[Research Report] The mhealth apps and solutions market size was valued at US$ 108.95 billion in 2022 and is expected to reach US$ 567.89 billion by 2030; it is estimated to register a CAGR of 22.9% from 2022 to 2030.
Market Insights and Analyst View:
mHealth apps and solutions refer to a category of applications and digital tools used to support healthcare, fitness, and medical services through mobile devices such as smartphones, tablets, and wearable devices. These digital solutions bring healthcare information, resources, and services to individuals, caregivers, and healthcare providers, allowing access to health-related data, monitoring, and management virtually from anywhere. Some important components and functionalities of mHealth apps and solutions include health management and monitoring, telemedicine, remote consultation, disease management, fitness and wellness tracking, and behavioral health.
Key factors driving the mhealth apps and solutions market growth include the surge in the use of smart devices for monitoring health and increasing focus on personalized medicine and patient-centered approach. However, issues related to healthcare fraud and data security hinder the market growth.
Growth Drivers and Restraints:
A rise in the adoption of advanced technologies in healthcare is allowing patients, as well as healthcare service providers, to manage personal data and interactions. Smartphones are allowing patients and medical staff to manage hospital consultation schedules and transforming people’s perspectives toward health. Different internet-enabled mobile devices contribute to better management and ease of healthcare practices and data collection. These devices are used to offer services to patients in terms of providing appropriate guidance regarding disease management, guidance, and consultation. Due to the availability of a wide variety of applications with easy access, a large number of people prefer using smartphone apps to avoid waiting times in physician’s offices and get convenient appointments for treatment and diagnostics from virtually anywhere.
In recent years, there has been a surge in the number of individuals suffering from heart disease and diabetes. This has underlined the importance of keeping up physical health among people in developed as well as developing countries. Consequently, the demand for various health monitoring devices has also increased in recent years for keeping track of health parameters. There has been a rise in the number of specialty clinics and home healthcare businesses in countries such as the US, India, and Canada. Asia Pacific holds huge potential for the development of the healthcare sector owing to continuously increasing disposable income and rapid urbanization in leading economies such as Japan, China, and India. Further, the use of handheld and wearable devices for monitoring vital signs has been high among the elderly population as well as millennials. Thus, the surge in the use of smart devices for monitoring health is fueling the mHealth apps and solutions market.
Additionally, In recent years, the patient-centric approach has been predominant in the healthcare industry. Technological innovations and software development are crucial to this healthcare industry revolution. These technological developments support medical and administrative services that dramatically enhance and ease healthcare processes, communications, and workflow. Patient-centric healthcare raises patient satisfaction levels, which creates benefits for healthcare providers and practices. Thus, the rising adoption of a patient-centric approach by healthcare providers is driving the growth of the mhealth apps and solutions market.
However, The protection of sensitive health data recorded by mHealth apps is a major concern among healthcare providers as well as care receivers. The privacy and security concerns associated with remotely monitored medical devices stem from regulatory uncertainties. As technology companies manufacturing medical devices sell personal data to third parties, patients are worried about the privacy of their private data, which may include their biological data. Additionally, if these devices are connected to the medical billing records of the patients, the risk might further entail a financial data breach. According to the HIPAA Journal, 5,150 healthcare data breaches of over 500 records have been reported between 2009 and 2022 to the HHS’ Office for Civil Rights. Those breaches have exposed or impermissibly disclosed 382,262,109 healthcare records. That equates to over 1.2x the population of the US. In 2022, an average of 1.94 data breaches of 500 or more healthcare records were reported daily.
Despite the medical device manufacturers investing increasingly high amounts for enhancing the security of their offerings, consumers are likely to take some time to rely on devices for their healthcare-related activities completely. Thus, issues related to data security and privacy are limiting the adoption of mHealth apps, thereby hindering market growth.
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mHealth Apps and Solutions Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
mHealth Apps and Solutions Market: Strategic Insights
Akshay
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Akshay will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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Report Segmentation and Scope:
The global mhealth apps and solutions market is categorized on the basis of app type, connected devices, services, end users, and geography. Based on app type, the mhealth apps and solutions market is bifurcated into medical and fitness. Based on connected devices, the mhealth apps and solutions market is divided into glucose and blood pressure monitor, peak flow meter, pulse oximeter, neurological monitors, and others. Based on services, the market is segmented into patient monitoring, wellness management, and consultation. Based on end users, the market is differentiated into physicians, patients, hospitals, and healthcare insurance companies. The mhealth apps and solutions market, based on geography, is segmented into North America (the US, Canada, and Mexico), Europe (Germany, France, Italy, the UK, Russia, and the Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
Segmental Analysis:
The mhealth apps and solutions market, by app type, is bifurcated into medical and fitness. The Medical segment held the largest mhealth apps and solutions market share in 2022, and it is anticipated to register the highest CAGR in the market during 2022-2030.
