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mHealth Market size worth over $805bn by 2030

  • Published Date: April 26, 2021

mHealth Market size is set to surpass USD 805 billion by 2030, according to a new research report by Global Market Insights Inc.

Growing prevalence of chronic ailments is one of the prime factors increasing the penetration of mHealth technologies. Chronic diseases including cardiac ailments, respiratory disorders, diabetes and cancer are among the leading causes of mortalities in the U.S. These diseases are responsible for the nation’s USD 3.8 trillion in healthcare expenditure annually. Moreover, the incidence of chronic disorders grows with aging population.

Rising adoption of smart wearable medical devices will flourish the mHealth market growth

Increasing acceptance of smart wearable medical devices due to substantial demand from the consumers aiming to track their personal health and well-being will propel the market expansion. Some of the key features such as multi-functionality, compatibility, technology novelty, and hands-free interaction among others proves to be beneficial, further offering ease in use and convenience. Additionally, developers as well as manufacturers show high interest in adding and improving the features offered in these devices to enhance the operability and desirability. Advancements in precise sensor technology that will reduce the performance gap between non-medical and medical grade wearable would promote the industry growth. Furthermore, growing conscience related to personal fitness among consumers has surged the demand for smart wearable medical devices including tracking devices and fitness monitoring. The technological advances and addition of new features in the smart wearable technology would foster the acceptance of mhealth technology and drive the market progression during the forecast period.

Rise in utilization of wearable devices will boost the mHealth market value

mHealth Market

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Wearable devices segment accounted for USD 43.3 billion in 2020 owing to key benefits such as anywhere-anytime accessibility to clinical health data and high-quality features. Optimal use of wearables in monitoring of the heart health, physical activities, blood glucose, temperature, and medication adherence among others would fuel their growing utilization.

Browse key industry insights spread across 390 pages with 700 market data tables & 16 figures & charts from the report, mHealth Market Size By Platform (Mobile Apps {Wellness Management [Diet and Nutrition, Lifestyle and Stress, Exercise and Fitness], Health Condition Management [Disease Specific, Medication Reminders, Women’s Health and Pregnancy, Healthcare Providers/Insurance]}, Wearable Devices {Fitness Devices, Blood Glucose Monitors, Cardiac Monitors, Neurological Monitors, Respiratory Monitors, Body & Temperature Monitors}), By Application (Communication and Training, Education and Awareness, Diagnostics and Treatment, Disease and Epidemic Outbreak Tracking, Remote Data Collection, Remote Monitoring), By End-use (Physicians, Patients, Insurance Companies, Research Centers, Pharmacies, Biopharmaceutical Companies, Government, Tech Companies), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2030in detail along with the table of contents:

Technological advances offering diagnostics and treatment for chronic ailments will foster the industry expansion

mHealth market for diagnostics and treatment segment is anticipated to witness more than 30% growth rate and is expected to reach USD 148.3 billion by end of 2030 due to the factors such as growing incidences of chronic diseases coupled with rise in demand for disease-specific insights, thereby resulting in enhancing the segmental growth.

Rising awareness regarding mHealth applications will influence the patient preference

Patients segment in the mHealth market exceeded USD 11 billion in 2020 on account of growing awareness among consumers for monitoring vital health parameters such as body temperature, sleep duration and physical fitness. Furthermore, high emphasis on mHealth is increasing driven by easier internet access. According to the National Centers for Biotechnology Information (NCBI), currently there are over 100,000 mHealth applications.

Availability of wearable devices in abundance and pool of aging population in China is predicted to fuel the market revenue

China held significant revenue share in the Asia Pacific mHealth market and accounted for over USD 5.5 billion in 2020 led by the numerous wearable devices manufacturers offering range of products at effective cost. For instance, as per a recent study by the Chinese official think tank reported that around 80% of the production of smart wearable devices worldwide, are produced in Shenzhen, the southeastern port city in China. China’s elderly population is estimated to rise around 6 million annually from 2001 to 2020 and is poised to hit 400 million mark by the end of 2050. In addition, the geriatric population is burdened owing to chronic diseases including heart diseases, hypertension, and diabetes. The irregular distribution of healthcare professionals in the region would promote the use of mHealth technologies in the aging population, thereby impelling the industry value.

Companies are focusing on strategies and launch of innovative products to expand customer base

Some of the major players operating in the market are Allscripts Healthcare Solutions, Athenahealth Inc., Bayer Healthcare, Biotelemetry Inc., Boston Scientific, Koninklijke Philips N.V., LifeWatch AG, Masimo Corporation, Omron HealthCare Inc., PLUX Wireless Biosignals S.A, Qualcomm Inc. and Sanofi among others. These companies are emphasizing on product developments and strategic partnerships to progress in the market.

Authors: Sumant Ugalmugle, Rupali Swain