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The global mHealth market size was valued at USD 70.2 billion in 2023, driven by the increasing technological advancement in healthcare across the globe. The market size is anticipated to grow at a CAGR of 18.86% during the forecast period of 2024-2032 to achieve a value of USD 329.1 billion by 2032.
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The increasing prevalence of chronic diseases has been contributing significantly to the rising demand for healthcare services, and applications such as chronic disease management and remote monitoring. These services are expected to enhance mHealth market growth as demand for these services is constantly rising.
Institutes and companies are increasingly investing in the development of digital healthcare services as it is widely accepted that these services have helped doctors provide better care and improve healthy lifestyles. Further, people are becoming more aware of the importance of early diagnosis of diseases, which allows patients to take preventive measures. Mobile medical platforms have risen in preference among people for consultation and book slots for consultation due to the convenience they provide.
The healthcare sector is increasingly becoming accustomed to patient-centered treatment and medication. This can provide excellent market enhancement opportunities as mHealth services can significantly help with this shift in trend by easily providing detailed information about the patient and tracking treatment records. Additionally, governments around the world are initiating plans and collaborating with institutions to support the development of remote digital healthcare. The efforts have dramatically increased in scale after the COVID-19 pandemic.
Rising Innovations Aiding the mHealth Market Demand
In June 2023, Know Labs (NYSE American: KNW), an emerging developer of non-invasive medical diagnostic technology, revealed the next stage in the development of its proprietary Bio-RFID™ technology, the Generation (Gen) 1 Device. Gen 1 incorporates Know Labs’ Bio-RFID sensor, proven as technically feasible and stable in delivering repeatable results in measuring blood glucose when used in a lab environment in a portable device.
Due to the absence of medical-grade, commercially available, non-invasive devices for measuring blood glucose, completion of Gen 1 is expected to make Know Labs the first company to deliver the world’s first FDA-approved non-invasive blood glucose monitor for the billions of people living with diseases such as diabetes and pre-diabetes worldwide. This development is further poised to boost mHealth market growth due to the availability of an innovative and non-invasive device that is convenient to use in the market. The market growth is also attributed to the increasing preference for minimally invasive blood glucose monitoring devices.
Gen-1 is like a portable research lab that can collect data in substantial amounts. With the help of this enormous amount of data, the device can be put to the test in several situations to perform better and learn about the efficacy it provides, which will be crucial for the users so that they can rely on the device.
Rising Product Launches to Aid the Market Growth
In November 2023, DarioHealth Corp. (Nasdaq: DRIO) ("Dario" or the "Company"), a leader in the global digital health market, launched a new smart blood sugar meter for Apple iPhone 15 users to support ongoing engagement with new and existing members.
Additionally, In August 2023, Suki, the leader in voice artificial intelligence (AI) technology for healthcare, announced an enhancement for Cerner like the bidirectional ambient sync for Epic. The development of Suki Assistant empowers Cerner users to accelerate the creation of clinical documentation with ease and efficiency, enabling reduced cognitive load and documentation time. The rising introduction of such innovative products is likely to contribute significantly to the mHealth market share.
With bidirectional sync, doctors can work seamlessly across Cerner and Suki to stay productive and efficient with their documentation, providing incredible flexibility in their workflow. Such developments align right with the goals of mHealth which is to focus on leveraging technology to make healthcare processes more efficient and convenient.
Strategic Collaborations Between Market Players
In December 2023, Medtronic plc (opens new window) (NYSE: MDT), a global leader in healthcare technology, announced that it has entered into a definitive agreement to expand its partnership with Cosmo Intelligent Medical Devices, a subsidiary of Cosmo Pharmaceuticals. This AI-driven partnership will further capitalize on the achievements already realized with the GI Genius™ intelligent endoscopy module by offering continued innovation and scalable healthcare advancements for patients and caregivers globally.
Integration of advanced technologies such as artificial intelligence (AI) aligns with advancements in mHealth, a trend poised to expand the global mHealth market reach. The focus on expanding global reach and advancing healthcare aligns right with the broader goals of mHealth to provide accessible and innovative healthcare solutions on a global level with this exclusive collaboration.
Such collaborations focused on bringing innovation to healthcare to enable better and more effective diagnostic resources and procedures are expected to drive market growth during the forecast period.
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Market Breakup by Type
Market Breakup by Application
Market Breakup by Stakeholders
Market Breakup by Region
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North America is leading the regional market due to factors such as increasing incidence of chronic diseases, rising geriatric population, growing healthcare expenditure, and increasing integration of advanced technologies in the healthcare domain. In addition, favorable government initiatives and the growing adoption of mobile healthcare applications are accelerating the demand for mHealth services in the regional market.
In October 2023, Cedars-Sinai launched a new artificial intelligence-driven mHealth application for patients in California providing virtual care options for various clinical conditions. The Cedars-Sinai Connect app offers 24/7 virtual access to healthcare professionals for urgent care and same-day appointments for primary care. Users can access the app to seek care for several conditions, including colds, headaches, anxiety, type 2 diabetes, wellness visits, and specialist referrals.
The app offers a step-by-step process to assist new and existing patients input their health-related details and symptoms. Once the information is submitted, the app evaluates the data and forwards it to a healthcare professional for review. The patient can then communicate with a healthcare provider through a video call.
This development aligns perfectly with mHealth which is focused on increasing productivity and providing convenience to its users through leveraging advanced technologies in healthcare.
In April 2023, Abbott (NYSE: ABT) announced the FDA approval for its FreeStyle Libre® 3 integrated continuous glucose monitoring (iCGM) system, featuring the world's smallest, thinnest, and most discreet glucose sensor. With the FDA's clearance of a standalone reader, Abbott is working to get the FreeStyle Libre 3 system added to Medicare's list of covered systems as soon as possible.
The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:
Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2017-2023 |
Forecast Period | 2024-2032 |
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Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Application |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The market attained a value of about USD 70.2 billion in 2023, driven by the increasing advancement.
The global mHealth market size is anticipated to grow at a CAGR of 18.9% during the forecast period of 2024-2032 and reach a market value of USD 329.1 billion by 2032.
The increasing prevalence of chronic diseases, growing healthcare expenditure, rising geriatric population, technological advancements, product launches, FDA approvals, and government initiatives are among the major factors aiding the market demand.
The increasing number of strategic collaborations between market players to provide the best technology to increase efficiency and convenience for its users in healthcare such as Medtronic plc partnering with Cosmo Intelligent Medical Devices is a major trend influencing the market growth.
The major regions of the market include North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
mHealth is available in the market as applications, services, and devices.
mHealth can find wide applications in medical conditions such as cardiovascular, diabetes, respiratory, and neurology, among others.
Stakeholders include mobile operators, device vendors, healthcare providers, and application and content players.
Key players involved in the market are Koninklijke Philips N.V., Abbott, Medtronic, Apple, Inc., AirStrip Technologies Inc., AliveCor India, Omron Corporation, BioTelemetry, a Philips Company, Athenahealth, Inc., AgaMatrix, Withings, iHealth Labs, Inc., Cerner Corporation, ZTE Corporation, Cisco Systems, Inc., Qualcomm Technologies, Inc., and AT&T Intellectual Property.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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