Based on connected devices, the mhealth apps and solutions market is divided into glucose and blood pressure monitor, peak flow meter, pulse oximeter, neurological monitors, and others. The glucose and blood pressure monitor segment held the largest mhealth apps and solutions market share in 2022, and the same segment is expected to register the highest CAGR in the market during 2022-2030.
Based on services, the market is segmented into patient monitoring, wellness management, and consultation. The patient monitoring segment held the largest mhealth apps and solutions market in 2022. However, the wellness management segment is expected to register the highest CAGR in the market during 2022-2030.
Based on end users, the market is differentiated into physicians, patients, hospitals, and healthcare insurance companies. The patient segment held the largest mhealth apps and solutions market share in 2022. However, the hospital segment is expected to register the highest CAGR in the market during 2022-2030.
Regional Analysis:
Based on geography, the global mhealth apps and solutions market is segmented into five key regions: North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. Asia Pacific is estimated to register the highest CAGR during 2022–2030, owing to an increasing aging population, rising cancer prevalence, and rising healthcare costs.
The mHealth apps and solutions market in North America is anticipated to witness growth at a significant rate during the forecast period owing to various factors such as a technologically advanced healthcare system, rapid adoption of healthcare IT, and increasing government funding, among others. Also, to enhance patient care and satisfaction, the adoption of mhealth apps is expected to witness tremendous growth in the North American region during the forecast period. Moreover, increasing focus on digitalization in healthcare and reducing traffic for appointments for medical treatments is further expected to stimulate growth and contribute to exceptional revenue generation for the mhealth apps and solutions market in North America.
Industry Developments and Future Opportunities:
Various initiatives taken by key players operating in the global mhealth apps and solutions market are listed below:
- In October 2023, Cedars-Sinai created a new artificial intelligence-driven mHealth application that offers virtual care alternatives for a variety of clinical ailments to patients in California. The Cedars-Sinai Connect app gives virtual access to healthcare professionals for urgent care and same-day appointments for primary care 24 hours a day, seven days a week. Patients can use the app to seek help for a variety of ailments, including colds, headaches, anxiety, type 2 diabetes, wellness visits, and expert referrals.
- In October 2023, MongoDB Inc. announced the launch of MongoDB Atlas for Healthcare and MongoDB Atlas for Insurance, two new initiatives that help companies in these industries accelerate their pace of innovation and better serve end-users with modern, data-driven applications. MongoDB Atlas for Healthcare and MongoDB Atlas for Insurance include expert-led innovation workshops, tailored technology partnerships, and industry-specific knowledge accelerators to provide customized training paths designed for a range of use cases that developers in these industries work with.
- In February 2023, Vodafone collaborated with Charité Berlin (one of Europe’s largest university hospitals), Leipzig University Hospital, and 16 other leading research and medical experts across Germany to explore future medical applications using 6G.
- In January 2023, Garmin Ltd announced the launch of Instinct Crossover & Instinct Crossover Solar in India, the newest and most unique addition to the popular Instinct family of rugged, purpose-built GPS multisport smartwatches. The Instinct Crossover delivers Garmin’s full suite of wellness features, including Sleep Score Advanced Sleep Monitoring and Health Monitoring activities, which allows users to record key health metrics, such as Body Battery, stress, and heart rate, in a single view.
- In January 2023, Royal Philips, a global leader in health technology, partnered with Masimo. The companies announced an expansion of their partnership to augment patient monitoring capabilities in home telehealth applications with the Masimo W1 advanced health tracking watch. The W1 will integrate with Philips’s enterprise patient monitoring ecosystem to advance the forefront of telemonitoring and telehealth.
Competitive Landscape and Key Companies:
Medical Information Technology Inc., Boston Scientific Corporation, Apple Inc., Peerfit Inc., Abbott, ALYKA Health, Koninklijke Philips NV, Teladoc Health Inc, MyFitnessPal Inc, and Fitbit Inc are among the prominent players operating in the mhealth apps and solutions market. These companies focus on new technologies, advancements in existing products, and geographic expansions to meet the growing consumer demand worldwide and increase their product range in specialty portfolios.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
- Medical Information Technology Inc.
- Boston Scientific Corporation
- Apple Inc.
- Peerfit Inc.
- Abbott
- ALYKA Health
- Koninklijke Philips NV
- Teladoc Health Inc
- MyFitnessPal Inc
- Fitbit Inc
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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