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HEALTHCARE & PHARMACEUTICAL

mHealth Services Market Analysis by Service {Solution for Patients (Wellness, Prevention Service, Monitoring Service and Others) and Healthcare System Strengthening (Emergency Response, Healthcare Surveillance and Others)}; by Application (General Healthcare & Fitness, Medication Information, Healthcare Management and Others); and by End-user (Healthcare Institutions, Physicians, Healthcare workers and Individuals) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • Teladoc Health Inc., the global market leader in virtual care, today announced its merger with Livongo, a leading applied health signals company. This definitive merger agreement aims to improve the delivery, accessibility and experience of consumers in healthcare around the world.
  • Cerner Corporation and Oracle Corporation today jointly announced an agreement which states that Oracle will acquire Cerner for approximately ~USD 28.3 billion in equity value. This acquisition will strengthen Oracle's market position by expanding its cloud business in the hospital and healthcare systems market.

Global mHealth Services Market Size, Forecast, and Trends Highlights Over 2022 - 2031

mHealth-Services-Market-Size

The global mHealth services market is estimated to garner a revenue of ~USD 410 billion by the end of 2031 by growing at a CAGR of ~14% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 110 billion in the year 2021. The market is estimated to grow on the back of rising adoption of smart devices and wearables among population in order to improve personal health and fitness. As per estimates, the number of connected wearable devices globally was around 320 million in 2016, which increased to 720 million in 2019. In addition, this figure is projected to exceed 1 billion by the end of 2022.

mHealth-Services-Market

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The global mHealth services market is also estimated to witness growth on the back of rising prevalence of chronic diseases globally. According to data from the Centers for Disease Control and Prevention (CDC), approximately 1,752,735 new cancer cases were diagnosed in the United States in 2019. In addition, cancer became the leading cause of death globally in 2020, accounting for approximately 10 million deaths, as per data by the World Health Organization (WHO). Moreover, increasing trend of patient-centered approach in mHealth services along with rising technological innovations and developments is also anticipated to propel the market growth in the coming years.

Global mHealth Services Market: Growth Drivers and Challenges

Growth Drivers

  • Increasing Investments in Digital Health Industry – As per data, in 2020, globally total investment in digital health industry was around USD 14 billion.
  • Rising Adoption of Smart Phones – According to estimates, the number of smartphone users worldwide was approximately 6 billion in 2021, which is projected to reach 7.5 billion by the end of 2027.
  • Increasing Penetration of Internet – According to the World Bank data, the proportion of the population using the Internet was around 49% in 2018, which increased to 60% in 2020.
  • Rising Adoption of Telemedicine Practices According to data from the Centers for Disease Control and Prevention, in March 2020, telehealth visits increased by about 154% compared to March 2019.
  • Growth of Geriatric Population Level – Globally, the population aged 60 years and above is projected to reach around 1.4 billion in numbers by the end of 2030, up from 1 billion in 2020, according to the World Health Organization (WHO) data.

Challenges

  • Concerns related to Privacy and Data Security
  • mHealth Services has Weak Reimbursement Coverage
  • Lack of Awareness about Technology among Old Age Population

The global mHealth services market is segmented and analyzed for demand and supply by end user into healthcare institutions, physicians, healthcare workers and individuals. Out of these segments, the physicians’ segment is anticipated to garner the largest market share by the end of 2031, owing to rising number of physicians worldwide. According to statistics, in 2022, there are approximately 1,07,000 physician professionals active in the United States. Moreover, increasing adoption of digital health service procedures among physicians is also estimated to drive the segment growth in the coming years.  As digital health systems provide efficiency in managing health care data of patients on a real-time basis, it is possible to provide quick treatment to patients.

Major Macro-Economic Indicators Impacting the Market Growth

Global-Healthcare-Expenditure

According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.

Global mHealth Services Market Regional Synopsis

Regionally, the global mHealth services market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in North America is projected to hold the largest market share by the end of 2031. This can be accredited to the increasing prevalence of chronic diseases and rising healthcare expenditure in the region. According to data from the Centers for Disease Control and Prevention, approximately 877,500 United States citizens die from heart disease and other cardiovascular diseases each year. Moreover, rising technological advancements and rising demand for digital health services are also expected to propel the market growth in the region.

Further, the market in Asia Pacific is estimated to gain the significant growth during the forecast period, owing to the increasing level of geriatric population in emerging economies such as India and China. According to World Health Organization (WHO) data, in China, the population aged 60 years and above stood at around 254 million in 2019, which is projected to reach 402 million by the end of 2040. Moreover, increasing penetration of smartphone and internet is also estimated to drive the growth of global mHealth services market in the region during the forecast period.

mHealth-Services-Market-Scope

The global mHealth services market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global mHealth services market includes the following segments:

By Service

  • Solutions for Patients
  • Wellness
  • Prevention Service
  • Monitoring Service
  • Diagnostic Service
  • Treatment Service
  • Information & Reference
  • Healthcare System Strengthening
  • Emergency Response
  • Health Care Practitioner Support
  • Healthcare Surveillance

By Application

  • General Healthcare & Fitness
  • Medication Information
  • Remote Monitoring, Collaboration and Consultancy
  • Healthcare Management
  • Health Data & Record Access

By End-user

  • Healthcare Institutions
  • Physicians
  • Healthcare Workers
  • Individuals
 
Top Featured Companies Dominating the Global mHealth Services Market
  • AT&T Inc.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Apple Inc.
  • AIRSTRIP TECHNOLOGIES, INC.
  • ALE International
  • Cerner Corporation (Oracle Corporation)
  • Qualcomm Incorporated
  • SoftServe Inc.
  • Vodafone Group Plc
  • Boston Scientific Corporation
  • Teladoc Health, Inc.

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