mHealth Solutions Market by Apps (Women Health, Diabetes, Mental Health), Connected Devices (Glucose & Blood Pressure Monitor, Peak Flow Meter), Services (Remote Monitoring, Consultation), End User (Providers, Patients, Payers) & Region - Global Forecasts

mHealth Solutions Market by Apps (Women Health, Diabetes, Mental Health), Connected Devices (Glucose & Blood Pressure Monitor, Peak Flow Meter), Services (Remote Monitoring, Consultation), End User (Providers, Patients, Payers) & Region - Global Forecasts to 2028

The global mHealth solutions market is projected to reach USD 395.0 billion by 2028 from USD 119.5 billion in 2023, at a CAGR of 27.0% during the forecast period. There is a growing inclination for home healthcare in North America. In addition, remote patient monitoring programs help reduce chronic care costs and hospital readmissions by moving care from hospitals into the patient’s home. These programs help in providing extensive healthcare assistance and focus on collecting patient-generated health data from home through devices and mobile health platforms provided to the primary healthcare provider. The rising demand for home healthcare services is a major factor driving the use of monitoring devices to record patient health and medical data from their homes. The demand is also likely to boost for connected devices because of the shortage of professionals in the healthcare industry, which, in turn, will increase the demand for home health services and mHealth solutions

“The mHealth Apps segment is projected to be the largest segment in the mHealth Solutions market”

Based on the products and services, the mHealth Apps segment is projected to be the largest segment during the forecast period. This share can be attributed to factors such as increasing penetration & use of smartphones, rising awareness among patients & doctors regarding mHealth apps, and growing demand for home healthcare & the convenience of using healthcare apps. Technological advancements, such as faster processors, improved memory, smaller batteries, and highly efficient open-source operating systems that perform complex functions, have paved the way for medical mHealth apps for professional and personal use

“Providers was the largest segment by the end user of mHealth Solutions market in 2022”

Healthcare providers segment is projected to grow at the highest growth rate in the mHealth Solutions market in 2022. The high growth can be attributed to the availability of portable special-purpose technologies and the potential to reach patients in remote areas, thereby reducing hospital readmission rates.Furthermore growing need to curtail healthcare costs, rising need for better financial outcomes, healthcare reforms, and the need to improve patient care while increasing operational efficiency is expected to drive the demand for Providers segment in the coming years.

“APAC to witness the highest growth rate during the forecast period.”

The Asia Pacific market is projected to grow at the highest CAGR during the forecast period. Market growth in the APAC region is mainly driven by factors owing to the growing medical tourism industry, increasing incidence of lifestyle and chronic disorders, and the rising adoption of wireless technologies. Asia Pacific market offer lucrative growth opportunities for market players, mainly due to the growing government initiatives and the increasing incidence of lifestyle disorders. The growth in these markets will likely be centered in India, China, South Korea, Australia, Singapore, This is mainly due to the rising prevalence of chronic disorders, increasing per capita income, higher adoption of smartphones, and the presence of advanced connectivity and networks in these countries.

The break-down of primary participants is as mentioned below:

By Company Type - Tier 1: 35%, Tier 2: 45%, and Tier 3: 20%

By Designation - C-level: 31%, Director-level: 27%, and Others: 42%

By Region - North America: 40%, Europe: 20%, Asia Pacific: 30%, Latin America: 5%, and Middle East & Africa: 5%.

Key players in the mHealth Solutions Market

The key players operating in the mHealth solutions market include Koninklijke Philips N.V. (Netherlands), Medtronic plc (Ireland), Johnson & Johnson (US), OMRON Healthcare Co., Ltd. (Japan), Cerner Corporation (US), Apple, Inc. (US), AliveCor, Inc. (US), AirStrip Technologies (US), athenahealth, Inc. (US), iHealth Lab Inc. (US), AT&T Inc. (US), AgaMatrix, Inc. (US), Cisco Systems, Inc. (US), Fitbit Inc. (US), OSP Labs (US), SoftServe (US), Garmin, Ltd. (US), Dexcom, Inc. (US), Tunstall Healthcare (UK), Teladoc Health, Inc. (US), ZTE Corporation (China), and My mHealth Limited (UK).

Research Coverage:

The report analyzes the mHealth solutions market and aims to estimate the market size and future growth potential of various market segments, based on product & services, components, end user, and region. The report also provides a competitive analysis of the key players operating in this market, along with their company profiles, product offerings, recent developments, and key market strategies.

Reasons to Buy the Report

This report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share of the market. The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market.

The report provides insights on the following pointers:

Analysis of key drivers (Increasing penetration of smartphones, tablets, and other mobile platforms, Increasing utilization of connected devices and mHealth apps to manage chronic diseases, Cost containment in healthcare delivery, Growing penetration of 4G & 5G networks to ensure uninterrupted healthcare, Rising focus on patient-centric healthcare delivery, Lack of standards & regulations and insufficient reimbursements), restraints (Resistance from traditional healthcare providers and limited guidance from physicians), opportunities (Growing adoption of mHealth solutions in other mobile platforms,and challenges (Authenticity and reliability, patent protection for mHealth devices and apps, Lack of data security and concerns regarding data theft and healthcare fraud are influencing the growth of the mHealth Solutions market

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the mHealth Solutions market

Market Development: Comprehensive information about lucrative markets – the report analyses the mHealth Solutions market across varied regions

Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the mHealth Solutions market

Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like Koninklijke Philips N.V. (Netherlands), Medtronic plc (Ireland), Johnson & Johnson (US), OMRON Healthcare Co., Ltd. (Japan), Cerner Corporation (US), Apple, Inc. (US), AliveCor, Inc. (US), AirStrip Technologies (US), athenahealth, Inc. (US), iHealth Lab Inc. (US), AT&T Inc. (US), AgaMatrix, Inc. (US), Cisco Systems, Inc. (US), among others in the mHeath Solutions market strategies. The report also helps stakeholders understand the pulse of the remote care market and provides them information on key market drivers, restraints, challenges, and opportunities.