mHealth market size was valued at USD 55.20 billion in 2022 and is poised to grow from USD 62.82 billion in 2023 to USD 176.69 billion by 2031, growing at a CAGR of 13.8% in the forecast period (2024-2031).
Mobile phones and mobile technologies have completely changed the way world operates and this is also true for the healthcare space as well. Growing investments in the development of novel software to unlock the full potential of mobile technologies and wearable medical devices will bolster mHealth market growth over the coming years. Convenience and growing digitization of the healthcare space are also playing a crucial role in augmenting the mHealth demand outlook.
Investing in the development of new mHealth applications and software will be the primary strategy for all companies operating in the market. Pairing mHealth applications with wearable health monitors and trackers will also create new opportunities for mHealth market players in the future. Growing popularity of telehealth and teleconsultation will also helpmHealth providers take their business to the next level.
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Applications Rule the World of mHealth Thereby Pushing Companies to Keep Launching New Apps
mHealth companies are actively launching new mHealth applications or improving the capabilities of their existing ones to stand out from the competition. Integration of mHealth with wearables is a key trend that new as well as leading market players should target in the future. Using artificial intelligence and data analytics to enhance mobile health capabilities will also create new opportunities for mHealth companies going forward. Creating specialized mHealth offerings for institutions and individuals will also help companies expand their business scope on a global level.
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- Back in January 2021, Zuri Health, a Kenyan company focusing on making healthcare affordable and accessible announced the launch of its mHealth application called Play Zuri Health. The application will help patients book appointments, tests, and home visits with medical professionals in their region.
- Milvik Bima, a leading fintech and health organization from Sweden announced the launch of its new mHealth app in Bangladesh in April 2022. The app features telehealth, payment, and e-commerce for healthcare capabilities.
- Back in December 2020, a new mHealth application was launched by the United States-based tech giant Google to collect data from Android mobile phones for healthcare researchers. The Google Health Studies App was first used for a study with Harvard Medical School and Boston Children’s Hospital.
- A startup focusing on providing primary care called K Health collaborated with Cedars-Sinai, back in October 2023. The move was aimed toward thelaunch a new mHealth application. Cedars-Sinai Connect is intended to reduce wait times for patients and make virtual care more accessible to all.
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The global mHealth market is expected to remain opportune for all kinds of market players. Navigating the stringent regulations and guidelines issued for mHealth application development is a key challenge that companies should overcome to establish a name for themselves in the long run. Growing use of electronic health records (EHR) is also forecasted to promote the demand for novel mHealth solutions and services. Ensuring data privacy and security of mHealth applications and solutions will be a top priority for all mHealth market players in the future.
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