Growth in mHealth Solutions Market is driven by the opportunities offered by the emerging markets in healthcare and government mandates & support for mHealth solutions. However, IT infrastructural constraints in developing countries and resistance from traditional healthcare providers are expected to restrain the growth of this market to a certain extent.
The report mHealth
Solutions Market is projected to reach USD 395.0
billion by 2028 from USD 119.5 billion in 2023, at a CAGR of 27.0% during the
forecast period.
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mHealth Solutions Market Dynamics:
Drivers:
·
Increasing penetration of smartphones, tablets, and
other mobile platforms
·
Increasing utilization of connected devices and
mHealth apps to manage chronic diseases
·
Cost containment in healthcare delivery
·
Growing penetration of 4G & 5G networks to
ensure uninterrupted healthcare
·
Rising focus on patient-centric healthcare delivery
·
Increasing demand for home healthcare services
Restraints:
·
Lack of standards & regulations and insufficient
reimbursement
·
Resistance from traditional healthcare providers
& limited guidance from physicians
Opportunities:
·
Growing adoption of mHealth solutions in other
mobile platforms
Challenges:
·
Authenticity and reliability
·
Patent protection for mHealth devices and apps
·
Lack of data security and concerns regarding data
theft and healthcare fraud
Market Segmentation:
·
The mHealth solutions market, by mHealth Apps, is
segmented into Healthcare Apps and Medical Apps. In 2022, the Healthcare Apps
segment accounted for the largest market share. Healthcare apps are mostly used
for continuously self-monitoring vital signs and communicating with physicians
for related services.
·
The connected medical devices segment is categorized
into vital signs monitoring devices, peak flow meters, neurological monitoring
devices, sleep apnea monitors, multiparameter trackers, fetal monitoring
devices, and others. The vital signs monitoring devices is expected to grow at
the highest CAGR during the forecast period.
·
In 2022, Remote patient monitoring services
accounted for the largest share by services market. The rising global adoption
of smartphones, high-speed network availability, and the demand for remote
patient monitoring and consultation are key to the market growth.
Regional Analysis:
The
APAC market is expected to register the highest CAGR during the forecast
period. Factors such as a large patient population, especially in China and
India, growing per capita income, rising prevalence of chronic disorders,
increasing per capita income, higher adoption of smartphones, and the presence
of advanced connectivity and networks in these countries are driving the growth
of the APAC mHealth Solutions market.
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Recent Developments:
·
In February 2023 Vodafone (UK) partnered with
Charité Berlin, Leipzig University Hospital (Berlin).The collaboration with
Charité Berlin (one of Europe's largest university hospitals), Leipzig
University Hospital, and 16 other leading research and medical experts across
Germany enabled Vodafone to explore future medical applications using 6G.
·
In January 2023 Koninklijke Philips (Netherlands)
partnered with Masimo (US). The partnership aimed to augment patient monitoring
capabilities in home telehealth applications with the Masimo W1 advanced
health-tracking watch.
·
In January 2023, Garmin (US) launched Instinct
Crossover in India, which delivers Garmin's full suite of wellness features,
including Sleep Score and Advanced Sleep Monitoring, and Health Monitoring
activities.
Top Key Players :-
Koninklijke
Philips N.V. (Netherlands), Medtronic plc (Ireland), Johnson & Johnson
(US), OMRON Healthcare Co., Ltd. (Japan), Cerner Corporation (US), Apple, Inc.
(US), AliveCor, Inc. (US), AirStrip Technologies (US), athenahealth, Inc. (US),
iHealth Lab Inc. (US), AT&T Inc. (US), AgaMatrix, Inc. (US), Cisco Systems,
Inc. (US), Fitbit Inc. (US), OSP Labs (US), SoftServe (US), Garmin, Ltd. (US),
Dexcom, Inc. (US), Tunstall Healthcare (UK), Teladoc Health, Inc. (US), ZTE
Corporation (China), and My mHealth Limited (UK) are the major players in this
market. These companies are majorly focusing on the strategies such as
acquisitions, product launches, agreements, collaborations, partnerships, and
expansions in order to remain competitive and further increase their share in
the market.
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