mHealth Services Market Size & Share, by Application (General Healthcare & Fitness, Medication Information, Healthcare Management); End-user (Healthcare Institutions, Physicians, Healthcare workers, Individuals) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

Global mHealth Services Market Size, Forecast, and Trend Highlights Over 2023-2033

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The global mHealth services market is estimated to garner a revenue of around USD 411 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 nearly 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.

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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

• Rapid Digitalization across Various Organizations around the World – Nearly 65% of the world’s Gross Domestic Product (GDP) is predicted to be digitized by 2022, and digitally transformed organizations are projected to contribute to more than half of the global gross domestic product (GDP) by 2023, accounting for nearly USD 54 trillion.

• 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 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.

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. 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.

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), 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:

Top Featured Companies Dominating the Global mHealth Services Market

• Cerner Corporation
  • 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
• AT & T, Inc.
• Qualcomm Incorporated
• SoftServe Inc.
• Vodafone Group Plc
• Boston Scientific Corporation
• Teladoc Health, Inc.