Newark, Aug. 20, 2024 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global mHealth market is expected to grow from USD 62.50 billion in 2023 to USD 582.08 billion by 2033, at a CAGR of 25% during the forecast period 2024-2033. North America emerged as the largest global mHealth market, with a 40% market revenue share in 2023. The increasing incidence of obesity, cardiovascular, pulmonary and other chronic devices is increasing the demand for mHealth in the market. The increasing geriatric population is also contributing to the market's growth. The increasing demand for fitness apps which track heart health, oxygen levels, nutrition intake and daily steps from individuals adopting an active and healthy lifestyle will propel the market's growth. The presence of a well-established and connected network with the necessary telecommunications infrastructure offers a prospective market for the mHealth industry.
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As we look ahead to 2033, the mHealth market will continue to evolve, driven by innovation, increasing demand for remote healthcare solutions, and a growing emphasis on personalized medicine. The future of healthcare is mobile, and mHealth is leading the charge in this digital health revolution.
Leading companies in the industry include Bayer Healthcare, Boston Scientific Corporation, Dexcom, Inc., Fitbit Inc., Johnson and Johnson, Koninklijke Philips N.V., Medtronic Plc., Omron Healthcare Co. Ltd., Samsung Electronics Co., Ltd., Sanofi, among others, are offering more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 25% |
| 2033 Value Projection | USD 582.08 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Product Type, Application, Regions, End User |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| mHealth Market Growth Drivers | The increasing demand for fitness apps |
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The product type segment is divided into applications and wearables. The applications segment dominated the market, with a market share of around 57% in 2023. The increasing automation and digitization of economies have encouraged the development of healthcare apps to facilitate Remote patient monitoring, improve patient-physician communication and reduce disease burden by increasing health awareness. The application segment is divided into monitoring services, diagnostics services, fitness and wellness services, treatment services, healthcare systems strengthening services and others. The monitoring services segment dominated the market, with a market share of around 38% in 2023. Monitoring apps reduce hospitalizations as remote monitoring is effective, efficient and secure. The end-user segment is divided into healthcare providers, patients, health insurance providers, pharmaceutical companies, app companies and others. The healthcare providers segment dominated the market, with a market share of around 40% in 2023. The healthcare industry is witnessing a rise in digitization and automation. The potential of technology is being exploited for the benefit of the healthcare industry by both private and public players. Healthcare providers use medical applications, devices and wearables in various areas to meet multiple objectives. It is being used to streamline administration, reduce paperwork, improve efficiency, service delivery, and reduce downtime. It collects, processes, maintains and retains health records for easy access to patient treatment and policymaking. It is also being used to improve cooperation and coordination between departments to improve patient outcomes.
They are also using it to spread awareness and to impart education.
According to the World Health Organisation, 5% of people globally suffer from depression. Depression is the most prevalent disability in the world, and it affects people's daily lives, according to reports. A few causes include stressful circumstances, loneliness, alcoholism, drug abuse, illness, family history, traumatic childhood events, or giving birth. Approximately 75% of the population in low- and middle-income countries lacks mental health services. But when mental health is more widely recognised and supported by governments worldwide, the market will profit. The market will grow due to the use of mHealth to raise awareness of mental health issues and provide simple access to treatment alternatives with data protection.
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Future Outlook
The future of the mHealth market is bright, with continued growth expected in the coming years. Several trends are likely to shape the market:
• Personalized Medicine: mHealth applications are increasingly being used to deliver personalized medicine, tailoring treatment plans to individual patients based on their unique health data. This trend is expected to grow, driven by advancements in AI and genomics.
• Global Expansion: As mHealth continues to expand globally, emerging markets in Asia-Pacific, Latin America, and Africa present significant growth opportunities. Increased investments in mobile infrastructure and healthcare access will drive mHealth adoption in these regions.
• Collaborative Care: mHealth is enabling more collaborative care models, where patients, healthcare providers, and caregivers work together to manage health conditions. This approach is expected to become more prevalent, particularly for chronic disease management.
• Patient Empowerment: mHealth empowers patients to take control of their health by providing them with tools to monitor their health, access medical information, and communicate with healthcare providers. This trend towards patient-centered care is expected to drive the future of mHealth.
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