mHealth Market by Product, Service and Participants – Global Forecast 2031

The global mHealth market is projected to witness notable growth owing to the increase in government initiatives to promote fitness awareness. The market value stood at USD 51.26 Billion in 2022 and is expected to grow from USD 56.8 Billion in 2023 to reach USD 130.6 Billion by the end of 2031. An important element in fostering market competition and driving big firms to provide innovative solutions to establish a strong presence in the market is the growing number of businesses entering the mHealth sector. Also, a key driver of product demand and a rise in the mHealth market's revenue is the introduction of cutting-edge mHealth technology that supports the healthcare sector.

mHealth Apps to Hold Dominant Share in Product Segment

Many changes in the healthcare system are giving rise to mHealth apps and this causes the introduction rates to be high globally for various reasons. In the first instance, growing rates of long-term diseases require individualized medical care applications as well as remote monitoring of patients thus increasing demand for such apps. Also, everyday use of smartphones and development of mobile technology have made it easier for individuals to access health services as well as empowered them to take charge of their own healthy living. Moreover, sensors and wearable devices have made real-time health monitoring feasible, thereby making mHealth apps more effective. The predominance of mHealth applications is likely to continue given its flexibility, ease of access, and success in improving patient results and access to healthcare, with key milestones anticipated across the global mHealth sector.

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North America to Lead the Market with Major Revenue from United States

Strong government programmes encouraging the adoption of digital healthcare, high smartphone penetration rates, and sophisticated healthcare infrastructure are some of the reasons behind North America's dominance in the global mHealth market. The region’s steady increase is associated as well with an old population and a rise in the number of chronic illnesses consecutively. Conversely, given such aspects as increasing population of the middle-class people, quick urbanization rates and widespread penetration of smartphones especially in China and India; Asia Pacific registers fastest growth of all markets in terms of percentages. Additionally, government spending on healthcare facilities and rising consumer knowledge of the advantages of mHealth solutions drive market growth in the area. Looking ahead, North America is anticipated to continue leading the way due to technological advancements and rising healthcare spending, while Asia Pacific is expected to grow exponentially due to rising demand for easily accessible and reasonably priced healthcare solutions. Taken together, these two regions will push the global mHealth market to unprecedented heights.

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List of Prominent Players in the Global mHealth Market includes Koninklijke Philips N.V. (Netherlands), Abbott (US), Medtronic (Ireland), Johnson & Johnson Private Limited (US), Apple, Inc. (US), Omron Corporation (Japan), ZTE Corporation (China), Nokia (Finland), Cisco Systems, Inc. (US), Qualcomm Technologies, Inc. (US) and Tunstall Healthcare (UK). The government is providing telehealth and telemedicine with the required push through funding and favourable laws, as their popularity grows. Through information technology and internet communication, telehealth provides medical services and expertise. It makes long-distance patient and practitioner communication, care, guidance, and reminders possible as well as remote admissions, intervention, monitoring, and care.

To know more about the global mHealth market, refer to this latest market research report offered by Skyquest.

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