mHealth Apps Market Size to Surpass USD 861.40 billion by 2030, exhibiting a CAGR of 40.2%
As per the report by Fortune Business Insights, the global mHealth Apps Market size is projected to reach USD 861.40 billion in 2030, at a CAGR of 40.2% during the forecast period, 2023-2030
Pune, India, Sept. 14, 2023 (GLOBE NEWSWIRE) — The mHealth apps market size was valued at USD 56.26 billion in 2022 and market is projected to reach USD 861.40 billion by 2030, recording a CAGR 40.2% during the forecast period. Technologies can help healthcare professionals make more efficient, accurate, and easier diagnoses. The factors are expected to boost mHealth apps market.
Fortune Business Insights™ displays this information in a report titled, “mHealth Apps Market, 2023-2030.”
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Key Industry Development:
July 2022: MFine agreed to merge with LifeCell, a diagnostics company, to create a new joint venture called LifeWell. The new joint venture even received USD 80 million as funding from OrbiMed, a healthcare investor.
- The rapid progress in the telecommunications industry, exemplified by the rollout of 4G LTE, opened up numerous prospects for the mHealth sector to thrive.
- According to data from the Centers for Disease Control and Prevention (CDC), coronary heart disease was the leading heart condition in the United States, causing the deaths of 382,820 individuals in 2020.
- As an example, the U.K. National Health Service (NHS) introduced a digital health portal in June 2019, enabling its professionals to authenticate and assess health apps.
- Based on their application, the global market is categorized into monitoring services, fitness solutions, diagnostic services, treatment services, and other segments.
Discover the Leading Players Featured in the Report:
Fitbit Inc. (U.S.), Apple Inc. (U.S.), Omada Health, Inc. (U.S.), Livongo Health (Teladoc) (U.S.), Boston Scientific Corporation (U.S.), Omron Healthcare, Inc. (Japan), Abbott (U.S.), Jawbone Health Hub, Inc. (U.S.)
Report Scope & Segmentation
|Forecast Period||2023 to 2030|
|Forecast Period 2023 to 2030 CAGR||40.2%|
|2030 Value Projection||USD 861.40 billion|
|Market Size in 2023||USD 80.87 billion|
|No. of Pages||148|
|Segments covered||By App Type, Application, Market Place, and Region|
Browse Complete Report Details:
Growing Health Consciousness to Boost Demand for Wellness Management Apps
Based on app type, the market is segmented into disease & treatment management, wellness management, and others. The wellness management segment may hold the maximum share during the forecast period as an increasing percentage of people across the world are taking various measures to improve their health and fitness levels.
Rising Percentage of Elderly Population to Augment Adoption of Monitoring Services
Based on application, the global market is divided into monitoring services, fitness solutions, diagnostic services, treatment services, and others. The monitoring services segment is anticipated to hold the maximum mHealth apps market share during the forecast period as the percentage of the elderly population is rising, and they are more prone to contracting chronic diseases. Some of these diseases require constant monitoring, thereby boosting the demand for monitoring services.
Rising Investments from Health Tech Giants to Increase App Download Rates on Google Play Store
Based on market place, the market is segmented into Google Play Store, Apple App Store, and others. The Google Play Store segment is anticipated to hold a dominant share over the forecast period as more health tech firms are investing in the platform.
With respect to region, the market covers North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
By App Type
- Disease & Treatment Management
- Healthcare Providers/Insurance
- Medication Reminders
- Women Health & Pregnancy
- Disease Specific
- Wellness Management
- Lifestyle & Stress
- Diet and Nutrition
- Monitoring Services
- Fitness Solutions
- Diagnostic Services
- Treatment Services
By Market Place
- Google Play Store
- Apple App Store
- North America
- Latin America
- The Middle East & Africa
Growing Prevalence of Chronic Ailments to Boost Market Growth
The demand for mHealth apps has gained immense traction in recent years due to the rising prevalence of chronic diseases across the world. Severe ailments, such as cardiac diseases, respiratory ailments, hypertension, and diabetes have boosted the installation of these applications. These diseases need to be closely monitored by medical professionals to track the progress of their patients. This factor will boost the use of mHealth apps.
However, lack of access to advanced technologies in developing countries can hamper the market growth.
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North America to Dominate Market Due to Growing Presence of Reputed Health App Developers
North America captured a dominant global market share and is expected to maintain its dominance during the forecast period due to the notable presence of reputed healthcare app developers. Moreover, the growing internet penetration across the U.S. is set to boost the regional market growth.
Europe registered major revenue in the global market in 2022 due to increase in research funding offered by governments to boost the accessibility to innovative technologies.
Novel Product Launches by Key Players to Help Them Maintain Market Dominance
As far as the competitive landscape is concerned, the global mHealth apps market is highly competitive and fragmented due to the presence of domestic and international companies. These companies are launching novel applications to increase the accuracy of disease diagnosis and boost patient outcomes.
How big is the mHealth apps market?
mhealth apps market size is USD 80.87 billion in 2023.
How fast is the mHealth apps market growing?
The mHealth apps market will exhibit a CAGR of 40.2% during the forecast period, 2023-2030
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