Global mHealth Market, By Component (Wearables, mHealth Apps, (Medical Apps, Fitness Apps)), By Services (Remote Health Monitoring, Diagnostic Services, Healthcare Systems Strengthening Services, and Others), By Application (Cardiovascular, Respiratory, Oncology, Neurology and Others), By End User (Public/Private healthcare institutions, Healthcare workers, Physicians and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 24.25 Bn in 2023, and is expected to exhibit a CAGR of 14.2% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Increasing research and development activities for mobile health applications by key market players is expected to drive the global mHealth market growth over the forecast period. For instance, in 2020, Allscripts made strategic partnerships with Sheba Medical Center to improve patient care through accelerating the development of AI-based technologies. Hence, these types of partnerships are anticipated to help in increasing the company's market share in the mobile health industry.
Global mHealth Market - Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and consequent lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The pandemic hampered the entire supply chain of the healthcare industry, mainly due to strict lockdowns in several regions. The private healthcare is one such sector that was significantly impacted by the COVID-19 pandemic.
Many patients suffering from COVID-19 had a severe respiratory infection that required hospitalization and mechanical ventilation. Governments of various countries are focusing on initiatives to fight against the COVID-19 pandemic and stop the spread of the coronavirus infection by implementing various measures in the countries. Moreover, the governments of various countries have collaborated with universities around the globe to find novel treatments option for COVID-19 and its related complications. However, the COVID-19 pandemic had a negative impact on the global mHealth market. During the pandemic, numerous mobile health apps related to COVID-19 tracking, symptom checking, mental health, fitness, and wellness saw increased downloads and usage. The capability to monitor one’s own health and access healthcare services remotely helped in maintaining social distancing protocols
Global mHealth Market: Key Developments
In April 2022, AirStrip Technologies, Inc., a global technological company, collaborated with FifthEye to combine and resell the FDA-approved software-AHI System-as Fifth Eye’s AHI System for real-time detection & prediction of hemodynamic instability.
Browse 36 Market Data Tables and 28 Figures spread through 190 Pages and in-depth TOC on Global mHealth Market, By Component (Wearables, mHealth Apps, (Medical Apps, Fitness Apps)), By Services (Remote Health Monitoring, Diagnostic Services, Healthcare Systems Strengthening Services, and Others), By Application (Cardiovascular, Respiratory, Oncology, Neurology and Others), By End User (Public/Private healthcare institutions, Healthcare workers, Physicians and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Key Takeaways of the Global mHealth Market:
- Global mHealth market is expected to exhibit a CAGR of 14.2% during the forecast period due to increasing prevalence of cancer. For instance, in Jauary 2020, The National Institutes of Health is launching an mHealth project to include digital data from wearables in the massive All of Us research program.
- Among component, mHealth apps segment is estimated to hold a dominant position in the global mHealth apps market over the forecast period due to increasing launch of mHealth apps by key market players. For instance, in July 2021, First Financial Holding Co. and TPIsoftware, software provider, have collaborated to launch a new mobile health and fitness app, the Qwalker app that features gamified exercise. The Qwalker app tracks a user's all-day steps, walking miles, and burned calories. The mobile app connects and syncs with Google Fit or Apple Health, providing users with access and insights into their health and well-being.
- The major players operating in the global mHealth market include 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, and Qualcomm Technologies, Inc.