mHealth Market - Business Opportunities and Investment Research Report 2023

The global mHealth market is being driven by the increasing penetration of tablets and smartphones, and growing adoption of connected healthcare devices and mHealth apps. Rising geriatric population prone to chronic diseases, increasing focus on patent-centric healthcare, and growing demand for remote patient monitoring are also helping in this regard. Generating a revenue of $23.0 billion in 2017 as per a P&S Intelligence study, the market is predicted to advance through the forecast period 2018–2023 at a CAGR of 33.5%!

mHealth refers to the collection of medical data and delivery of healthcare services via mobile phones and tablets. On the basis of offering, the mHealth market can be divided into mHealth apps, connected devices, and services. Among these, the connected devices category led the market in 2017 with 57.2% share, due to a growing demand for remote patient monitoring solutions. In places, where people’s houses and healthcare centers are distant, these collect patients’ medical data and send it to medical practitioners via the internet, thus allowing for real-time disease management and improved patient outcomes.

Among the several types of connected devices available are blood pressure monitors, blood glucose monitors, multiparameter monitors, echocardiography (ECG) monitors, sleep apnea monitors, pulse oximeters, and others. In 2017, blood pressure monitors held the largest revenue share (28.7%) in the mHealth market owing to an increased prevalence of chronic disease and the easy mobility of such devices. While blood pressure monitors will still be the market leader during the forecast period, blood glucose monitors will witness the highest CAGR (31.9%) due to the increasing number of diabetes patients.

By recording and sharing medical data, connected devices and mHealth apps also lower the healthcare expenditure by minimizing hospital readmissions, clinic revisits, medical tests, and other physical examinations. A study, conducted by New York University, Harbin Institute of Technology and Carnegie Mellon University between 2015 and 2016, showed that mHealth helped reduce the glycated hemoglobin and blood glucose levels, hospital visits, and medical expenses of type 2 diabetes patients.

Therefore, it is clear that the growing prevalence of chronic diseases and the need to reduce healthcare costs will take the domain forward.