mHealth Market size is anticipated to reach USD 411 Billion by the end of 2033, growing at a CAGR of 14% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of mHealth was over USD 110 Billion.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.
The global mhealth 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 along with rising technological innovations and developments is also anticipated to propel the market growth in the coming years.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~14% |
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Base Year Market Size (2022) |
~ USD 110 Billion |
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Forecast Year Market Size (2033) |
~ USD 411 Billion |
End-user (Healthcare Institutions, Physicians, Healthcare workers, Individuals)
The global mhealth 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 healthcare institutions segment is expected to hold the highest growth by the end of the year 2033 owing to the existence of a huge patient pool in healthcare facilities. Furthermore, rising healthcare expenditure per capita worldwide is also estimated to propel the growth of this segment in the market. According to the data by The World Bank, as of 2019, current health expenditure per capita among the global population was USD 1,121.97.
Major Macro-Economic Indicators Impacting the Market Growth
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.
Our in-depth analysis of the global market includes the following segments:
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By Application |
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By End User |
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Regionally, the global mhealth market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the North America region is projected to hold the largest market share by the end of 2033 on the back of its developing healthcare infrastructure, and rising healthcare expenditure. As of 2019, healthcare expenditure in the region accounted to 16.32% of the overall regional GDP.
Cerner Corporation – 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.
Teladoc Health Inc. – 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.
Author Credits: Radhika Gupta, Shivam Bhutani
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