The global mHealth market was US$ 45.5 billion in 2021. The global mHealth market is forecast to grow to US$ 256.4 billion by 2030 by growing at a compound annual growth rate (CAGR) of 34.1% during the forecast period from 2022 to 2030.
Factors Influencing the Market
mHealth aims to inform patients with efficient healthcare information and management. The mHealth industry is forecast to grow rapidly owing to the rapidly growing advancements in wearable and digital technology. In addition, the rising use of mobile healthcare apps is likely to propel the mHealth market forward.
The increasing deployment of wearable technologies to track health-related data is likely to surge the growth of the mHealth industry. In addition, the growing use of smartphones and the rising prevalence of diseases will benefit the market in the coming years.
The high prevalence of chronic diseases and increasing demand for online resources will contribute to the market growth. In addition, favorable government initiatives like offering financial aid will benefit the overall mHealth market.
Growing initiatives related to the development and promotion of mHealth medical devices will boost the growth of the global mHealth market. On the contrary, the lack of awareness regarding the benefits and usage of mHealth applications in underdeveloped countries may restrict the growth of the market.
COVID-19 Impact Analysis
The COVID-19 pandemic has had a favorable impact on the mHealth market's growth. The implementation of lockdown and the practice of social distance mandated the shutdown of gyms and medical clinics. As a result, it affected the routine health examinations of people. Thus, people started adopting digital tools for health management, and as a result, it steeply grew in popularity. Following the COVID-19 epidemic, the number of people who subscribe to health management applications has skyrocketed. Furthermore, through the internet sales channel, demand for wearable devices for fitness tracking and health management has surged throughout the pandemic.
Regional Analysis
Because of the high adoption of smartphones, tablets, and other mobile platforms in the region, North America is forecast to hold the highest share of the mHealth market. Asia-Pacific and Europe are forecast to hold the second and third highest share in the global mHealth industry. Furthermore, due to the region's development and adoption of innovative technologies, Asia Pacific is predicted to have the greatest CAGR globally over the projection period.
Competitors in the Market
Market Segmentation
The global mHealth market segmentation focuses on Type, Application, Stakeholders, and Region.
The mHealth market has been segmented based on type –
The mHealth market has been segmented based on application –
The mHealth market has been segmented based on stakeholders –
The mHealth market has been segmented based on region –
