Global mHealth Market to Reach US$ 516.7 Billion by 2032, Stimulated by Increasing Prevalence of Chronic Diseases

July 11, 2023 | Healthcare

According to the latest report by IMARC Group, titled “mHealth Market Report by Component (Wearables, mHealth Apps), Service (Monitoring Services, Diagnosis Services, Healthcare Systems Strengthening Services, Treatment Services, and Others), Participants (mHealth Application Companies, Pharmaceuticals Companies, Hospitals, Health Insurance Companies, and Others), and Region 2024-2032,” the global mHealth market size reached US$ 91.3 Billion in 2023. Mobile health (mHealth) empowers individuals in managing their health using mobile devices and wireless technologies. It facilitates communication between healthcare providers and patients. It assists in monitoring health parameters, tracking medication adherence, setting health goals, and receiving personalized health recommendations. It minimizes the need for in-person visits, eliminates transportation expenses, and optimizes healthcare resource allocation. It also reduces hospital readmissions and emergency room visits, leading to cost savings for healthcare systems.

Global mHealth Market Trends:

The rising prevalence of diabetes, cardiovascular diseases (CVDs), and respiratory disorders and consequent need for efficient healthcare management facilities represent one of the key factors catalyzing the demand for mHealth solutions. Additionally, the increasing occurrence of hospital-acquired infections (HAIs) is people patients to opt for mHealth services. The growing consumer reliance on smartphones, laptops, tablets, and personal computers (PCs) is offering new opportunities to the leading market players. Furthermore, the increasing adoption of telemedicine and remote patient monitoring facilities is favoring market growth. Moreover, governing authorities of various countries are taking initiatives and implementing regulations to promote the use of digital health technologies to upgrade healthcare infrastructure, reduce overhead expenses, and enhance patient outcomes. Additionally, various technological advancements, such as the integration of the Internet of Things (IoT) in mHealth applications are enabling continuous monitoring, accurate data collection and remote tracking of health parameters and providing to more comprehensive and actionable insights to healthcare providers and users. Looking forward, the market value is projected to reach US$ 516.7 Billion by 2032, expanding at a CAGR of 20.6% during 2024-2032.

Market Summary:

Based on the component, the market has been bifurcated into wearables (blood pressure monitors, blood glucometer, pulse oximeter, neurological monitors, and others) and mHealth apps (medical apps and fitness apps). mHealth apps currently dominate the market.
On the basis of the service, the market has been divided into monitoring services, diagnosis services, healthcare systems strengthening services, treatment services, and others. At present, monitoring services account for the majority of the market share.
Based on the participants, the market has been segmented into mHealth application companies, pharmaceuticals companies, hospitals, health insurance companies, and others. mHealth application companies hold the largest market share.
Region-wise, the market has been categorized into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, North America enjoys the leading position in the market.
The competitive landscape of the market has also been examined, with some of the key players being Airstrip Technologies Inc., Allscripts Healthcare Solutions Inc., Apple Inc., Bayer Aktiengesellschaft, Boston Scientific Corporation, Koninklijke Philips N.V., Masimo Corporation, Omron HealthCare Inc. (OMRON Corporation), Qualcomm Incorporated, Samsung Electronics Co. Ltd. and Sanofi S.A.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Component, Service, Participants, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Airstrip Technologies Inc., Allscripts Healthcare Solutions Inc., Apple Inc., Bayer Aktiengesellschaft, Boston Scientific Corporation, Koninklijke Philips N.V., Masimo Corporation, Omron HealthCare Inc. (OMRON Corporation), Qualcomm Incorporated, Samsung Electronics Co. Ltd. and Sanofi S.A.
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Global mHealth Market to Reach US$ 516.7 Billion by 2032, Stimulated by Increasing Prevalence of Chronic Diseases

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