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Written by: Jenna Chou©, PMP
Date: May 5, 2021
Consumer mHealth (mobile health) is the practice of medicine and consumer health by using mobile devices. The consumer mHealth uses mobile and wireless technologies to generate data on an individual’s biology, daily environment and physiology. mHealth aids in the fast delivery of telemedicine services by using 4Gand 3G LTE networks enabled services such as high-speed data transfer and video calling. Mobile health technologies consists of one-way and two-way data applications. One-way data application comprises the flow of information from physician or healthcare practitioner to patients by educative methodology and SMS. The two-way model rely on data access programs, such as remote monitoring and client record access. The consumer mHealth market is expected to witness lucrative growth with healthy CAGR during the forecast period (Advertising Content, 2021).
The global mHealth market size is poised to register significant growth rate during the forecast period owing to rapid expansion of digital healthcare for the provision of delivery, medical support, and intervention through mobile technologies. Active involvement of patients toward bettering their own health will further contribute to the market growth.
The recent years have witnessed an upsurge in government initiatives in the mHealth technology sector in turn prompting major market players to get involved in product development and promotion programs at both regional and global level (Globe News Wire.com, 2021).
Surging internet and mobile phone penetration coupled with a rise in the usage of healthcare mobile applications has been instrumental in creating a high demand for mobile health devices in the region. North America mHealth market will surpass USD 113 bn by 2026, with an estimated CAGR of 39.5%, having registered a valuation of 11,364.1 million in 2019 (Globe News Wire.com, 2021)..
Surging demand for fitness apps for the maintenance of healthy body in Canada and the U.S. has been instrumental in impelling the growth of mHealth apps segment in the region. Mobile apps contributed a revenue of USD 7,877.2 million holding the largest revenue share in 2019.
In terms of the end-use spectrum, physicians’ segment was worth USD 3,431.1 million in 2019. The segment in fact, accounted for the largest revenue share in the year. The growth can be aptly credited to the rising adoption of digitization in medical care facilities, in tandem with the increasing healthcare spending in the region (Globe News Wire.com, 2021).
Europe mHealth market size will exceed USD 137.5 billion valuation by 2026 with a targeted CAGR of 39%, having registered a revenue of USD 14,162.0 million in 2019.
The International Diabetes Foundation (IDF) has stated that about 9.1 per cent of the people in Europe suffered from diabetes in 2017. Scientists are on the path of developing skin-based glucose monitor for the purpose of detecting glucose levels in sweat, opening up avenues for European market expansion in near future. Prominent players in the Europe mHealth industry comprise Masimo Corporation, Allscripts Healthcare Solutions, Cardionet, AT&T, Qualcomm, Apple, Philips Healthcare, Boston Scientific, and others.
According to a 2017 study, over 40 million patients in Mexico and Brazil were treated through mobile health services. Patients segment in the Latin America mHealth market will witness lucrative growth at a CAGR of 41.6 per cent over the estimated timeframe. This will also create remarkable mHealth deployments and lucrative job opportunities, in turn adding to mHealth product adoption over the estimated period.
Surging consumer awareness is likely to bolster regional mHealth product demand over the forecast period. The Asia Pacific mHealth industry will register an appreciable CAGR of 41.1 per cent from 2020 to 2026.
The rise is primarily attributed to the surging government interventions coupled with the substantial growth in developing economies. As per the National Center for Biotechnology Information, highest number of mHealth program initiatives have been undertaken owing to considerable government investments in healthcare sector across the region.
Improving global access pertaining to point-of-care tools for supporting enhanced patient outcomes and better clinical decision-making will, thus, improve and bolster mHealth business landscape over the coming years. Rising focus of industry players on application strategies for the purpose of fighting chronic diseases will further spur industry expansion (Globe News Wire, 2021).
Globe News Wire (2021). mHealth Market Trends 2021: North America, Europe, Latin America & APAC Industry Forecasts 2026: Graphical Research. Retrieved from https://www.globenewswire.com/news-release/2021/02/23/2180224/0/en/mHealth-Market-Trends-2021-North-America-Europe-Latin-America-APAC-Industry-Forecasts-2026-Graphical-Research.html
Advertising Content (February 10, 2021). mHealth Market Trends by Size. Retrieved from https://www.thecowboychannel.com/story/43325993/consumer-mhealth-market-trends-by-size-and-share-2021-growth-strategies-adopted-by-top-players-latest-research-with-impact-of-covid-19-business