mHealth Services Market CAGR of 17.2% from 2020 to 2028

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According to the report, the global mHealth services market was valued at US$ 77.4 Bn in 2020 and is projected to expand at a CAGR of 17.2% from 2020 to 2028. mHealth is defined as the use of electronic devices such as mobile phones or other wireless technology for medical care. mHealth se

mHealth Services Market: Introduction

According to the report, the global mHealth services market was valued at US$ 77.4 Bn in 2020 and is projected to expand at a CAGR of 17.2% from 2020 to 2028. mHealth is defined as the use of electronic devices such as mobile phones or other wireless technology for medical care. mHealth services help in educating consumers about preventive healthcare services. It is also used for disease surveillance, treatment support, chronic diseases management, and epidemic outbreak tracking.

North America was the largest market for mHealth services in 2020. The U.S. and Canada are the major markets for mHealth solutions in North America. Moreover, technological advancements, increase in access to healthcare services, and entry of new manufacturers are the other factors likely to fuel the growth of the market in the region during the forecast period.

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Asia Pacific is likely to be a highly lucrative market for mHealth services during the forecast period. The market in the region is expected to expand at a high CAGR from 2021 to 2028. The growth of the market in Asia Pacific can be attributed to the numerous government initiatives to improve the healthcare services.

Healthcare System Strengthening Segment to Dominate Market

Based on service, the global mHealth services market has been bifurcated into solutions for patient wellness and healthcare system strengthening. The solutions for patient wellness segment has been split into prevention service, monitoring service, diagnostic service, treatment service, and information reference. The healthcare system strengthening segment has been segregated into emergency response, health care practitioner support, and healthcare surveillance.

The healthcare system strengthening segment dominated the global mHealth services market in 2020 due to high demand for emergency response services.

Remote Monitoring, Collaboration, and Consultancy to be Highly Lucrative Segment

In terms of application, the global mHealth services market has been classified into general healthcare fitness, medication information, remote monitoring, collaboration, and consultancy; healthcare management, and health data record access. The remote monitoring, collaboration, and consultancy segment dominated the global mHealth services market in 2020. Increase the geriatric population and rise in need of independency among the elderly are likely to boost the growth of the segment during the forecast period.

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Individuals Segment to Dominate Market

Based on end-user, the global mHealth services market has been divided into public/private healthcare institutions, physicians, healthcare workers, and individuals. The individuals segment dominated the global mHealth services market in 2020 driven by increase in health consciousness among individual users. The demand among individual users is supported by availability of self-operated monitoring equipment/devices, such as blood sugar level tester and BP monitor. However, public/private healthcare institutions are likely to expand at the highest CAGR during the forecast period. Factors such as increase in trend of point-of-care testing, faster results, and convenience of testing can be attributed to the growth of the segment.

North America to Lead Global Market

In terms of region, the global mHealth services market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East Africa. North America dominated the global market in 2020, followed by Europe. The dominance of these two regions can be attributed to increase in diagnostic facilities, rise in usage of mHealth services by various consumers, and focus of existing and new players on this market.

North America accounted for a major share of the global mHealth services market in 2020, primarily due to rise in prevalence of chronic diseases, technologically advanced countries, and rise in awareness about mHealth services. Emerging markets in Asia Pacific such as India and China hold immense growth potential due to factors including increase in income levels in emerging markets leading to rise in healthcare spending. Moreover, changing lifestyles and increasing urbanization in these countries have led to a gradual escalation in the incidence of lifestyle-related diseases such as cancer, diabetes, and heart disease.

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Competition Landscape

The global mHealth services market is fragmented in terms of number of players. Key players in the global mHealth services market include ATT, Inc., Apple, Inc., Airstrip Technologies, Inc., Alcatel-Lucent, Cerner Corporation, Qualcomm, Inc., Diversinet Corp., Koninklijke Philips N.V., SoftServe, Inc., Symantec Corporation, and Vodafone Group plc.

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