mHealth Market Outlook
According to the report by Expert Market Research (EMR), the global mHealth market Size reached a value of approximately USD 73.1 billion in 2022. Aided by the burgeoning demand for remote patient monitoring services and the rise in mHealth applications across the healthcare sector, the market is projected to further grow at a CAGR of 21.9% between 2023 and 2031 to reach a value of USD 439.0 billion by 2031.
mHealth, or mobile health, represents the use of mobile and wireless technologies to support healthcare systems and achieve healthcare objectives. mHealth solutions range from simple applications for gathering patient data, and managing patient records to complex ones, such as real-time monitoring of patient vitals using connected devices. These services are proving increasingly vital in enhancing patient care, facilitating remote patient monitoring, managing chronic diseases, and reducing healthcare costs.
One of the primary factors driving the global mHealth market growth is the surging prevalence of chronic diseases and the rising need for their continuous monitoring. As healthcare providers seek efficient ways to manage increasing patient loads, mHealth applications offer convenient and cost-effective solutions, thereby seeing a surge in demand.
Additionally, the exponential growth in smartphone penetration and internet connectivity worldwide has created a significant impact on the market for mHealth. These technological advancements have made it easier to access health-related services and information, leading to the proliferation of various health apps and wearables.
In the age of personalised medicine, mHealth tools are also proving crucial by providing personalised health and wellness solutions. This trend towards personalised healthcare is expected to further fuel the mHealth market expansion in the forecast period. The market also benefits from the shift towards patient-centric healthcare services. These services require consistent communication between patients and healthcare providers, something that mHealth solutions readily provide.
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Simultaneously, the COVID-19 pandemic has immensely influenced the mHealth market. The need for social distancing has encouraged remote consultation and treatment, thereby accelerating the demand for mHealth solutions.
Moreover, the integration of emerging technologies like Artificial Intelligence (AI), Machine Learning (ML), and the Internet of Things (IoT) in mHealth promises even more substantial growth opportunities. These technologies are expected to improve the functionality of mHealth applications, offering predictive analytics, advanced disease management, and enhanced patient care, promoting the mHealth market development.
mHealth Market Segmentation
The market can be divided based on type and region.
Market Breakup by Type
• mHealth Apps
o Healthcare Apps
o Medication Management Apps
• mHealth Devices
o Blood Glucose Monitors
o Cardiac Monitors
o Hemodynamic Monitors
o Neurological Monitors
o Respiratory Monitors
o Body and Temperature Monitors
o Remote Patient Monitoring Devices
o Other Devices
• mHealth Services
o Treatment Services
Independent Aging Solutions
Chronic Disease Management
o Diagnostic Services
o Monitoring Services
Remote Patient Monitoring Devices
Medical Call Centres Manned by Healthcare Professionals
Teleconsultation
Post Acute Care Services
o Wellness and Fitness Solutions
o Other Services
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
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Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global mHealth companies. Some of the major key players explored in the report by Expert Market Research are as follows:
• Asian MHealth Pvt. Ltd.
• Native Crafts and Arts, Inc.
• Fakih Group of Companies
• Gangamani Fashions (Art & Crafts)
• HN MHealth
• S. N. MHealth
• Unique MHealth Ltd
• Vietnam Handicraft Co., Ltd
• Haswani MHealth
• Sushil Craft
• Others
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