Global mHealth Solutions Market Report 2023: Increasing Utilization of Connected Devices and Mhealth Apps to Manage Chronic Diseases Drives Growth

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Apr 12, 2023, 20:45 ET

DUBLIN, April 12, 2023 /PRNewswire/ -- The "Global 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 - Forecasts to 2028" report has been added to ResearchAndMarkets.com's offering.

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.

Market Dynamics

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
Increasing Demand for Home Healthcare Services

Restraints

Lack of Standards & Regulations and Insufficient Reimbursement
Resistance from Traditional Healthcare Providers & Limited Guidance from Physicians

Opportunities

Growing Adoption of Mhealth Solutions in Other Mobile Platforms

Challenges

Authenticity and Reliability
Patent Protection for Mhealth Devices and Apps
Lack of Data Security and Concerns Regarding Data Theft and Healthcare Fraud

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Industry Insights

7 Mhealth Solutions Market, by Product & Service

7.1 Introduction

7.2 Mhealth Apps

7.3 Connected Medical Devices

7.4 Mhealth Services

8 Mhealth Solutions Market, by End-user

8.1 Introduction

8.2 Providers

8.3 Patients/Consumers

8.4 Payers

8.5 Other End-users

9 Mhealth Solutions Market, by Region

10 Competitive Landscape

11 Company Profiles

12 Appendix

Companies Mentioned

Agamatrix, Inc.
Airstrip Technologies
Alivecor, Inc.
Apple, Inc.
At&T, Inc.
Athenahealth, Inc.
Cerner Corporation
Cisco Systems, Inc.
Dexcom, Inc.
Fitbit, Inc.
Garmin Ltd.
Ihealth Labs, Inc.
Johnson & Johnson
Koninklijke Philips N.V.
Medtronic plc
My Mhealth Limited
Omada Health
Omron Healthcare Co., Ltd.
OSP Labs
Qualcomm Technologies, Inc.
Softserve
Teladoc Health, Inc.
Tunstall Healthcare
Vodafone Group plc
ZTE Corporation

For more information about this report visit https://www.researchandmarkets.com/r/3exswz

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