Rockville, Aug. 15, 2023 (GLOBE NEWSWIRE) -- According to the new market research report, titled, "mHealth Market Analysis By Component (mHealth Wearables, mHealth Apps, Fitness Apps), By Services (mHealth Monitoring Services, mHealth Diagnosis Services, mHealthcare Systems Strengthening Services), By Participants, and By Region - Global Market Insights 2022-2032" published by Fact.MR, Global mHealth market size is poised to be valued at US$ 57 Billion in FY2022, and is expected to grow at a CAGR of 12% throughout the forecast period 2022-2032. By the end of the aforementioned assessment period, the market is projected to reach US$ 177 Billion by 2032.
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Key Driving Forces Accelerating the Market Growth
- The widespread adoption of smartphones and other mobile devices has created a large user base that can access health-related apps and services, making mHealth solutions more accessible to the general population. Moreover, technological innovations, such as improved processing power, better connectivity, and enhanced sensors, have enabled the development of more sophisticated and accurate mHealth applications.
- The continuous rise in healthcare expenses has prompted a heightened emphasis on strategies that prioritize prevention and remote healthcare interventions. Mobile health (mHealth) plays a pivotal role in addressing this need by offering a range of solutions, including remote monitoring, telehealth consultations, and personalized health management.
- The aging population in North America has increased the demand for healthcare services. mHealth can help cater to the healthcare needs of the elderly by providing remote monitoring, medication management, and telemedicine services.
Vital indicators shaping the future of the industry
The ongoing progression of mobile technology, including the evolution of 5G connectivity, the integration of AI-driven applications, the refinement of sensors, and the development of increasingly precise wearables, is poised to significantly amplify the potential of mobile health (mHealth) solutions and accelerate their widespread acceptance.
The landscape of mobile health (mHealth) applications is profoundly influenced by the continuous evolution of regulations and guidelines related to data privacy, security, and medical device standards. These regulatory developments have a significant impact on how mHealth applications are developed, deployed, and used, ultimately shaping market dynamics and influencing the trajectory of innovation in this field.
The adoption of mobile health (mHealth) solutions is intricately linked to the broader context of healthcare policies and reforms. Changes in these policies can have a profound impact on the acceptance, utilization, and integration of mHealth solutions into the healthcare landscape. This impact becomes particularly pronounced as reimbursement models and healthcare practices evolve to accommodate the inclusion of remote and digital health services.
| Report Attributes | Details |
| Forecast Period | 2022 - 2032 |
| Value Projection (2032) | US$ 177 Billion |
| Growth Rate (2022-2032) | 12% CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 72 Tables |
| No. of Figures | 148 Figures |
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Challenges hindering the market growth
Navigating complex and evolving regulatory frameworks related to data privacy, security, medical device regulations, and telehealth reimbursement can be a significant barrier to the development and deployment of mHealth solutions.
The handling of sensitive health data raises concerns about data breaches and unauthorized access, leading to hesitancy among users to share their personal health information with mHealth applications. Moreover, the lack of standardized protocols and interoperability between different mHealth platforms, devices, and electronic health record (EHR) systems can hinder the seamless exchange of health data and limit the potential for comprehensive health insights.
How competition influences the market
- Healthy competition encourages companies to continuously innovate and develop new and improved mHealth applications, devices, and services to gain a competitive edge. This leads to a cycle of innovation that benefits consumers with better and more advanced healthcare solutions.
- In January 2022, AT&T Inc. collaborated with Smart Meter and had plans to enhance the well-being of individuals dealing with persistent ailments such as high blood pressure and diabetes. Moreover, AT&T had debuted the iPulseOxTM gadget at CES 2022, utilizing AT&T's expansive Nationwide IoT Network.
- Competition determines which companies gain market share and establish dominance in specific segments of the mHealth market. This can lead to the emergence of key players that shape industry trends.
Key Companies Profiled in Automotive Power Electronics Market Report
- AT&T
- Samsung Electronics Co
- Allscripts Healthcare Solutions
- Apple Inc.
- Orange
- mQure
- Qualcomm Technologies, Inc.
- SoftServe
- Google Inc.
- Airstrip Technologies, Inc.
- Telefonica S.A.
- Vodafone Group
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