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MHealth Market Overview
MHealth Market size is estimated to reach $310 billion by 2027, growing at a CAGR of 27.4% during the forecast period 2022-2027. MHealth exemplifies as “Mobile Health”, and can be described as set off mobile applications and electronic devices which support the health of people in the 21st century. With expeditious technological progressions, many portable healthcare devices have come to the forefront such as Blood Glucose monitors, portable Bluetooth devices, heart monitors, patient monitors, and many more. These devices stockpile data and this data can be used by doctors in case of necessity while diagnosing the patient or prescribing a medication. The trend of health monitoring services is budding as these take care of individuals’ health in their eventful lives. Devices like SIMpill tape-record the time logs whenever medication is taken out of them and remind if on any given day patients forget to take the dose. Lengthening health responsiveness among people and augmented hazard of long-lasting sicknesses are set to drive the growth of the MHealth Industry for the period 2022-2027.
MHealth Market Segment Analysis – By Platform
The MHealth Market based on the Platform type can be further segmented into MHealth applications (Nutrition guide apps, fitness, and mental health applications, weight loss/gain applications, Women health-specific applications, Clinician on request applications, data trailing and recording apps, appointment applications), Wearable devices (Blood Glucose monitor, Distance traveled and step counting watches, Heart monitors, patients monitors and many more). The MHealth application segment held the largest share owing to the factors such as ascension in health awareness among people around the globe, elevating health benefits such as better metabolism, reduce various complications such as obesity.
Similarly, the MHealth Application segment is estimated to be the fastest-growing segment with a CAGR of 28.2% over the period 2022-2027. This growth is owing to rapid modernization, growing smartphone users, broadening the concept of satellite internet access. For example, around 4.88 billion people around the Globe have internet access, which roughly translates to about 62% of the global population.
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MHealth Market Segment Analysis – By Applications
The MHealth Market based on the Application type can be further segmented into Intensive care, education and alertness, Diagnostic and treatment, and data assortment, etc. The Intensive care segment held the largest share in 2021 owing to factors such as a convenient way of monitoring an individual’s health, the most affordable and effective alternative to extortionate health care procedures which most people can’t afford, shifting attitudes of people from treatment to prevention.
However, the Diagnostic and treatment segment is estimated to be the fastest growing with a CAGR of 28.4% over the forecast period 2022-2027. This growth is owing to the application elevating of Mhealth platforms in diagnoses of several illnesses and effectively treating them, reducing dependency on obsolete ways of recording data. Presence of contemporary devices such as SIMpill which take down the time logs if medication is taken by patients, reduces overdose issues, and reminds if on any given day patients forget to take the dose.
MHealth Market Segment Analysis – By Geography
The MHealth based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held the largest share with 37% of the overall market in 2021. The growth in this segment is owing to the factors such as the existence of high awareness among the North American public due to high literacy rates in countries like Canada and US, better networking and technological infrastructure, hue number of smartphone users, affluent GDPs, and presence of big tech players like Apple, Microsoft, Facebook, etc. resulting in jaw-dropping breakthroughs.
However, the Asia-pacific segment is estimated to be the fastest-growing over the forecast period 2022-2027. This growth is owing to shooting up chronic illnesses, the massive population of India and China, densely populated cities such Dhaka, Mumbai and many more Health Market Drivers, growing smartphone usage as the purchasing power of people in countries like Indonesia, India, Vietnam, and China is increasing. For example, in India close to 173 million units were shipped and recorded, which accumulates to YoY growth of 14%.
MHealth Market Drivers
Increasing awareness along with health illnesses are estimated to Drive Market Growth
Health complications such as heart attacks, obesity, and long-term maladies are elevating as the elderly population around the globe is lengthening rapidly. Therefore, people are becoming more health cognizant regarding their nutritional diet and exercise programs and adopting various contemporary techniques and procedures available in the market to handle them. Trends of buying smartwatches and many health applications to monitor steps taken by individuals in a day, calories scorched or consumed are enlarging. For example, within Europe around 22% of the population is geriatric, with a further push from private and government bodies, most of them wear a medical bracelet that alerts for emergencies and other uses.
Shooting up smartphone usage is Expected to Boost Product Demand
According to a study, more than half that is 54-55% of total web traffic is ascribing to mobile phones and around 4-5 billion people around the world use the internet actively. In developing countries like India and China population with smartphones in hand is accruing rapidly. Around 70% of Indians and 73-75% of Chinese people use cell phones. With growing digitalization and technological breakthrough, these statistics are estimated to rise in foreseeable future.
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MHealth Market Challenges
Technical faults and data privacy issues are Anticipated to Hamper Market Growth
Even though MHealth trends are growing very swiftly but several factors are anticipated to cripple the progress of these platforms. As MHealth is becoming a new normal in contemporary society, still there are millions of people that are unaware of it. There are other complications such as technical problems and data privacy, network access issues. Still, 30-40% of the world’s population aren’t using the internet which can strangle the growth of the respective market.
MHealth Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in this market. MHealth Market top 10 companies include
Samsung Electronics Co.
Allscripts Healthcare Solutions
Recent Developments/Product Launches:
On October 5, 2021, a Chinese Meditech company Masimo launched a radius T degree continuous thermometer with +/- 0.1-degree Celsius laboratory accurateness and is wearable. It is fully automatic and requires no effort from the user side after installation. The traditional thermometer enables a person to only notice a spike in temperature hours after a spike has occurred, while Radius T° allows to continuously measure temperatures.
On May 10, 2021, UK-based healthcare company “my mhealth” launched a diabetes application “myDiabetes” in the southeastern county “Kent” after getting approval from the United kingdom’s healthcare body NHS (=National Health Service). UK health tech company “my health” and collaborators awarded €2.5M, Eurostars Grant. The immersive cardiac rehabilitation app, myHeart uses behavioral feedback and gamification to improve heart health.
In April 2020, my COPD, a digital self-management tool for people suffering from chronic obstructive pulmonary disease and also for providing a care management aid for healthcare professionals. It is an app that people can access at home, on their phones, computers, or tablets. Internet access is needed. People using my COPD can give healthcare professionals access to their data, to enable remote care and monitoring. If enabled, clinicians can review the person’s profile, including medications and assessment reports.
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Geographically, the North America MHealth Market accounted for the highest revenue share in 2021. However, Asia-Pacific is poised to dominate the market over the period 2022-2027 owing to the rise in usage of the internet in Asian nations such as India and China.
The advancing technologies and growing smartphone industry are driving the MHealth Market. However, technical complications and data privacy issues are one of the major factors that are said to reduce the growth of the MHealth Market.
Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the MHealth Market report.
Machine Health Monitoring Market – Forecast (2022-2027)
Digital Health Market – Forecast (2022 – 2027)
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