MHEALTH MARKET ANALYSIS

Market Challenges And Opportunities

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