The market for mHealth solutions has growth prospects as smartphones, tablets, and other mobile devices become more widely used. From complicated population health analysis to managing chronic care, mHealth offers a wide range of applications. During the projected period of 2022–2030, the global market for m-health solutions is anticipated to grow at a CAGR of 27%.
Moreover, there is a growing demand for mHealth for the transformation of healthcare due to the trend toward outcome-based delivery and a patient-centric paradigm. Growing health awareness among people is prompting major companies to produce improved health-oriented smart gadgets, which is driving the market. This is seen in the rising usage of mobile devices and fitness trackers. Numerous healthcare solution providers are anticipated to follow suit shortly to take advantage of this potential revenue opportunity. In the healthcare industry, this is anticipated to open the door for customer application development services.
Key Takeaways: M-Health Solution Market
- Patient segment among the end user is estimated to register a CAGR of 32.5% during the forecast period as the adoption of m-health apps is increasing among patients for keeping track of their health and as a preventive measure
- Disease tracking segment to dominate in 2020 with a market share of 31.7% followed by patient monitoring
- Growing trend among the young age population to maintain a healthy lifestyle through various diet and exercise routines is increasing demand for fitness apps. The fitness apps segment is estimated to grow by 28% Y-o-Y from 2019 to 2020
- Among regions, South Asia & Pacific m-health solution is estimated to register high CAGR, owing to the increasing investments by the government in the digitalization of the healthcare industry
“The growing demand for new types of wearable devices and applications for tracking health & fitness and partnership among key players for offering innovative m-health services to enhance the user experience. Also, with continuous innovation in the technological aspects, m-health devices like wearable fitness trackers are offering various features for its customers, and the introduction of m-health apps for monitoring and keeping track of health is driving the market growth during the forecast period.,” says FMI Analyst.
COVID-19 Impact Analysis on M-Health Solution Market
The COVID-19 epidemic has affected every industry, and because of societal distance standards, businesses are converting to digitalization to safeguard their security. The use of digital health technologies has grown as a result of the pandemic to aid in improved strategic planning, communication between health professionals and the public, and disease awareness. As m-health solutions are used to identify COVID-19 symptoms through remote patient monitoring platforms, demand for these solutions is rising.
Because these devices provide reliable input on a person’s blood pressure, body temperature, and oxygen level, they are helping patients regain their sense of control and reduce their fear of infection. However, it is anticipated that the market for m-health solutions would expand by 1.3X in 2020 and 2021 as well.
Demand for Cloud-based Solutions and Services
Cloud-based services are a desirable way to implement IT solutions since they lower the cost of IT infrastructure while speeding up business processes for healthcare firms. In response, it is anticipated that this would increase demand for cloud-based mHealth solutions. Solutions that use the cloud provide more flexibility, storage, and automation. Additionally, several clinicians can access clinical photos via cloud storage from anywhere. Furthermore, to meet the rising need for customer-focused and cloud-based solutions, providers of mHealth products and services are expanding their investments in R&D efforts. Growing competition is forcing businesses to improve their current product lines and roll out cutting-edge cloud-based products to stand out in the market.