mHealth Market Expected to Reach $370.7 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “mHealth Market," The mhealth market size was valued at $70.7 billion in 2022, and is estimated to reach $370.7 billion by 2032, growing at a CAGR of 18% from 2023 to 2032. Mobile health is a branch of electronic health, which is defined as medical and public health practice supported by mobile devices. The mobile devices used in mHealth include mobile phones, patient monitoring devices, personal digital assistants, and other devices. These devices are utilized to collect and store patient information to obtain accurate results, which are used to treat and diagnose various medical conditions such as diabetes, blood pressure, and others. In addition, other mHealth services include prevention of diseases, monitoring of diseases, and others.

Furthermore, these services are used in various clinical fields such as diabetes, respiratory diseases, cardiovascular diseases, and others. Moreover, some of the mHealth devices offered by various key players in the market include blood glucose meter, blood pressure monitors, pulse oximetry, neurological monitors, cardiac monitors, and others.

Rise in the prevalence of diabetes boosts the demand for mHealth monitoring device for the management & care of diabetes and drives the growth of the mHealth market share. For instance, according to the 10th edition of the International Diabetes Federation (IDF)’s Diabetes Atlas, in 2021, 537 million adults (20-79 years) are living with diabetes globally. According to the same source, the total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. In addition, rise in prevalence of hypertension, increase in demand for ambulatory heart monitoring devices, and increase in the number of patient suffering from chronic obstructive pulmonary disease, neurological diseases, heart diseases such as arrhythmia are the major mHealth market trends.

Moreover, rise in R&D activities for the development of novel mHealth devices and increase in technological advancement in mHealth devices drive the growth of the mHealth market share. For instance, in 2021, MFine, a Digital health start-up, launched MFine pulse, an app based SPO2 (blood oxygen saturation) monitoring tool, which enables users to keep track of their oxygen saturation levels without an additional device. Using the power of smartphones and AI, MFine Pulse helps users measure oxygen saturation using the phone camera and flash. Thus, this leads to a more portable and inexpensive pulse oximeter.

Moreover, rise in R&D investments, significant increase in capital income in developed countries, and adoption of developmental strategies such as product launch, collaboration, merger, acquisition, and agreement by key players to stay competitive in the market foster the growth of the mHealth market size. For instance, in November 2022, OMRON Healthcare announced partnership with CardioSignal to innovate early cardiovascular disease detection and remote patient monitoring at scale. As a first result of the collaboration, CardioSignal mobile app integrated into OMRON Connect to detect signs of atrial fibrillation. Users simply lie down and place the mobile phone in the center of the chest. Measurement starts automatically and the user receives a notification of the possibility of atrial fibrillation. 

On the basis of the type, the market is classified into mHealth devices and mHealth services. The mHealth devices segment is expected to witness the highest CAGR during the forecast period, owing to a rise in demand for mHealth devices and rise in R&D activities regarding mHealth devices.

On the basis of the application, the mHealth market classified into cardiovascular, diabetes, respiratory, neurology, and others. The diabetes segment is expected to witness the highest CAGR during the forecast period, owing to rise in demand for glucose monitoring devices, high number of service provider for the management of diabetes and rise in awareness regarding the use of glucose monitoring devices at home in developing countries such as China, and India.  

On the basis of stakeholder, the mHealth market is divided into mobile operators, device vendors, healthcare providers, and application & content players. The device vendors segment is expected to witness the highest CAGR during the forecast period in mHealth market analysis, owing to increase in demand for mHealth devices from healthcare providers for delivery of treatment & diagnostics services and increase in number of device vendors in mHealth industry.

Region-wise, Asia-Pacific is expected to witness the highest CAGR during the forecast period in mHealth market analysis due to increase in population, surge in healthcare expenditure, increase in the number of cardiac diseases, and rise in prevalence of diabetes and hypertension, which require monitoring of the condition of the patient for prevention and better treatment. 

Key Findings of the Study

• On the basis of type, the mHealth services segment held the largest share in the mobile health market in 2022.
• On the basis of application, the cardiovascular segment dominated the mobile health market in 2022.
• On the basis of stakeholder, the mobile operators segment dominated the mHealth industry in 2022.
• On the basis of region, Asia-Pacific is expected to witness the highest CAGR during the mHealth market forecast period.