• Stacy Lawlor

Global mHealth Market Size to grow by US$ 293.2 Bn in 2030

The global mHealth market was valued at USD 35.2 Bn in 2021. The market is projected to grow USD 293.2 Bn in 2030, at a CAGR of 22.3%.

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The rising number of mHealth applications, such as chronic illness management and remote monitoring, are just a few of the aspects that aid in lowering overall healthcare costs. Furthermore, adults over the age of 65 are more susceptible to chronic illnesses. As a result, the growing senior population in many parts of the world is another growth-promoting element. For example, in the United States, 40 million people, or roughly 12.9 percent of the population, are over the age of 65, and this number is expected to climb over the projected period.

Medical systems in both industrialised and developing countries are focusing on lowering health-care costs and improving population health. Unhealthy living habits, medicine costs, expensive illness treatments, fragmented care, and other factors all contribute to high health-care expenditures. As a result, there has been an increasing desire in recent years for a reduction in healthcare expenses, as around 30% of healthcare spending is unneeded and wasteful. As a result, the use of novel technologies and the restructuring of healthcare procedures will enable cost savings in the future, propelling the sector forward.

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The apps segment has dominated the market share in 2020 of global mHealth market owing to increasing penetration of the internet and smartphones, as well as the growing acceptance of mobile health apps by healthcare professionals and the general public. The monitoring segment has dominated the market share in 2020 of global mHealth market owing to the increased frequency of infectious and chronic diseases, as well as the expanding demand for remote monitoring platforms in post-acute care, are driving the segment's rise. For example, in China, the rising number of people suffering from chronic illnesses is becoming a major societal concern. The majority of these chronic illnesses necessitate ongoing monitoring, which is fueling demand for advanced monitoring services in the country. The pharmaceutical companies segment is dominated the market share in 2020 of global mHealth market owing to growing number of companies offering mHealth solutions in various established and emerging nations. In addition, Europe has the highest number of digital health startups on the market.

North America region is dominating the market share of global mHealth market owing due to rising acceptance rate of digital technologies, as well as the presence of several mHealth applications, has had a significant impact on the market's growth. The growing senior population, as well as the rising prevalence of numerous chronic conditions, are driving the adoption of mobile health solutions.

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Key Developments:

October 2020- Fitbit and U.S. Army’s Medical Research and Development Command (USAMRDC) formed a partnership to launch a COVID-19 mHealth study to develop a connected health platform to detect the impact of COVID-19 in the U.S. military to detect early signs of COVID-19.

August 2020- Livongo Health and Teladoc health announced a merger to expand on a concept of “consumer centered virtual care”. This strategic combination will help the company to provide a unique opportunity and will drive the growth of their data driven platform.

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