The mHealth Solutions Market is expected to witness a healthy CAGR of ~25% by 2028

The mHealth Solutions Market on Track for Accelerated Expansion: Forecasting a Healthy CAGR of ~25% by 2028

Health

The market is being driven by rising 5G and 4G network penetration, rising smartphone, tablet, and other mobile platform penetration, a growing geriatric population, rising incidence of chronic diseases, growing fitness and healthy lifestyle consciousness, growing focus on home healthcare, and favorable government policies and initiatives to promote remote digital healthcare.

mHealth technology is critical in digital health, particularly for health information technology, wearables, telehealth, telemedicine, and customized medicine.

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Some of the practical applications of mHealth include:

  • Remote Patient Monitoring (RPM): Patients can utilize mobile medical devices and technology to collect patient-generated health data (PGHD) and submit it to healthcare experts. RPM programs may capture crucial physiological data such as vital signs, weight, blood pressure, and heart rate, among others.
  • Health Education: mHealth boosts literacy via apps like WebMD that provides reliable details on symptoms and treatments
  • Disease Surveillance: Vital for real-time disease tracking, as seen in COVID-19 with apps like CO Exposure Notifications. The World Health Organization emphasizes mHealth’s pivotal role in public health surveillance
  • Medication Management: mHealth apps aid adherence, crucial for chronic illnesses. For instance – Medisafe is a medication engagement platform that empowers patients to seamlessly manage their treatment journey
  • Mental Health Support: mHealth, exemplified by apps like Headspace and Talkspace, offers therapy and mindfulness. Studies affirm mobile apps’ potential to enhance mental health service delivery
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Increasing Adoption of 5G and 4G Networks Ensures Continuous Healthcare Services boosting the mHealth Solutions Market

To some extent, mHealth technology adoption is dependent on telecom improvements, particularly the proliferation of high-speed connectivity such as 3G, 4G, and broadband. With 5.2 billion subscribers in 2018, and projected to reach 6.5 billion by 2021, 5G’s integration in healthcare is driven by increased data transit for medical images, which improves treatment quality and accessibility. The low latency and large capacity of 5G allow for extensive remote monitoring, which can be supplemented with AR and VR for new therapies. In North America, strong 5G/4G network penetration enables telemedicine through video conversations and quick data transmission, providing a better customer experience than 4G. The advancement of Wi-Fi and connection technologies in the healthcare business provides the door for more use of linked medical devices, promoting development potential in mHealth.

Smartphone, Tablets & Other Mobile Platforms Proliferation Fuels global mHealth Solutions Market

The rising global prevalence of smartphones, tablets, and other mobile platforms is driving considerable growth in the mHealth industry. Individuals now own numerous smartphones, cell phones, or tablets, which is a noticeable trend. According to the GSMA’s 2023 State of Mobile Internet Connectivity Report, around 54% of the world population (4.3 billion people) possesses a smartphone. Notably, China and India are noted as having the biggest concentrations of mobile devices. Smartphone proliferation is predicted to empower the people by offering access to a variety of healthcare services via wireless multimedia, supporting wider adoption of mHealth.

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Competitive Landscape Analysis of the mHealth Solutions Market

Some of the key players operating in the market include 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), 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 Heathcare (UK), Teladoc Health, Inc. (US), ZTE Corporation (China), and My mHealth Limited (UK) , among others.

Organic and Inorganic Growth Strategies Adopted by Players to Establish Their Foothold in the mHealth Solutions Market

Players operating in this market are adopting organic and inorganic growth strategies such as launching new services, acquiring related firms, and entering into collaborations to garner higher market share. For instance,

  • In October of 2023, Cedars-Sinai launched the Cedars-Sinai Connect app, an innovative mobile health application driven by artificial intelligence. This app provides virtual healthcare solutions for a range of clinical concerns, allowing for same-day primary care appointments and 24/7 virtual access to medical experts for urgent medical needs
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The mHealth Solutions Market is expected to gain traction in the coming years as a result of increased use of AI in mHealth apps, increased collaborations between manufacturers and healthcare institutions, increased adoption of smart wearable devices, increased emphasis on patient-centric healthcare delivery, and aggressive organic and inorganic strategies employed by players.

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About Medi-Tech Insights

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