The global mHealth market is growing at a significant rate i.e., 30.6% CAGR owing to the increasing geriatric population suffering from chronic diseases like heart disease, cancer, and diabetes. Moreover, the rising adoption of mHealth devices to monitor health-related information so as to reduce hospital stay, imaging tests, emergencies, and procedures will propel the growth of the mHealth market. Nevertheless, the rising awareness about mobile health technology in hospitals, affordability of smartphones, the prevalence of lifestyle disorders, app development firms, governments, and physicians will augment the growth of the mHealth market.

The rising prominence of smartphones and internet connectivity and initiatives by the government, increased funding for mHealth start-ups will propel the growth of the mHealth market. For example, the mHealth BP monitor will gather the reading in relation to fluctuations in monitoring the BP of patients. These readings are analyzed by medical professionals to determine the severeness of the medical condition.

The COVID-19 outbreak has led to increased adoption of mHealth technologies, increased prevalence of remote patient monitoring and diagnosis & analysis of patient data will drive the growth of the mHealth market.

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Based on products & services, the mHealth apps dominate the market owing to the rising penetration of smartphones and internet connectivity, awareness regarding health among healthcare professionals. Moreover, these apps help enhance patient outcomes, lifestyles, and reduce the incidence of chronic illnesses and other health conditions. In addition, these apps support access to health information and improve the patient's experience and engagement. This establishes a smooth physician-patient interface that ensures transparency in the diagnostic and therapeutic process.

North America is anticipated to contribute a significant share mHealth market due to the increasing expenditure on healthcare, rising incidence of chronic diseases, mounting geriatric population, and enhanced network infrastructure. Favorable government initiatives and increasing acceptance of mobile health apps are expected to bolster the regional market during the forecast period.

BioTelemetry has acquired an OnDemand remote patient monitoring and coaching platform which was previously operated by Envolve People Care Inc., a subsidiary of Centene Corporation, thus enhancing the acute care connected health portfolio and sustaining in a competitive market.

The prominent players in the mHealth industry include Cerner Corporation, Koninklijke Philips N.V., Omron Corporation, Medtronic PLC, Cisco Systems, Inc., BioTelemetry, Inc., Ihealth Lab Inc., Apple Inc., AT&T, Inc., Johnson & Johnson, and Airstrip Technologies.

Source: VynZ Research