The global mHealth market is projected to generate USD 154,115 million revenue by 2030, witnessing a CAGR of 12.60% during 2022–2030. The key drivers for the market are the growing healthcare sector due to the high spending by government and industry giants, increasing utilization of connected medical devices and mHealth applications, and increasing healthcare cost.
Furthermore, the rising use of mobile and wireless technologies to facilitate the achievement of health goals, surging health consciousness among individuals, and ballooning trend of telemedicine are responsible for the solution demand.
Based on stakeholder, the market is divided into mobile operators, device vendors, application/content players, and healthcare providers. Among these, the mobile operators category dominated the segment, with a share, of 51%, in 2022, a situation that is not expected change during the prediction period. It can be ascribed to the growing number of mobile internet subscribers, improvements in connectivity infrastructure, and growing adoption of 5G technologies.
Additionally, the healthcare providers category will experience significant expansion in the coming years. This will be a result of the rising need for better and more-affordable healthcare, the growth of industry titans, acceleration in technological breakthroughs in the sector, and rising awareness of consumers on health and associated products.
In the same way, the application/content players category will witness a substantial growth rate. This can be attributed to the fact that these players address patients’ ability to operate mobile health devices, which is crucial in regard to mHealth.
Based on offering, the market is categorized into connected devices, services, and mHealth apps. Among these, the connected devices category held the largest revenue share in 2022, and it is expected to remain dominant in the coming years. This is due to the increasing mobile ownership, technological advancements, and rising need for remote patient monitoring.
The connected devices category is further divided into blood pressure monitors, blood glucose monitors, ECG monitors, multiparameter monitors, pulse oximeters, sleep apnea monitors, and others. Among these, blood pressure monitors held the largest share in the network-connected medical devices market in 2022. This is attributed to the increasing prevalence of heart diseases and easy mobility of these devices.
Moreover, the mHealth apps category is projected to witness the fastest growth during the forecast period. This is attributed to the rising number of smartphone users and increasing mobile health application downloads.
Geographically, APAC will register the fastest growth due to the high investment by industry players, enhancing IT and telecom infrastructure, high internet penetration owing to the rising number of mobile phone base stations, and growing availability of 5G networks.
Furthermore, North America contributed the highest revenue in 2022, and it is further expected to maintain its position during the forecast period. This is due to the developed healthcare sector, high customer preference for mobile health applications, rising prevalence of chronic and lifestyle-associated diseases, and improving consumer access to connected medical devices.
Europe is another significant market, owing to the government efforts for enhancing the healthcare ecosystem, growing trend of mobile health services, and rising per capita income.
Some of the major market players are Medtronic plc, Koninklijke Philips N.V., OMRON Corporation, Johnson & Johnson, athenahealth Inc., Cisco Systems Inc., iHealth Labs Inc., AliveCor Inc., AgaMatrix Inc., and AirStrip Technologies Inc.