The global mHealth market size is expected to reach USD 166.2 billion by 2028 and is expected to expand at a CAGR of 17.6% over the forecast period, according to a new report by Grand View Research, Inc. Growing penetration of smartphones & internet connectivity, rising adoption of mHealth platforms and technologies by patients and physicians, and supportive government initiatives are among the key factors driving the market growth. Rising demand for preventive healthcare and increasing funding for the mHealth startups are also projected to propel the market growth.
In addition, the Covid-19 pandemic has led to increased utilization of mHealth technologies due to increased adoption of remote patient monitoring and diagnosis & analysis of patient data. For instance, according to data published by Statista, the number of medical apps downloaded during the peak months of the pandemic as compared to the number of downloads in January 2020 demonstrated a considerable spike. In India, in particular, there was around a 90% increase in the medical apps’ downloads during the peak months of the pandemic.
Based on participants, mobile operators accounted for the highest revenue share in the market owing to improvements in the network infrastructure, increase in the use of 4G & 3G technologies, and rise in the number of mobile subscribers. A rise in the number of industry partnerships is another significant factor driving the segment growth. For instance, in 2019, OneLife, a mobile medical software company, partnered with AT&T for the development of a health-tracking watch to monitor a patient’s heart rate, location, sleep, and movement.
North America dominated the global market with a revenue share of over 38% in 2020 owing to various factors including high healthcare expenditure, increased geriatric population, high prevalence of chronic diseases, and improved network infrastructure. Favorable government initiatives and increasing adoption of mobile health apps are anticipated to the regional market during the forecast period.
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