According to our new research study on ” mHealth Market Forecast to 2028 – COVID-19 Impact and Analysis – by Service, Devices, and End User,” the market is expected to reach US$ 410.39 billion by 2028 from US$ 70.83 billion in 2021; it is estimated to grow at a CAGR of 28.5% from 2021 to 2028. The report highlights trends prevailing in the market and factors governing its growth. The increasing adoption of smartphones and other mobile platforms, and the exponential spread of COVID-19 contribute to the market progress. Further, growing awareness regarding mHealth and rising government funding for the development and adoption of virtual medical platforms are likely to foster the mHealth market growth during the forecast period. However, security and privacy issues restrict the market growth.
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Impact of COVID-19 Pandemic on MHealth Market
The COVID-19 pandemic has adversely affected as the manufacturing and healthcare, sectors, among others. Various drug manufacturers have started developing vaccines against COVID-19, which has suppressed the production levels of vaccines for other preventable diseases. On the other hand, the pandemic has offered vital growth opportunities for the mHealth market growth. The FDA has increased its efforts to support the health of people and has imposed several guidelines for hospitals and medical device companies. With the surge in importance of mHealth apps in the aftermath of the COVID-19 pandemic, national health authorities of different countries are expected to launch rating and licensing platforms for higher efficiency and reduce mass gathering. For instance, the United Kingdom National Health Service (NHS) has expanded its publicly funded prescribing platform to include clinically safe consumer apps. Various companies also enhanced their research and development activities for telemedicine and mHealth. For instance, companies such as MediBuddy, Practo, Wysa, HealthifyMe, Qikwell Technologies, icliniq, and Emunocare are the startups focusing on COVID-19-related services. Further, Thermo Fisher Scientific has increased its production of vaccines, and the company produced 5 million test kits per week in April 2020. Likewise, Abbott has received Emergency Use Authorization (EUA) for a point-of-care test that can provide results in minutes.
Allscripts Healthcare LLC, Koninklijke Philips N.V., Medtronic, Boston Scientific Corp., athenaheath Inc., Honeywell Life Care Solutions, Cisco Systems Inc., Omron Corp., Masimo, and AgaMatrix Inc. are among the leading companies operating in the mHealth market.
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The report segments the global mHealth market as follows:
The mHealth market has been segmented on the basis of service, device, and end user. Based on service, the market is segmented into remote monitoring, diagnosis, treatment, health support, fitness & wellness, and others. Based on device, the mHealth market is segmented into insulin pump, BP monitor, glucose monitor, personal pulse oximeter, and other devices. Based on end user, the mHealth market is segmented into mobile operators, devices vendors, health providers, and others.
Based on service, the mHealth market is segmented into remote monitoring, diagnosis, treatment, health support, fitness & wellness, and others. The remote monitoring services segment held the largest share of the market in 2021. Chronic care management, post-discharge care, senior care, workmen's compensation cases, and behavioral health and substance abuse are among the potential areas wherein remote monitoring mHealth services are used. While hospitals and health systems generally perceive remote monitoring services as means of engaging with a selected population of patients outside the hospital, smaller practices and solo physicians can add value to their services by reducing unnecessary in-person visits, avoiding crowd in waiting rooms, improving patient engagement, and ensuring patients don’t have to visit the hospital or doctor’s office for some emergency that could have been avoided.
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