The global mHealth market industry is expected to reach USD 293.29billion by 2026 and exhibiting a CAGR of 34.34% in the forecast period of 2020 to 2026. The mHealth industry is supporting public health and medicine by a mobile device such as smartphones, tablets, computers, laptops, and wireless infrastructure like smartwatches. Digital health is grabbing all applications of multimedia & telecommunication technology for health services, information, data collection, and treatment support. The mHealth market is growing due to the adoption of advanced technology to provide healthcare to the patient. It also helps to reduce the long waiting period in the hospital to get healthcare facilities from the doctor.
The users are continually increasing for mobile health applications that help consumers in self-management of disease, chronic conditions and wellness. The mHealth system is helping to collect health data, provide patients health information to researchers, practitioners, and therapists in real-time monitoring. Moreover, home-based remote patient monitoring is popular among the elder population who cannot leave the house, which is also another reason for the growth of the mHealth market. Now many companies are entering the mHealth industry, which is supporting market competition and influencing key players to achieve a strong position in the market. Moreover, the healthcare industry is fueling mobile health technology to generate good market revenue.
mHealth Market Drivers
smartphone users are increasing worldwide, which is the major factor for the growth of the mHealth market. Even, many people have more than one device, so the estimated network connection was more than 9.8 billion in 2018. The largest market area of mobile device users is in China and India. Moreover, the increased usage of smartphones will be able to receive many health services through the wireless connections. Therefore, we said that this major factor will strongly help in increasing the revenue of the mHealth market.
The market demand for mhealth technology is increasing due to its user-friendly features and efficiency to handle the emergency. Moreover, the affordability of smart devices and the increasing demand for mHealth between medical professionals boost mobile health market growth. Doctors are accepting mobile technology to deliver real-time monitoring treatment for a chronic disease patient such as diabetes, heart attack & cancer. This factor is expected to drive the mobile health market growth because it focusing on patient and individual healthcare. For instance, in the world, 100 million people are there, where around 17% population are above 65 years old, and the rate is estimated to increase in the forecast period.
mHealth Market Segment
mHealth market is segmented based on device, stakeholder, service, apps, wearable, and region to give details of the market. The mHealth application is dividing into BP monitor, pulse, diabetics, respiratory, mental and neurological disorder, cardiac monitor, wearable fitness device, heart rate, and others. The wellness application is holding the maximum share of the mHealth app market and it increasing across the forecast period. The fitness trend is also growing to maintain a healthy body through diet and exercise, this trend gives fuel to health application. Moreover, health applications can plan your diet and manage a workout training routine that will accelerate the mHealth market share.
The wearable device segment also holds the maximum share in the mobile health market in 2019. The growth is continually increasing because of the adoption of a wearable device for medical and fitness. The increasing rate of chronic diseases such as diabetes, heart attack, respiratory disorder, or any other disease, which needs to be monitored through a mobile application, is also wearable segment growth. Even, many key players are entering in mHealth industry, which is another important factor to boost the market growth. The increasing adoption rate of a wearable device such as a wristband, smartwatches, and other devices also depends on mhealth technology and will accelerate the growth of the market over the forecast period.
mHealth Market Services
The mHealth market is categorized into diagnostic & treatment services, monitoring, fitness solution, and many other wellness services. The monitoring service is the fastest-growing segment in the coming days, due to the increased prevalence of chronic disorders in many geographical areas. Moreover, the fitness segment is witnessing growth, due to the increasing obesity patients in India and China. The obesity problem is not only in India and in China but across the world, so mobile health applications can educate them about their health and help in getting rid of the disorder. As market researchers say, the increasing demand for mHealth will support market growth in the forecast period.
Service providers are classified into all mobile health apps companies, hospitals, the health insurance sector, and pharmaceutical companies. According to the analysis, pharmaceutical companies are receiving the most revenue in the mobile health sector. A rising number of companies provide many new mobile health application services worldwide, which will significantly increase market growth. The hospital segment is also favorable growth in the mHealth market. Multi-specialist hospitals are also growing in many regions around the world and these hospitals are augmenting for business growth.
Mobile health applications can help to reduce expensive hospital bills. It can increase the use of mHealth applications worldwide is the major factor for market growth. Now maximum people are using a smartphone with the health application, which is the biggest reason to grow the market. The mobile health application market is predicted to grow due to demand from users. Even, the digital healthcare companies are adopted the B2C business model, which is increasing the adoption rate in the primary healthcare sector. The rising use of smartphones or other electronic devices leads to a focus on mobile health technology to manage the care; it gives an advantage for market growth. Globally the largest shareholder in the mHealth market is increasing and the market is attributed due to advanced digital technology and medical technology. Asia-Pacific is the second-largest market shareholder for the mHealth market and India is expected to grow more.
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