According to TechSci Research report, the global mHealth market is expected to witness significant CAGR growth for the forecast period, 2022-2026. The increase in the demand for remote consultations to obtain quick treatment which is also cost-effective is expected to fuel the global mHealth market growth. The adoption of the mHealth apps aids in improving the treatment outcomes and preventing the occurrence of chronic diseases is expected to influence the global mHealth market growth. Increase in the geriatric population around the globe as with the growing age, the immunity level of an individual decrease, and the individual is susceptible to getting infected with a variety of diseases. The growing adoption of mHealth services by the old age population to obtain healthcare services without putting in the physical effort is expected to foster the global mHealth market growth.
However, a lack of awareness among the consumers to choose the right mHealth solution owing to the limited guidance provided by the healthcare professionals is expected to restrain the growth of the global mHealth market in the next five years.
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Global mHealth market is segmented into connected devices, mHealth apps, mHealth service, regional distribution, and company. Based on the mHealth app, the market can be bifurcated into medical apps and fitness apps. The medical apps segment is expected to hold a major market share for the forecast period, 2022-2026. The ease of accessing the healthcare apps and presence of user-friendly interface in mobile applications is driving the growth of the segment. The surge in the occurrence of lifestyle-related and chronic diseases along with the growing penetration of smartphones is expected to boost the growth of the segment. Based on the mHealth service, the market can be divided into remote monitoring services, diagnostics, and consulting services, treatment services, fitness & wellbeing services, and preventive care services. The remote monitoring services segment is expected to account for a significant market share in the next five years. The adoption of advanced technologies by the manufacturers and the launch of affordable electronic devices are expected to influence the demand of the mHealth market. Based on the connected devices, the market can be divided into BP & glucose monitors, heart rate monitors, pulse oximeters, foetal monitoring devices, sleep apnea monitors, and others. The BP & glucose monitors are expected to dominate the global mHealth market for the predicted period. The rise in the adoption of a sedentary lifestyle and increase in the prevalence of hypertension-related diseases is contributing to the growth of the segment.
Medtronic Plc, Apple, Inc., AirStrip Technologies, Google, LLC, Samsung Electronics, Koninklijke Philips N.V., AgaMatrix, Inc., Bayer AG, Omron Corporation, AliveCor, Inc., Orange Healthcare, Inc., Bio Telemetry, Inc., iHealth Labs, Inc., Nike, Inc., Withings S.A. are the leading players operating in global mHealth market. Service Providers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several mHealth provider is coming up with their technologically advanced offerings.
According to TechSci Research “The rise in adoption of advanced technologies by the healthcare institutions and surge in the acceptance of the mHealth services by the patients to keep track of the health-related information thereby aiding in reducing the extra hospitalization costs, imaging tests, and other expenses is expected to create lucrative opportunities for the global mHealth market growth. The adoption of attractive marketing strategies by the market players such as social media campaigns to expand the reach of their brands and increase the consumer base is expected to propel the mHealth market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.