mHealth Market Size, Share & Trends Analysis Report By Component (Wearables & Connected Wearable Devices, mHealth Apps, Services), By End-use, By Region, And Segment Forecasts, 2024 - 2030

mHealth Market Size, Share & Trends Analysis Report By Component (Wearables & Connected Wearable Devices, mHealth Apps, Services), By End-use, By Region, And Segment Forecasts, 2024 - 2030

mHealth Market Growth & Trends

The global mHealth market size is expected to reach USD 158.3 billion by 2030, growing at a CAGR of 14.1% over the forecast period, 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 market expansion. Moreover, growing utilization of internet & smartphones and widespread acceptance of mHealth technology & platforms among medical professionals and patients are anticipated to drive the growth. 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.

Increased utilization of mobile health platforms and technologies, including apps, during the COVID-19 pandemic, has led to market growth. Several government initiatives to launch mHealth apps during the pandemic are also responsible for driving the 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 pandemic. Moreover, restrictions and fear of infection have further fueled the 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 market players, 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 the advancement in healthcare systems 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 the development and launch of new products to maintain their market position. For instance, in 2020, Allscripts launched the 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 the Healthcare Information and Management Systems Society (HIMSS) Global Conference held in Florida. Furthermore, Samsung and ShareSafe partnered up to develop a secure casting solution from mobile devices to Samsung Smart Healthcare TV.

mHealth Market Report Highlights

• Based on component, the mHealth apps segment accounted for the largest revenue share in 2023. The segment is also projected to witness the fastest CAGR during the forecast period.
• Based on end-use, the patient segment held the largest revenue share in 2023 and is expected to witness the fastest CAGR from 2024 to 2030
• North America dominated the market in 2023, owing to various factors including rising incidence of chronic diseases, increasing healthcare expenditure, growing geriatric population, and improved network infrastructure.
• Asia Pacific is expected to witness the fastest CAGR from 2024 to 2030

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