MHealth Market Share is Estimated to Witness Healthy Valuation of USD 123.1 Billion at a 11.30% CAGR by 2030
Research Reports
Oct 17, 2023
mHealth Market Research Report Information, By Therapeutics (respiratory, mental and neurological disorders, fitness & lifestyle) Application(monitoring, diagnosis & treatment, wellness & prevention) – Forecast to 2030
According to MRFR analysis, the MHealth Market is expected to register a CAGR of 11.30% from 2023 to 2030 and hold a value of over USD 123.1 Billion by 2030.
The mobile health (mHealth) market is undergoing a rapid transformation, reshaping the healthcare landscape globally. mHealth leverages the power of mobile technology to provide healthcare services, monitor patient health, and improve overall well-being. With the proliferation of smartphones and the continuous development of innovative apps and devices, the mHealth market is poised for exponential growth. In this article, we will explore the mHealth market, its current state, growth drivers, challenges, and its promising future.
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The industry is growing as more connected devices and mHealth apps are being used to treat infectious and chronic illnesses. Another key factor driving the growth of the mHealth industry is the creation of improved mobile solutions. Global smartphone demand is one of the main drivers of the mobile health market’s revenue development. Many healthcare-related services are now accessible via wireless multimedia because to the widespread usage of smartphones, mobile phones, and tablets. Wireless electronic devices including mobile phones, wearable technologies, and other mHealth devices are used to collect this patient information.
Segmentation
The mHealth Market segmentation, based on therapeutics, includes respiratory, mental and neurological disorders and fitness & lifestyle.
The mHealth Market segmentation, based on application, includes monitoring, diagnosis & treatment and wellness & prevention.
Key Players
Some of the key market players are: Bayer healthcare, Medtronic plc, Samsung Group, Sanofi, Omron Corporation, Boston Scientific Corporation, Johnson and Johnson, Koninklijke Philips N.V., Masimo Corporation and Dexcom
Regional Analysis
Due to rising healthcare costs, an increase in the prevalence of chronic diseases, an increase in the number of seniors, and the presence of robust network infrastructure in the region, the North American mHealth market, which had a share of about 45.80% and was worth USD 26.7 billion is anticipated to grow at a significant CAGR during the study period. Additionally, encouraging government initiatives and a rise in the usage of mobile healthcare apps are fueling the region’s need for mHealth.
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The second-largest market share belongs to the Asia Pacific mHealth market. The increased incidence of chronic illnesses is expected to have a substantial influence on the Asia-Pacific mobile health market. In addition, it is projected that growing elderly patient populations in countries like Japan and India would support regional market revenue development. In addition, the Japan mHealth market had the highest rate of growth in the area, while the India mHealth market had the greatest market share.
An rising number of digital health businesses are fueling the growth of this region’s market for mobile health services in Europe. In addition, it is anticipated that the rising demand for remote patient monitoring among those who are unable to access essential medical services due to geographic limitations as well as the prevalence of chronic health conditions, such as diabetes and cardiovascular diseases, will support the market’s anticipated expansion in Europe.
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