and connected medical instruments, AI technologies can help detect health issues early and even predict the onset of diseases. This could help lower healthcare costs significantly by avoiding expensive urgent treatments for conditions that could have been caught at preventable stages. AI driven data analysis could also help gain novel insights into public health issues, aiding governments and NGOs in developing more effective and targeted policy interventions.

Global mHealth Market Trends

Increasing adoption of self-care and home healthcare solutions: The adoption of self-care and home healthcare solutions is having a significant impact on the global mHealth market. As people are increasingly living longer due to improved healthcare, there is a growing emphasis on convenience, independence, and disease prevention. Self-care and home healthcare mobile applications allow people to better monitor and manage their health from the comfort of their own homes. This helps reduce strain on overburdened healthcare systems while improving health outcomes.

Figure 2. Global mHealth Market Share (%), By Component, 2023

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Recent Developments

New product launches

• On April 19, 2023, Oraichain, an artificial intelligence-powered oracle and blockchain ecosystem supplier, announced the launch of a cutting-edge healthcare platform, BlockAI.Care, on its ecosystem. The comprehensive application integrates multiple, AI-powered models to provide an all-in-one platform for people to keep track of their health.
• In October 2022, ALYKA Health, a health technology company, announced the launch of a mobile application that will serve as a digital health assistant for individuals and their families. ALYKA, available on iOS and Android devices, places the opportunity for better health into consumers’ hands. ALYKA reviews major risk factors for heart disease and integrates with patient health records for curated essential health data.
• In April 2020, Google Inc., a global technology company, announced the launch of the Google Cloud Healthcare API platform. This software is designed to enable data exchange between solutions built on Google Cloud and healthcare applications.

Acquisitions and Collaborations

• On May, 25, 2023, Medtronic, a medical device company, announced the acquisition of EOFlow Co. Ltd., a manufacturer of the EOPatch, a tubeless, wearable and fully disposable insulin delivery device. The addition of EOFlow, together with Medtronic's Meal Detection Technology algorithm and next-generation continuous glucose monitor (CGM), is expected to expand the company's ability to address the needs of more individuals with diabetes.
• In October, 2022, GE Healthcare, a healthcare company, announced a collaboration with AMC Health,  a virtual care and remote patient monitoring company, to offer remote patient monitoring (RPM) as a virtual care solution that extends patient care outside the hospital to the home environment.
• In November 2022, Hartford HealthCare, a global healthcare network, entered a long-term partnership with Google Inc., a global technology company, for the advancement of the healthcare system with improvements in data analytics, digital transformation, and enhancement of delivery care & patient access.

Top Companies in Global mHealth Market

• Airstrip Technologies, Inc.
• Medtronic
• AliveCor, Inc.
• BioTelemetry
• Accuhealth Technologies LLC
• 360HealthTek
• Netrin Health
• Oraichain
• ALYKA Health
• Google, Inc.
• Allscripts Healthcare Solutions
• Telefonica S.A.
• SoftServe
• AT&T
• mQure
• Qualcomm Technologies, Inc.

Definition: mHealth stands for mobile health and is the sub-segment of eHealth that deals with the medicinal practice in favor of public health care, supported by mobile devices. The term mHealth is used to refer the use of mobile communication devices such as mobile phones, electronic tablets, PDAs and also comprises of wearable devices such as a smart watch for data collection and information about health care services.