mHealth Market Size, Share & Trends Analysis Report By Component (Wearables, mHealth Apps), By Services (Monitoring Services, Diagnosis Services), By Participants, By Region, And Segment Forecasts, 2024 - 2030

mHealth Market Size, Share & Trends Analysis Report By Component (Wearables, mHealth Apps), By Services (Monitoring Services, Diagnosis Services), By Participants, By Region, And Segment Forecasts, 2024 - 2030

mHealth Market Growth & Trends

The global mHealth market size is expected to reach USD 130.6 billion by 2023, registering a CAGR of 10.7% from 2024 to 2030, according to a new report by Grand View Research, Inc. The substantial surge in emphasis on enhancing individual health and well-being through intelligent devices & wearable technology stands as the primary catalyst driving the expansion of the market. Moreover, growing utilization of the internet & smartphones and widespread acceptance of mHealth technology & platforms among medical professionals and patients are anticipated to drive the growth of the market. In addition, increasing integration of digital healthcare services for remote patient monitoring is heightening demand for mobile health applications, thereby contributing to the market's projected growth in the years to come.

Increased utilization of mobile health platforms and technologies, including apps, during COVID-19 pandemic has led to an increase in growth of the market. Several government initiatives to launch mHealth apps during the COVID-19 are also responsible for driving adoption of mHealth apps during this period. Furthermore, increasing internet penetration and adoption of digital health technologies for remote diagnosis and analysis of patient data are the major factors responsible for the high adoption of mobile health technologies during the COVID-19 pandemic. Moreover, restrictions and fear of COVID-19 infection have further fueled adoption of mobile health technologies and apps which in turn are expected to accelerate the market growth over the forecast years.

Apple, Inc.; Google, Inc.; AT&T; Allscripts Healthcare; and Samsung Electronics are some of the major players in the market owing to their strong product portfolios, global presence, financial performance, and collaboration activities. Companies in the market are collaborating to expand their mHealth capabilities. For instance, Samsung and American Well entered a mHealth- telehealth partnership that provides access to mHealth tools to consumers. Several content players in the market are collaborating with other players to maintain their market position. For instance, in November 2022, Hartford HealthCare entered into a long-term partnership with Google Cloud for advancement of healthcare system with improvement in data analytics, digital transformation, and enhancement of delivery care & access.

The companies are focusing on delivering mHealth services for a variety of distinct applications to gain a competitive advantage. Companies are increasingly involved in development and launch of new products to maintain their position in the market. For instance, in 2020, Allscripts launched Veradigm AccelRx software solution. This solution will be helpful in reducing patient wait time and is uniquely designed for specialty medication management. In addition, in March 2022, Samsung unveiled its latest innovation, a smart healthcare TV, and advanced digital health solutions for healthcare facilities at Healthcare Information and Management Systems Society (HIMSS) Global Conference held in Florida. Furthermore, Samsung and ShareSafe are partnering to develop a secure casting solution for mobile devices for Samsung Smart Healthcare TV.

mHealth Market Report Highlights

• Based on component, the mHealth apps segment dominated the market with a revenue share of 77.5% in 2023, owing to high internet usage, increasing penetration of smartphones, and growing awareness about mHealth among healthcare professionals
• Based on services, the monitoring segment dominated the market in 2023 with the largest revenue share, owing to rising prevalence of chronic diseases and increasing preference for remote monitoring services in post-acute care
• Based on participants, the mobile operators accounted for the largest revenue share in the market owing to an increase in number of mobile subscribers, improvements in network infrastructure, and rise in the use of 3G & 4G technologies
• North America dominated the market with a revenue share of 36.5% in 2023, owing to various factors including rising incidence of chronic diseases, increasing healthcare expenditure, growing geriatric population, and improved network infrastructure

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