2024 Trends, Factors of mHealth Solutions Market: Projections, Dynamics, and Key Players

 

Market Definition

Mobile health (mHealth) encompasses the use of mobile devices for gathering and distributing health-related data, remote care delivery, and near real-time patient monitoring. Connected medical devices and mHealth apps and solutions enable clinicians to document more accurate and complete records, enhance productivity, access information, and communicate findings and treatments effectively.

Market Forecast

mHealth Solutions Market Projection

The mHealth Solutions Market is anticipated to grow from USD 119.5 billion in 2023 to USD 395.0 billion by 2028, with a CAGR of 27.0% during the forecast period. Growth in this market is driven by opportunities in emerging healthcare markets and government mandates and support for mHealth solutions. However, IT infrastructure constraints in developing countries and resistance from traditional healthcare providers may restrain market growth to some extent.

Download PDF Brochure :- https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1232

 

Market Dynamics

Drivers

• Increasing penetration of smartphones, tablets, and other mobile platforms.
• Growing use of connected devices and mHealth apps to manage chronic diseases.
• Cost containment in healthcare delivery.
• Expanding 4G & 5G networks for 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 and limited guidance from physicians.

Opportunities

• Growing adoption of mHealth solutions across various mobile platforms.

Challenges

• Ensuring authenticity and reliability.
• Patent protection for mHealth devices and apps.
• Addressing data security concerns and preventing data theft and healthcare fraud.

Market Segmentation

By mHealth Apps

• Healthcare Apps: Accounted for the largest market share in 2022, primarily used for continuous self-monitoring of vital signs and physician communication.
• Medical Apps

By Connected Medical Devices

• Categories include vital signs monitoring devices, peak flow meters, neurological monitoring devices, sleep apnea monitors, multiparameter trackers, fetal monitoring devices, and others.
• Vital signs monitoring devices are expected to grow at the highest CAGR during the forecast period.

By Services

• Remote patient monitoring services held the largest share in 2022, driven by the global adoption of smartphones, high-speed network availability, and demand for remote patient monitoring and consultation.

Regional Analysis

APAC Market Growth

The APAC market is expected to register the highest CAGR during the forecast period. Factors such as a large patient population, particularly in China and India, rising per capita income, increasing prevalence of chronic disorders, higher smartphone adoption, and advanced connectivity and networks are propelling the growth of the APAC mHealth Solutions market.

Request Sample Pages:- https://www.marketsandmarkets.com/requestsampleNew.asp?id=1232

Recent Developments

• February 2023: Vodafone (UK) partnered with Charité Berlin and Leipzig University Hospital to explore future medical applications using 6G.
• January 2023: Koninklijke Philips (Netherlands) partnered with Masimo (US) to enhance patient monitoring capabilities in home telehealth applications.
• January 2023: Garmin (US) launched Instinct Crossover in India, offering features such as Sleep Score, Advanced Sleep Monitoring, and Health Monitoring activities.

Top Key Players

Leading companies in the mHealth Solutions market include:

• 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)
• My mHealth Limited (UK)

These companies focus on strategies such as acquisitions, product launches, agreements, collaborations, partnerships, and expansions to remain competitive and increase their market share.

Conclusion

The mHealth Solutions Market is poised for significant growth, driven by advancements in mobile technology, increasing healthcare demands, and supportive government policies. Despite challenges such as IT infrastructure constraints and resistance from traditional providers, the market offers substantial opportunities, particularly in emerging economies. With continued innovation and strategic collaborations, key players are well-positioned to capitalize on this dynamic market landscape.