The global mHealth apps market size is expected to showcase exponential growth by reaching USD 314.60 billion by 2028 while exhibiting a CAGR of 34.8% between 2021 and 2028. This information is published by Fortune Business Insights in its report, titled “mHealth Apps Market, 2021-2028.” The report further observes that the market stood at USD 24.93 billion in 2020. The increasing prevalence of chronic ailments and the rapid-paced development in the telecommunication sector is anticipated to propel the demand for the product worldwide.
The negative effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been at a standstill with limited operational activities. However, a collective effort from the government and the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.
Based on the app type, the market is classified into disease & treatment management, wellness management, and others.
- Based on app type, the disease & treatment management segment held a global mHealth apps market share of about 25.5% in terms of revenue in 2020. This is due to the increasing adoption of advanced fitness apps that aid in eliminating the communication barrier between healthcare professionals and doctors.
On the basis of application, the market is divided into monitoring services, fitness solutions, diagnostic services, treatment services, and others. Moreover, based on the market place, the market is categorized into Google Play Store, Apple App Store, and others. Lastly, on the basis of region, the market is segregated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
What does the Report Include?
The market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaboration that will further contribute to the growth of the market between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
Increasing Focus on Advanced of Telecommunication Systems to Augment Growth
The emergence of LTE and 4G technologies has led to the development of communication services that provide faster communication abilities and better experience for patients using fitness apps. In March 2020, Google Cloud announced its collaboration agreement with AT&T to develop 5G edge computing solutions. The introduction of advanced telecommunication systems has led to the development of advanced apps that aid in the treatment and management of the patient. Moreover, the increasing prevalence of chronic ailments is anticipated to boost the demand for the product worldwide, favoring the global mHealth apps market growth in the forthcoming years. According to the Centers for Disease Control and Prevention (CDC), Americans are at high risk for heart disorders due to the increasing prevalence of high blood cholesterol and high blood pressure. On-time management and treatment can save several lives.
North America – The region is expected to showcase considerable growth during the forecast period. This is due to the increasing prevalence of chronic ailments and the high impact of sedentary lifestyles leading to several health problems amongst the people. The market in North America stood at USD 7.44 billion in 2020.
Asia-Pacific – The market is expected to experience significant growth backed by the increasing healthcare expenditure in countries such as India, Japan, and China. This is likely to propel the demand for mHealth apps in the region.
Merger and Acquisition by Key Companies to Brighten Their Market Prospects
The market is witnessing massive competition among the players that are highly focused on strengthening their footprint. These players are acquiring other smaller enterprises to expand their mHealth apps portfolio and further boost sales revenue. Furthermore, the other key companies are leveraging the opportunities provided by the market by adopting proactive organic and inorganic strategies that will aid in maintaining their presence in the forthcoming years.
- August 2020 – Livongo and Teladoc Health Inc announced the completion of their merger agreement. The two companies collaborated to enhance the user’s experience in virtual healthcare by adopting user-friendly programs to treat various chronic diseases.
List of the Companies Profiled in the Global Market:
- Fitbit, Inc. (San Francisco, United States)
- Apple Inc. (California, United States)
- Omada Health, Inc. (California, United States)
- Livongo Health (California, United States)
- Boston Scientific Corporation (Marlborough, United States)
- Omron Healthcare, Inc. (Kyoto, Japan)
- Abbott (Illinois, United States)
- Jawbone Health Hub, Inc. (California, United States)
- Other prominent players