mHealth Market Growing due to Increasing Chronic Disease Menace
The penetration of internet and smartphones has increased significantly over the past few years across the globe, particularly because of technological advancements that have made these technologies accessible to a larger number of people. As the 3G and 4G spectrum are becoming more affordable, more mobile users are switching over to smartphones. In addition to this, various industries, including the healthcare industry, are also leveraging internet and developing applications, through which consumers can be provided with enhanced services. Moreover, the demand for remote monitoring in the healthcare industry is increasing as well.
Attributed to these factors, the demand and adoption of mHealth is growing as well. mHealth refers to the utilization of devices such as tablets, mobile phones, and personal digital assistants for provision of health support. The technology is primarily utilized for delivering healthcare and information regarding healthcare. Owing to these advantages, the mHealth market is expected to generate a revenue of $132.2 billion by 2023, increasing from $23.0 billion in 2017, progressing at a 33.5% CAGR during the forecast period (2018–2023). Different mHealth offerings are mHealth apps, connected devices, and services, among which, the demand for connected devices was higher in the past.
Healthcare providers, mobile operators, application/content players, and device vendors. Among all these, the largest demand for mHealth solutions is expected to be generated from mobile operators in the past. This is primarily due to the growing demand for remote health monitoring across the globe. Other than this, the demand for mHealth from application/content player providers is also expected to rise in the near future. When geography is taken into consideration, North America made the most use of mHealth in the past, which is owing to the rising healthcare expenditure, increasing prevalence of chronic and lifestyle associated diseases, and surging geriatric population.
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In addition to this, enhancing consumer accessibility to connected medical devices and growing need for remote monitoring devices is also driving the demand for mHealth in the region. Besides this, the adoption of mHealth solutions is also projected to rise in Asia-Pacific (APAC), making the region fastest-growing mHealth market in the coming years. This is because of the increasing healthcare spending, rising aging population, improving healthcare infrastructure, and increasing penetration of internet and smartphones in the region.
In conclusion, the demand for mHealth is growing due to the rising need for remote patient monitoring and increasing penetration of smartphones and internet.