MHEALTH MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 

mHealth Market Analysis:

The Mobile Health (mHealth) Market attained a value of USD 63,543.75 million in the base year and is projected to reach USD 236,214.86 million by the end of the forecast period, exhibiting a Compound Annual Growth Rate (CAGR) of 24.57%.

The COVID-19 pandemic had a relatively positive impact on the overall market, as mobile health emerged as a new saviour to prevent further spread of infection and safeguard front-line workers and patients alike. Mobile health solutions, primarily through smartphones and remote monitoring, became a lifeline for consultations. The primary factor was that many healthcare professionals adopted a two-way approach to treating patients. Consequently, the rising cases of COVID-19 increased the mobile health business in the short term. In the long run, this situation accelerated the widespread adoption of digital solutions, especially those with remote care components. Prior to the pandemic, technology was primarily on the back end in most hospitals, creating an opportunity to get ahead by dealing with patients through online gateways. For instance, according to Becker’s Healthcare Report, there were 251 digital health investment deals during the first three-quarters of 2021. Mobile health platforms have gained traction during the COVID-19 pandemic to improve the health of populations. The increasing penetration of digital health services for remote patient monitoring is also driving the demand for mobile health apps, even after the pandemic, which is expected to propel market growth over the forecast period. Thus, the COVID-19 pandemic has had an impact on the mobile health (mHealth) market and is expected to continue to do so in the long run.

The outbreak of the coronavirus boosted the usage of telehealth and mobile health solutions, such as tele-ICU devices, which helped caregivers communicate effectively with their patients during the pandemic and provided better solutions to their health concerns. Due to social distancing measures implemented by various countries worldwide, virtual care delivery emerged as an effective solution for safe and better communication.

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