The “mHealth Market Forecast to 2028 – COVID-19 Impact and Analysis – by Service, Devices and End User and Geography” report has been added to ResearchAndMarkets.com’s offering.
The mHealth market is projected to reach US$ 410.39 billion by 2028 from US$ 70.83 billion in 2021; it is estimated to grow at a CAGR of 28.5% from 2021 to 2028.
One of the major goals of the mHealth market players is global compliance with privacy regulations and clear standards, such as the Health Insurance Portability and Accountability Act (HIPAA) rules. At the same time, the compliant app development process can become limiting; such a process compels developers to create health apps based on strict regulations, and digital innovations and creativity might outpace such apps.
Standards are essential to reduce risks, boost revenue, and improve access and quality. Hence, app developers must find a balance between regulatory standard compliance and innovative technologies to boost patient health outcomes and well-being. The health information that apps collect can be integrated into patients’ records across countries to support interoperability and medical research.
The mHealth market is a highly fragmented landscape; this is due to the presence of large, medium, and small players in the market. Out of the various strategic alliances adopted by players in the market to hold sizeable stakes, capitalizing on the emerging opportunities and acquiring latest technologies and tools have gained maximum popularity. The level of competition among leading vendors is increasing with the rising use of technologies and smart devices, such as wearables.
The global mHealth market is expected to grow steadily due to the presence of highly established players concentrating on improving their product quality, facilitating product differentiation, and enhancing geographic reach. These companies are also attempting to introduce advanced and new products into the industry on a daily basis.
Based on service, the mHealth market is segmented into remote monitoring, diagnosis, treatment, health support, fitness & wellness, and other services. The remote monitoring services segment held the largest share of the market in 2021 and is anticipated to register the highest CAGR in the market during the forecast period.
Based on device, the mHealth market is segmented into insulin pump, BP monitor, glucose monitor, personal pulse oximeter, and other devices. The insulin pump segment held the largest market share in 2021. However, the personal pulse oximeter segment is expected to register the highest CAGR in the market during the forecast period.
Key Market Dynamics
Market Drivers
- Increasing Adoption of Smartphone & Other Mobile Platforms
- COVID-19 Pandemic
- mAgeing Program by WHO
Market Restraints
- Security and Privacy Issues
- Stringent Regulations and Policies
Market Opportunities
- Development Opportunities in Emerging Countries
Future Trends
- Adoption of Internet of Medical Things (IoMT)
Companies Mentioned
- Allscripts Healthcare LLC
- Koninklijke Philips N.V.
- Medtronic
- Boston Scientific Corp.
- Athenaheath Inc.
- Honeywell Life Care Solutions
- Cisc- Systems Inc.
- Omron Corp.
- Masimo
- Agamatrix Inc.
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