mhealth Market

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.

There are more than 6.6 billion people worldwide that use smartphones daily, according to Ericsson & The Radicati Group. In addition, 44% of consumers in the US use digital tools to track some aspect of their health, and 33% own a wearable health or wellness device. Over 318,000 health apps are available on Apple's App Store and Google Play, with ~5 million being downloaded by new users every day. As the popularity of mHealth skyrockets, connected medical devices and mobile apps are rapidly becoming part of mainstream healthcare. mHealth solutions are increasingly being used to enable patient-clinician communications, support patient self-management and remote monitoring, and empower patients to play a more proactive role in their treatment. They are re helping clinicians make more data-driven diagnostic decisions and encourage their patients to make healthier lifestyle decisions that boost wellness. The solutions also help improve patients' adherence to treatment protocols. As per industry experts, mobile apps will have a vital role to play in standard treatment protocols for the majority of diseases and conditions, and they will also be used widely in preventative care. The adoption of mHealth solutions will bring many benefits, including improved care quality, increased patient engagement, and reduced costs. mHealth is expected to make healthcare far more personalized and intimate while also providing clinicians with a stronger foundation for scientific evidence-based decision-making.

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.

A few of the future trends in the mHealth market that are expected to influence its growth are stated below:

• Focus on more user-centric applications by investigating the behavioral science behind user engagement
• Sophisticated machine learning- and artificial intelligence (AI)-driven diagnostics and care management solutions
• Implementation of new regulations, including the EU Medical Device Regulation (MDR), which was implemented in May 2020
• Incorporating mHealth apps into clinical operations and patient care protocols

Further, the ongoing COVID-19 outbreak has contributed significantly to the surge in mHealth worldwide.

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.

The World Health Organization (WHO), World Trade Organization (WTO), Centers for Disease Control and Prevention (CDC), and Ministry of Health and Family Welfare are among the primary and secondary sources referred to while preparing the report on the mHealth market.