The global mhealth Market size is expected to reach USD 316.8 billion by 2027, according to a new report by Grand View Research, Inc., registering a CAGR of 29.2% over the forecast period. The increasing prevalence of chronic diseases such as diabetes, cardiovascular disorders, and obesity and rising adoption of digital health technology are some of the key factors promoting the growth of mobile health solutions. Technological advancements leading to product innovations such as advanced wearable devices and apps in the area of mHealth is expected to boost the revenue growth of the market.
Growing subscription to mHealth apps by consumers due to
increasing adoption of preventive healthcare is another factor driving the
market. Another key factor supporting the demand for these apps among consumers
is their growing inclination toward mobile health apps as they offer
accessibility to health-related information and ensure real-time communication
between patients and healthcare providers that enable providers to easily
diagnose, prescribe, and monitor their patients without personal appointments.
Moreover, the increase in penetration of mobile internet
users, coupled with rising adoption of smartphones among adult population with
subscription to mobile health apps, is expected to drive the market growth
during the forecast period. According to a research published in NCBI in August
2018, around 95.0% of the adult population in U.S. possessed a mobile phone,
with 64.0% of them owning smartphones. About 45.0% of these smartphone owners
were reported to use some type of health app in U.S., with 78.0% reporting the
use of fitness apps, 37.0% using diet tracking apps, and 25.0% using apps for
weight management. Thus, the increase in smartphone ownership among adults has
created lucrative opportunities for mHealth applications.
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Further key findings from the report suggest:
·
mHealth apps emerged as the largest component segment in
2019 with a revenue share of 86.1% in the global market owing to the increasing
popularity of using apps to track health and fitness activities
·
Amongst services, the monitoring services segment
accounted for the largest share in 2019. However, diagnosis services is
projected to register the highest CAGR over the forecast period owing to easy
access to healthcare professionals for the diagnosis of health-related
conditions
·
Mobile operators emerged as the leading participant
segment in 2019 and is also expected to register a significant growth rate over
the forecast period owing to an increase in the number of mobile subscribers
·
The Asia Pacific mobile health market accounted for the
largest share in 2019 due to increasing research initiatives in the digital
health space for the unmet healthcare needs in the region
·
Key players operating in the mHealth market include Apple
Inc.; AT&T Inc.; AirStrip Technologies; Allscripts Healthcare Solutions;
Google Inc.; and SoftServe.
About Us:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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