mHealth Market size to exceed $888.5 Bn by 2032

mHealth Market size is set to cross USD 888.5 billion by 2032, according to the recent research report by Global Market Insights Inc.
 

The past couple of years, there has been increased emphasis on reducing healthcare costs, since nearly 30% of the overall healthcare spending is unnecessary. Medical institutions across the globe are investing in advanced technologies that reduce patient’s time in the hospital while streamlining their processes to enable cost-savings. The use of mHealth tools such as wearables and digital health apps for preventive care of chronic diseases such as diabetes, asthma, cardiac and pulmonary rehabilitation is also estimated to save the U.S. healthcare system by nearly USD 7 billion per year.
 

Easy accessibility to healthcare through mobile apps to drive industry trends

Mobile apps segment is expected to cross more than USD 717 billion through 2032. With the help of healthcare mobile apps, users can find a doctor, book an appointment, and view all medical test reports from the comfort of their home. Some apps also allow the patients to video call their doctors and nutritionists to discuss health issues online. Hence, there is growing requirement for mHealth solutions in the developing markets of Asia Pacific and Middle East & Africa. With increasing development of telecommunications network, the demand for mHealth services is expected to increase significantly.
 

Need for remote data collection of healthcare data to trigger mHealth adoption

mHealth market demand from the remote data collection segment is expected to be more than USD 97.5 billion by 2032. With the help of data collection, the healthcare records of a community or region can be saved in an mHealth device for easy access. The high growth is also attributed to several data collection programs deployed in developing countries. Furthermore, data collecting via smartphones, mobile phones, and personal digital assistants is more efficient and trustworthy than paper-based surveys, subsequently influencing the industry development.
 

Browse key industry insights spread across 350 pages with 460 market data tables and 19 figures & charts from the report, “mHealth Market Size By Platform (Mobile Apps {Wellness Management [Diet and Nutrition, Lifestyle and Stress, Exercise and Fitness], Health Condition Management [Disease Specific, Medication Reminders, Women’s Health and Pregnancy, Healthcare Providers/Insurance]}, Wearable Devices {Fitness Devices, Blood Glucose Monitors, Cardiac Monitors, Neurological Monitors, Respiratory Monitors, Body & Temperature Monitors}), By Application (Communication and Training, Education and Awareness, Diagnostics and Treatment, Disease and Epidemic Outbreak Tracking, Remote Data Collection, Remote Monitoring), By End-use (Hospitals {Healthcare Providers/Physicians, Patients}, Insurance Companies, Research Centers, Pharmacies, Biopharmaceutical Companies, Government, Tech Companies), Industry Analysis Report, Country Outlook, Growth Potential, Application Potential, Competitive Market Share & Forecast, 2023-2032”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/mhealth-market
 

Increasing preference by physicians to offer better treatment to enhance market outlook

The physician’s segment is expected to grow at a 22.3% CAGR through 2032. Among the range of tools available in the healthcare field, smartphones have received increasing attention from physicians. mHealth enables doctors to look up information from the patient's bedside, thereby saving time and optimizing treatment. Additionally, doctors can also avail the advantages of flexible access to medical information with apps readily available on smartphones and tablets. It is expected that the adoption of mHealth tools among physicians will garner momentum, as the concept to real-time patient care will gain prominence.
 

Increasing chronic health disease burden to bolster North America mHealth industry trends

North America held over 28% of the mHealth market share in 2022, majorly attributed to the high chronic disease burden, incremental healthcare spending, and a rapidly surging product adoption rate in the region. According to the National Health Council, nearly 40 million Americans suffer from one or more chronic health condition. Moreover, the presence of facilitative initiatives and higher number of smartphone users will further drive the regional business potential.
 

Marketing strategies to outline the competitive landscape of mHealth industry

Allscripts Healthcare Solutions, AT&T, Athenahealth, Inc., Samsung Electronics Corporation, Apple Inc., Koninklijke Philips.V., Omron Healthcare Inc., Bayer Healthcare, Masimo Corporation, Biotelemetry Inc., Boston Scientific Corporation, Qualcomm Inc., Sanofi SA, PLUX Wireless Biosignals S.A., and AliveCor Inc are some of the key companies offering their products and services in the mHealth market. These industry players are focusing on marketing strategies to increase their revenue share.