Mobile Health (mHealth) Market To Reach USD 311.98 Billion By 2027 | Reports and Data – GlobeNewswire
New York, April 28, 2020 (GLOBE NEWSWIRE) — The global Mobile Health (mHealth) market is forecast to reach USD 311.98 Billion by 2027, according to a new report by Reports and Data. The market has witnessed an increase in demand in the past few years owing to the growing penetration of smartphones and the emergence of advanced technologies in the healthcare sector. Digital health has developed into a successful business, attracting several industries from the outside of healthcare. While 60% of stakeholders in mHealth are from within the industry, 40% are not from the health industry.
Mobile apps are able to help people manage their own health, promote healthy living, and have access to necessary information when and where they need it. These tools are being adopted rapidly as they are being developed. As of 2017, there are approximately 325,000 mHealth apps, more than 80,000 mHealth app publishers, while the industry is witnessing an annual download of more than 3.7 billion. Advanced technologies have revolutionized the healthcare industry.
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The growing investment in health startups has gained momentum, which has further augmented the demand for the market. The newcomers are coming up with new ways of making these apps more user friendly and are trying to tap into more opportunistic areas of growth. A total of USD 7.5 billion was invested into various start-ups, attempting to digitalize the healthcare system of the U.S. The number was still lower than that invested in 2018, USD 8.1 billion. The U.K.’s Babylon Health was the biggest recipient of investment in 2019, with over USD 500 Million of private investment received, followed by Ginkgo Bioworks, a bioengineering firm that designs microbes, which received USD 300 million.
The COVID-19 impact:
The COVID-19 virus pandemic has initiated a seismic wave of health anxiety and awareness, which is triggering a new category of virus-fighting tech. The lockdown to ensure social distancing has dented the market for the short term, but in the long run, the manufacturers are positive the demand for these products will surge, especially due to COVID-19. The adoption of mHealth will especially witness an increase in the remote areas. Fitness-tracking gadgets are expected to sell out, home exercise classes have never been more popular, and industrial robot designers are pivoting to making sanitation bots.
Further key findings from the report suggest
- Ineffective communication between patients and doctors is one of the biggest causes of medical errors. mHealth mobile apps held with these issues. They provide point of care tools in the devices and allows for effective communications, better clinical decision-making, and improves patient outcomes.
- It also helps healthcare providers to move seamlessly between patients without having to go back to a work station or office. The use of these apps among patient are forecasted to grow with a CAGR of 40.0% during the forecast period.
- Technology has helped develop tools and methods to enable people to stay in shape and maintain a healthy lifestyle. As people are becoming more conscious about exercise and diet, fitness apps and wearable technology are becoming highly popular. Wearable devices are forecasted to grow with a CAGR of 39.5% during the forecast period.
- Fitbit manufactures smart wearable technologies to monitor health conditions. As of November 2019, the company had 28 million active users across the globe and has sold more than 100 million devices.
- Remote monitoring held a market share of 18.6% in the year 2019. There is a significant increase in the number of diabetes patients across the globe is also fostering the adoption of Glooko, a remote monitoring app for patients suffering from diabetes.
- The usage of mHealth has grown significantly in remote areas due to the lack of hospitals and clinics. Moreover, the shifting trend of the healthcare industry to value-based patient-centric care and outcomes is driving the segmental growth.
- Key participants include AT&T, mQure, Allscripts Healthcare Solutions, Apple Inc., Omron Healthcare Inc., Samsung Electronics Corporation, Philips Healthcare, Bayer Healthcare, LifeWatch AG, and Cardionet Inc. among others.
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For the purpose of this report, Reports and Data have segmented into the global Mobile Health (mHealth) market on the basis of platform, application, end-use, and region:
Platform Outlook (Revenue, USD Billion; 2017-2027)
- Mobile Apps
- Wearable Devices
Application Outlook (Revenue, USD Billion; 2017-2027)
- Education and Awareness
- Disease and Epidemic Outbreak Tracking
- Communication and Training
- Diagnostics and Treatment
- Remote Data Collection
- Remote Monitoring
End Use Outlook (Revenue, USD Billion; 2017-2027)
- Research Centers
- Insurance Companies
- Biopharmaceutical Companies
- Tech Companies
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/mobile-health-mhealth-market
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
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