Growth in mHealth Solutions Market is driven by the opportunities offered by the emerging markets in healthcare and government mandates & support for mHealth solutions. However, IT infrastructural constraints in developing countries and resistance from traditional healthcare providers are expected to restrain the growth of this market to a certain extent.
The report 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.
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mHealth Solutions 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
Market Segmentation:
- The mHealth solutions market, by mHealth Apps, is segmented into Healthcare Apps and Medical Apps. In 2022, the Healthcare Apps segment accounted for the largest market share. Healthcare apps are mostly used for continuously self-monitoring vital signs and communicating with physicians for related services.
- The connected medical devices segment is categorized into vital signs monitoring devices, peak flow meters, neurological monitoring devices, sleep apnea monitors, multiparameter trackers, fetal monitoring devices, and others. The vital signs monitoring devices is expected to grow at the highest CAGR during the forecast period.
- In 2022, Remote patient monitoring services accounted for the largest share by services market. The rising global adoption of smartphones, high-speed network availability, and the demand for remote patient monitoring and consultation are key to the market growth.
Regional Analysis:
The APAC market is expected to register the highest CAGR during the forecast period. Factors such as a large patient population, especially in China and India, growing per capita income, rising prevalence of chronic disorders, increasing per capita income, higher adoption of smartphones, and the presence of advanced connectivity and networks in these countries are driving the growth of the APAC mHealth Solutions market.
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Recent Developments:
- In February 2023 Vodafone (UK) partnered with Charité Berlin, Leipzig University Hospital (Berlin).The collaboration with Charité Berlin (one of Europe’s largest university hospitals), Leipzig University Hospital, and 16 other leading research and medical experts across Germany enabled Vodafone to explore future medical applications using 6G.
- In January 2023 Koninklijke Philips (Netherlands) partnered with Masimo (US). The partnership aimed to augment patient monitoring capabilities in home telehealth applications with the Masimo W1 advanced health-tracking watch.
- In January 2023, Garmin (US) launched Instinct Crossover in India, which delivers Garmin’s full suite of wellness features, including Sleep Score and Advanced Sleep Monitoring, and Health Monitoring activities.
Top Key Players :-
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) are the major players in this market. These companies are majorly focusing on the strategies such as acquisitions, product launches, agreements, collaborations, partnerships, and expansions in order to remain competitive and further increase their share in the market.
