mHealth Market Size, Share, Global Market Research and Industry Forecast Report, 2020-2027 (Includes Business Impact of COVID-19)

  • TBI519157
  • November 28, 2020
  • Global
  • 132 pages
  • Lucintel

Industry Insights, Market Size, CAGR, High-Level Analysis: mHealth Market

The global mHealth market size was valued at USD 40.7 billion in 2019 and is projected to register a CAGR of 29.2% over the forecast period. Over the past few years, digitalization has been driving almost all industries, especially healthcare. With the growing penetration of smartphones and internet connectivity, the adoption of mHealth technologies by physicians and patients has increased considerably. This specially holds true for mobile healthcare apps, including fitness and medical apps, with fitness and wellness holding a significantshare of the total mHealth apps market. The market is driven by the emergence of digital healthcare which has gained traction owing to U.S.-based mobile health app providers, wearable device manufacturers, and e-prescription system. Moreover, the healthcare industry exhibits a high growth potential for the IT industry due to supportive government initiatives across all regions. Growing trend of preventive healthcare and rise in funding for mHealth start-ups also drive the market growth. With the establishment of various digital start-ups, mobile healthcare applications are gaining traction in the healthcare industry. Moreover, the rise in adoption of mHealth is attributed to factors such as increased penetration of smartphones, high internet usage, and easy availability of mHealth apps. Additionally, recent advancements in wearable technologies and increasing prevalence of chronic diseases, mainly cardiovascular disorders and diabetes, are significantly contributing to the segment growth.Apart from technological advancements, a sustainable business model and strategic alliances are the two most indispensable aspects for companies to create structured revenue channels. However, factors such as data security concerns and poor network coverage can hamper the growth of the market. mHealth apps are expected to witness a lucrative growth rate over the forecast period owing to high consumer demand. Increase in adoption of wearables among patients and the health-conscious population will also impact the market positively. It has been observed that a majority of digital healthcare start-ups followed B2C business model, which enables faster penetration as compared to multi-stakeholder systems in the primary healthcare industry. However, these B2C focused start-ups face issues of profitability. For instance, Clue, a Berlin-based start-up, provides fertility apps to customers for free and obtained financing through various investors. Thus, in order to maintain profitability, these mHealth players are beginning to focus on B2B2C-based business models, i.e., selling their products or services to business end users, such as MedTech or healthcare IT companies or directly to patients or physicians. Early stage collaboration with these business end users could enable start-ups to gain insights on market opportunities and current scenarios. Apart from this, start-ups can also focus on B2B business models, involving hospitals, clinics, and other healthcare providers. However, this model has a slow revenue generation cycle and would be more challenging in the case of selecting an unsuitable partner. As compared to B2C and B2B, B2B2C business model poses a promising growth opportunity in the field of mHealth.

Services Insights

In 2019, monitoring services held the largest market share of 62.6% in 2019 and is expected to register a significant growth rate over the forecast period. An increase in number of market players investing in mHealth services for patient monitoring, diagnosis, and prevention is expected to propel the growth of the services segment. Growing demand for workflow efficiency and effective healthcare administration are some of the key factors anticipated to boost the market for mHealth services in the coming years. Monitoring services mainly involve observation of a disease or condition, or other critical medical parameters for a defined period of time. These services are dominating the mHealth market owing to various factors such as rise in prevalence of chronic diseases such as obesity, diabetes, coronary artery disease, congestive heart failure, and cancer. According to International Diabetes Federation, in 2017, about 12.5 million cases of diabetes were reported in adults in Brazil. Furthermore, according to the American College of Cardiology, 6.5 million people in U.S. suffered a heart failure in 2018. However, the diagnosis services segment is expected to register the highest growth rate over the forecast period as mHealth services for diagnosis allow healthcare professionals to connect with patients in remote locations and help diagnose health-related conditions. Mobile health services in patient diagnosis involves IVR-based services, mobile telemedicine, and call center services. With the growing penetration of cloud computing and cognitive technologies, mobile technologies in clinical diagnosis are becoming increasingly accessible across the globe.

Component Insights of mHealth Market

In 2019, mHealth apps emerged as the key component segment, mainly owing to the growing adoption of smartphones by consumers. Mobile network operators view mHealth apps as a beneficial opportunity for investment with growing adoption of smartphones and rising awareness about health, nutrition, and diet. The availability of low or no cost mHealth applications has increased the number of free trials of several apps by consumers. Favorable government initiatives, increasing funding for the development of network infrastructure, and rising consumer awareness are also driving the market growth. For instance, in 2018, mHealth apps secured nearly USD 1.3 billion of venture capital (VC) funding globally. Moreover, the demand for mobile health apps is increasing among medical professionals and students so that they can stay updated with the latest developments and technologies in the healthcare industry. In addition, these apps provide support to physicians in clinical decision-making and help pharmacists and other healthcare professionals prescribe drugs. Some popular medical apps are Epocrates, Medscape, Medpage Today, 3D4Medical, AHRQ ePSS, and Airstrip Cardiology. Moreover, tracking health and fitness through mHealth apps and gadgets has become popular in the past few years, leading to a rapidly growing consumer base. Subsequently, major technology companies have started to invest in the area of fitness technology. Google and Apple, for instance, are at the forefront of the fitness apps domain. Wearables is expected to emerge at a steady CAGR of 25.6% over the forecast period. Mobile phone integration, wireless connection, and long battery life are among the key features that users seek in a wearable device. Rapid advancements in the features of these mHealth wearables play a significant role in driving the segment growth. Predictive analytics, gamification, and cloud synchronization are some of the recent developments in wearable technology. In addition, companies are continuously investing in technological innovations, leading to an increase in applications of wearable technology in healthcare.

