mHealth is applicable in wide areas, ranging from collection of community and clinical health data and delivery of healthcare information to medical personnel to real time monitoring of the patient by provision of direct care. In developed countries, patients and consumers extensively use mobile gadgets to search for healthcare services and access various kinds of healthcare information. Doctors, physicians and even nurses are found using mobile devices to access information about a patient from established databases and other resources.
The global mHealth market is estimated to account for US$ 16.7 Bn in terms of value in 2019 and is expected to reach US$ 107.6 Bn by the end of 2027.
Global mHealth Market: Drivers
Launch of novel mHealth solutions is expected to propel growth of the global mHealth market over the forecast period. For instance, in June 2020, Fitbit launched a new Ready for Work solution that gives employees access to key health metrics from their Fitbit device along with exposure, symptom and temperature logging, to help employers with the unprecedented challenge of returning to the workplace during the COVID-19 pandemic.
Global mHealth Market: Opportunities
Increasing investment in boosting internet penetration is expected to offer lucrative growth opportunities for players in the global mHealth market. For instance, in May 2019, SpaceX launched the first 60 operational satellites of its network of satellites called Starlink that is tasked to provide satellite Internet access.
Global mHealth Market: Restraints
Lack of security measures is expected to hinder growth of the global mHealth market. Multiple device access to healthcare data and applications, on- and off-premise, raises security concerns. In case of mHealth applications, there would be high risk of loss of unlocked confidential data to an unauthenticated user.
The global mHealth market was valued at US$ 16.7 Bn in 2019 and is forecast to reach a value of US$ 107.6 Bn by 2027 at a CAGR of 24.4% between 2020 and 2027. Major factor driving the growth of global mHealth market during the forecast period include technological advancement, and increasing use of mobile applications.
General healthcare and fitness held dominant position in the global mHealth market in 2019, accounting for 36.6% share in terms of value, followed by Health data and record access and Healthcare management, respectively. Various organizations are indulged in introducing mobile applications aimed towards general health and fitness.
The market in North America is driven by government initiatives to offer patients safe and secure access to their digital health data. For instance, in March 2020, The U.S. Department of Health and Human Services finalized the two sets of rules that fulfill the interoperability and information-blocking provisions of the landmark 21st Century Cures Act. The rules will govern how providers, payers and technology vendors must design their systems to give patients safe and secure access to their digital health data.
The market in Asia Pacific is driven by increasing number of mobile users. For instance, according to Telecom Regulatory Authority of India, India recorded 1,281,971,713 mobile users as of January 2019.
Global mHealth Market: Competitive Landscape
Major players operating the global mHealth market include, Medtronic Inc., Apple Inc., Sanofi, Mobistante, Inc., AirStrip Technologies, Inc., AliveCor, Inc., LifeWatch AG, Koninklijke Philips N.V, Jawbone, Nike, Inc., Omron Corporation, Johnson and Johnson, Bio Telemetry Inc., Withings, AgaMatrix Inc., iHealth Lab Inc., Elucid Mhealth, Qualcomm, AT&T, Cerner Corporation and Cisco Inc.
Global mHealth Market: Key Developments
August 2019: HCL Technologies and a Platinum-Level member of Oracle Partner Network (OPN), and Oracle Health Sciences collaborated to help life sciences companies execute and scale the next generation of digital clinical trials to reduce the time and cost of drug development.