mHealth Market Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2019 – 2026
The global mHealth market size was valued at USD 40.7 billion in 2019 and is projected to grow at a CAGR of 29.8% over the period 2020-2026. Increasing prevalence of chronic diseases such as diabetes, cardiovascular disorders and rising adoption of digital health technology are propelling the growth.
With the growing penetration of smartphones and internet connectivity, the adoption of mHealth technologies by physicians and patients has increased considerably. This specially holds true for mobile healthcare apps, including fitness and medical apps, with fitness and wellness holding a significantshare of the total mHealth Apps Market. The market is driven by the emergence of digital healthcare which has gained traction owing to U.S.-based mobile health app providers, wearable device manufacturers, and e-prescription system. Moreover, the healthcare industry exhibits a high growth potential for the IT industry due to supportive government initiatives across all regions.
Growing trend of preventive healthcare and rise in funding for mHealth start-ups also drive the market growth. With the establishment of various digital start-ups, mobile healthcare applications are gaining traction in the healthcare industry. Moreover, the rise in adoption of mHealth is attributed to factors such as increased penetration of smartphones, high internet usage, and easy availability of mHealth apps. Additionally, recent advancements in wearable technologies and increasing prevalence of chronic diseases, mainly cardiovascular disorders and diabetes, are significantly contributing to the segment growth.Apart from technological advancements, a sustainable business model and strategic alliances are the two most indispensable aspects for companies to create structured revenue channels. However, factors such as data security concerns and poor network coverage can hamper the growth of the market.