mHealth Market Forecast to 2028 – Impact and Analysis of COVID-19

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The mHealth Market is expected to reach US$410.39 billion by 2028, from US$70.83 billion in 2021; it is estimated to grow at a CAGR of 28.5% from 2021 to 2028. According to Ericsson & The Radicati Group, more than 6.6 billion people worldwide use smartphones daily.

New York, April 21, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “mHealth Market Forecast to 2028 – COVID-19 Impact and Analysis – by Service, Devices, and End User, and Geography” – https://www.reportlinker.com/p06270018/?utm_source=GNW
Additionally, 44% of consumers in the United States use digital tools to track some aspect of their health, and 33% own a wearable health or wellness device. More than 318,000 health apps are available on the Apple App Store and Google Play, with around 5 million downloads by new users every day. As the popularity of mHealth skyrockets, connected medical devices and mobile apps are rapidly becoming part of mainstream healthcare. mHealth solutions are increasingly being used to enable patient-clinician communications, support patient self-management and remote monitoring, and allow patients to take a more proactive role in their treatment. They help clinicians make more data-driven diagnostic decisions and encourage their patients to make healthier lifestyle decisions that improve well-being. The solutions also help improve patient adherence to treatment protocols. According to industry experts, mobile apps will have a vital role to play in standard treatment protocols for the majority of diseases and conditions, and they will also be widely used in preventive care. Adopting mHealth solutions will bring many benefits, including improved quality of care, increased patient engagement and reduced costs. mHealth is expected to make healthcare much more personalized and intimate while providing clinicians with a stronger foundation for scientific, evidence-based decision making.

One of the major objectives of mHealth market players is global compliance with privacy regulations and clear standards, such as Health Insurance Portability and Accountability Act (HIPAA) rules. At the same time, the process of developing compliant applications can become limiting; such a process forces developers to create health apps based on strict regulations, and digital innovations and creativity could overtake these apps.

Standards are key to reducing risk, increasing income, and improving access and quality. Therefore, app developers must balance compliance with regulatory standards with innovative technologies to improve health outcomes and patient well-being.

The health information the apps collect can be integrated into patient records across countries to support interoperability and medical research.

Some of the future mobile health market trends that are expected to influence its growth are given below:
• Focus on more user-centric apps by studying the behavioral science behind user engagement
• Sophisticated diagnostic and care management solutions based on machine learning and artificial intelligence (AI)
• Implementation of new regulations, including the European Medical Device Regulation (MDR), which was implemented in May 2020
• Integration of mHealth applications into clinical operations and patient care protocols
Additionally, the ongoing COVID-19 outbreak has contributed significantly to the rise of mHealth globally.

The mHealth market is a very fragmented landscape; this is due to the presence of large, medium and small players in the market. Among the various strategic alliances adopted by market players to hold large stakes, capitalize on emerging opportunities, and acquire latest technologies and tools have gained maximum popularity.

The level of competition among major vendors is increasing with the increasing use of smart technologies and devices, such as wearables. , and improved geographic reach.

These companies are also trying to introduce advanced and new products into the industry on a daily basis.

Based on service, the mHealth market is segmented into remote monitoring, diagnosis, treatment, health support, fitness & wellness and other services. The remote monitoring services segment held the largest market share in 2021 and is expected to register the highest CAGR in the market during the forecast period.

Based on device, mobile health market is segmented into insulin pump, blood pressure monitor, glucose monitor, personal pulse oximeter and other devices. The insulin pump segment held the largest market share in 2021.

However, the personal pulse oximeter segment is expected to register the highest CAGR in the market during the forecast period.

The World Health Organization (WHO), World Trade Organization (WTO), Centers for Disease Control and Prevention (CDC),
and Ministry of Health and Family Welfare are some of the primary and secondary sources referred to while preparing the Mobile Health market report.
Read the full report: https://www.reportlinker.com/p06270018/?utm_source=GNW

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