MHealth Market Size To Reach USD 269.31 Billion By 2032

The global mHealth market size reached USD 80.61 billion in 2022 and is expected to hit over USD 269.31 billion by 2032 with a registered CAGR of 12.3% from 2023 to 2032.

Key Points:

North America contributed revenue share of around 27.89% in 2022.
Asia Pacific region is expected to expand at the fastest CAGR 14.8% from 2023 to 2032.
By component, the apps segment generated more than 87% of the market revenue share in 2022.
By services, the monitoring services segment contributed more than 63% of the market share in 2022.

The mHealth market gained rapid traction in 2020 amid the COVID-19 pandemic, which forced almost every industry on the globe to adopt digital technologies. The mHealth offers access to the healthcare services from the comfort of the home just at a press of a button. The ease and conveniences associated with the mHealth applications is significantly boosting the growth of the global mHealth market.

Moreover, the rising penetration of internet, growing number of smartphone users across the globe, rising prevalence of chronic diseases, and growing geriatric population is boosting the growth of the market. Furthermore, the advancements in the technologies such as wireless connectivity, AI, 4G and 5G, and the rising investments in the telecommunication infrastructure are the various crucial factors that augment the growth of the global mHealth market.

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Regional Snapshot

North America accounted for around 38% of the market share and dominated the global mHealth market in 2020. The higher adoption rate of the digital technologies in the region along with the presence of numerous mHealth application has significant contributions in the development of the market. The rising geriatric population and increased prevalence of various chronic diseases is further fueling the adoption of the convenient mHealth solutions. The 24*7 availability of the physician consultation services and the remote patient monitoring services are the major drivers of the mHealth market in North America. The presence of educated and aware consumers in the region along with the favorable government policies regarding the use of virtual healthcare platforms are together augmenting the growth of the mHealth market in the region.

Asia Pacific is estimated to be the most opportunistic market during the forecast period. This is mainly attributed to the presence of huge youth population who are highly influenced by the social media and other digital platforms. Moreover, rising penetration of smartphones and enhanced access to the internet owing to the developing IT infrastructure in the region is expected to drive the market growth exponentially in the foreseeable future. Moreover, rapidly growing geriatric population in the region is expected to fuel the adoption of the mHealth platforms in the upcoming future. According to the United Nations, the global geriatric population is expected to reach at 2 billion by 2050 and about 80% of the geriatric population will be living in the low and middle income countries.

Table of Contents

Scope of the mHealth Market

Report Coverage	Details
Market Size in 2023	USD 94.5 Billion
Market Size by 2032	USD 269.31 Billion
Growth Rate from 2023 to 2032	CAGR of 12.3%
Largest Market	North America
Fastest Gowing Market	Asia Pacific
Base Year	2022
Forecast Period	2023 to 2032

Market Dynamics

Driver

Rising adoption of internet and smartphones

The world is witnessing a rapid surge in the number of smartphone users and the internet users.. According to the GSMA State of Mobile Internet Connectivity Report 2020, approximately 50% of the global population had access to the mobile internet connectivity by the end of 2019. As per the ITU, majority of the inter users have access to the internet through their smartphones. Therefore, the rising adoption of the smartphones and improved access to the internet is the major driver of the global mHealth market.

Restraints

Lack of digital skills and literacy

Most of the people especially in the developing and the underdeveloped regions have access to the smartphones and internet. But the lack of literacy and lack of digital skills is a major factor that restricts the growth of the mHealth market.

Opportunities

Integration of the latest technologies with the mHealth

The growing adoption of latest technologies like artificial intelligence, data analytics, and 5G are expected to drive the mHealth market during the forecast period. The integration of such latest technologies with the mHealth can improve the patient care and is expected to provide lucrative growth opportunities to the market players in the foreseeable future.

Challenge

Lack of awareness regarding mHealth

There is a lack of awareness regarding the mHealth platforms especially in the rural areas of the underdeveloped markets. Moreover, the poor access to the basic healthcare facilities is further depriving the rural population from accessing the digital mHealth platforms.

Some of the prominent players include:

Bayer Healthcare
Boston Scientific Corporation
Dexcom, Inc.
Johnson & Johnson
Koninklijke Philips N.V
Masimo Corporation
Medtronic plc
Omron Corporation
Samsung Group
Sanofi

Segments Covered in the Report

By Component

Apps
- Medical Apps
  - Women’s Health
  - Personal Health Record Apps
  - Medication Management Apps
  - Disease Management Apps
  - Diagnostic Apps
  - Remote Monitoring Apps
  - Others
- Fitness Apps
  - Exercise & Fitness
  - Diet & Nutrition
  - Lifestyle & Stress
Wearables
- BP Monitors
- Glucose Meters
- Pulse Oximeters
- Sleep Apnea Monitors (PSG)
- Neurological Monitors
- Activity Trackers/ Actigraphs