Participant Insights

In 2019, mobile operators accounted for the largest market share and this trend is expected to continue through the forecast period. Increase in the number of mobile subscribers across the globe creates growth opportunities for mobile operators. In 2017, there were around 5.0 billion mobile subscribers across the globe, according to study conducted by Global System for Mobile Communications (GSMA). Mobile operators are leveraging mHealth solutions by supporting services such as monitoring, diagnosis, and patient management. These operators are increasingly adopting strategies such as agreements and partnerships in order to enhance their mHealth offerings, which, in turn, contributes to the market growth. Improvements in network infrastructure, rise in 3G and 4G technologies, and increase in the number of mobile subscribers are some of the key factors that drive the segment growth. Increasing penetration of mobile apps, growing use of smartphones, and presence of a large number of app developers also drive the market.In addition, increasing demand for reduction in hospital admissions and improvement in hospital workflow drive the adoption of mHealth technologies among healthcare providers. The healthcare providers segment is expected to grow at the fastest rate over the forecast period owing to increasing adoption of digital technology in healthcare facilities with rising healthcare expenditure. These technologies are bridging the gap between doctors and patients effectively, which in turn is expected to drive the adoption of mHealth services among healthcare providers practicing in remote areas. mHealth services provide various benefits including remote monitoring, diagnostics, scheduling reminders, alerts, medical management and documentation, medical reference, and eLearning.

Regional Insights of mHealth Market

In 2019, Asia Pacific led the market with the highest share of 45.0% owing to the increasing use of mHealth intervention for healthcare needs. Countries such as Singapore, Australia, and South Korea exhibit significant potential owing to their developed healthcare IT infrastructure and growing investments on digital health sectors. Rising geriatric population in countries such as China and Japan and growing burden of chronic conditions also drive the demand for mHealth technologies in the region. The significant rate of healthcare digitalization in the Asia Pacific region is mainly due to the high number of smartphone users. Increase in the number of government digitalization programs in emerging economies such as India and China is expected to drive the adoption of digital healthcare solutions such as mHealth services. However, factors such as low awareness of mHealth, lack of digital literacy, poor network coverage, and data security issues can impede digitalization of healthcare in developing regions. North America accounted for the second-largest share in the market for mHealth solutions in 2019 owing to the presence of key market participants, high adoption of digital technologies, and rising awareness about connected care. High penetration of internet and smartphones in the region, along with the usage of medical/health-related apps, is one of the key factors responsible for its market share. Moreover, successful implementation of electronic health record (EHR) and e-prescription systems in various healthcare centers drive the regional market growth.

Market Share Insights of mHealth Market

Apple Inc.; AT&T; Allscripts Healthcare Solutions; Orange; Google Inc.; AirStrip Technologies; Qualcomm Inc.; Softserve; mQure; Telefonica; Vodafone Group; and Samsung Electronics are some of the key mHealth companies that account for a majority of the market share. In order to gain a competitive edge, companies focus on regional expansions, mergers, acquisitions, collaborations, and product launches. For instance, Google Inc. is working with Change Healthcare to introduce a cost-effective cloud computing infrastructure into the market, which would be beneficial to imaging specialists and patients alike.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of mHealth Market Research Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of latest industry trends in each of the sub-segments from 2019 to 2030. For the purpose of this study, this market research report has segmented the global mHealth market report on the basis of component, service, participant, and region:

Component Outlook (Revenue, USD Million, 2019 - 2030)

  • Wearables
  • BP Monitors
  • Glucose Meters
  • Pulse Oximeters
  • Sleep Apnea Monitors (PSG)
  • Neurological Monitors
  • Activity Trackers/ Actigraphs
  • mHealth Apps
  • Medical Apps
  • Womens Health
  • Personal Health Record Apps
  • Medication Management Apps
  • Chronic Disease Management Apps
  • Diagnostic Apps
  • Remote Monitoring Apps
  • Others
  • Fitness Apps
  • Exercise & Weight Loss
  • Diet & Nutrition
  • Activity Tracking

Service Outlook (Revenue, USD Million, 2019 - 2030)

  • Monitoring services
  • Independent Aging Solutions
  • Chronic Disease Management & Post-acute Care Services
  • Diagnosis services
  • Healthcare Systems Strengthening Services
  • Others

Participants Outlook (Revenue, USD Million, 2019 - 2030)

  • Mobile Operators
  • Device Vendors
  • Content Players
  • Healthcare Providers

Table of Contents
Chapter 1 Research Methodology & Scope                 1.1 Market Segmentation and Scope                 1.2 Market Definition                 1.3 Research Methodology                      1.3.1 Information Procurement                 Purchased database:                 GVR’s internal database                      1.3.2 Primary Research:                 1.4 Research Scope and Assumptions                 1.5 List of Data SourcesChapter 2 Executive Summary                 2.1 Market Outlook                 2.2 Segment Outlook                 2.
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