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mHealth Apps Market to Exhibit Astounding 34.8% CAGR by 2028; Increasing Adoption of Modern Technology to Stimulate Growth

July 14, 2021 | Healthcare

The global mHealth apps market size is expected to gain momentum by reaching USD 314.60 billion by 2028. This information is published by Fortune Business Insights in its report, titled “mHealth Apps Market Size, Share & COVID-19 Impact Analysis, By App Type (Disease & Treatment Management, Wellness Management, Others), By Application (Monitoring Services, Fitness Solutions, Diagnostic Services, Treatment Services, Others), By Market Place (Google Play Store, Apple App Store, Others), and Regional Forecast, 2021-2028.” The report further mentions that the market stood at USD 24.93 billion in 2020 and is projected to exhibit a CAGR of 34.8% between 2021 and 2028. The increasing demand for fitness apps amid the COVID-19 pandemic is likely to surge the product’s demand worldwide.


Apple Announces Health Record Features in the U.K and Canada


On October 7, 2020, Apple, Inc., one of the leading mobile companies, announced the launch of health records on their trademark iPhones in the U.K. and Canada. The company informs that the feature aids in storing and securing the user’s medical records while protecting their privacy on the phone. Besides, this feature brings together clinics, hospitals, and the existing health app that provides complete user details in one place. In the U.S., around 500 health institutions support Health Records with over 11,000 care locations. The user can gain central access to view their health conditions, lab results, allergies, and vitals across several institutions in their iPhone’s mHealth app.  


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/mhealth-apps-market-102020


Increasing Adoption of Modern Technology to Promote Growth


According to an article published by Sensor Tower Inc., a 46% rise in the downloads of Health & Fitness apps was witnessed across Europe, leading to around 829.5 million downloads in 2020. The growing demand for health apps has led companies to adopt advanced technologies to enhance the features of the apps. For instance, in June 2019, the National Health Service (NHS) introduced an innovative digital health portal. The portal allows the in-house experts to efficiently validate and review several health apps as they are being developed across the agency’s library of applications. Therefore, the increasing focus on adopting modern technology to develop advanced features will contribute to the global mHealth apps market growth during the forecast period.


Prominent Companies Focus on Product Innovation to Strengthen Their Market Positions


The market is experiencing healthy competition among key players that are focusing on developing innovative mHealth apps to cater to the growing consumer demand globally. Moreover, this is expected to aid the companies in expanding their product portfolio and further boost sales revenues. Additionally, the other major companies are striving to maintain their presence by adopting strategies such as merger and acquisition, partnership, and collaboration that will contribute to the growth of the market during the forecast period.


Industry Development:



  • December 2020- Apple Inc announced the development of the Apple Fitness+ application for its Apple watch. The company reports that the app provides accurate insights on the user’s workout metric and efficiently tracks and monitors his fitness regime.


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


Further Report Findings:



  • North America stood at USD 7.44 billion in 2020 and is expected to hold the largest global mHealth apps market share during the forecast period. This is due to the increasing internet penetration rate in countries such as the U.S. that will boost the adoption of the product in the region.



  • The market in Europe is expected to showcase considerable growth backed by the supportive policies of the government to promote digital technologies that will propel the demand for innovative apps in the region between 2021 and 2028. For instance, back in 2013, European Commission had announced USD 56 million for research purposes to deliver 5G mobile technology by 2020.

  • Based on the app type, the disease & treatment management segment held a market share of about 25.5% in terms of revenue in the forthcoming years. This is ascribable to factors such as the increasing incidence of chronic disorders that are leading to the high demand for efficient management and treatment solutions worldwide. This is anticipated to positively impact the adoption of advanced mHealth apps during the foreseeable future.


Table of Segmentation:


















































  ATTRIBUTE



  DETAILS



Study Period



  2017-2028



Base Year  



  2020



Forecast Period



  2021-2028



Historical Period



  2017-2019



Unit



  Value (USD Billion)



Segmentation



 App Type, Application, Market Place, and Geography



By App Type




  • Disease & Treatment Management

    • Healthcare Providers/Insurance

    • Medication Reminders 

    • Women Health & Pregnancy

    • Disease Specific



  • Wellness Management

    • Fitness

    • Lifestyle & Stress

    • Diet and Nutrition



  • Others   



By Application


 




  • Monitoring Services

  • Fitness Solutions

  • Diagnostic Services

  • Treatment Services

  • Others



By Market Place




  • Google Play Store

  • Apple App Store

  • Others



By Geography




  • North America (the U.S. and Canada)

  • Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and the Rest of Europe)

  • Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and the Rest of Asia- Pacific)

  • Latin America (Brazil, Mexico, Rest of Latin America)

  • The Middle East & Africa (GCC, South Africa, Rest of the Middle East & Africa)


mHealth Apps Market
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  • 2017-2019
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