mHealth Apps to Witness US$ 155.9 Billion Market Opportunity in 2032, Registering 14.3% CAGR
16 Nov 2022
mHealth Apps Sales to Grow 3.8X by 2032 as Demand for Fitness Apps Surges by 13.7%
In its latest report, Fact.MR presents an elaborate analysis of various factors influencing the global mHealth apps market, including drivers, opportunities, restraints, and trends. It further delves deeper into major observations concerning prominent expansion parameters prevailing across key segments, including product type and regions.
ROCKVILLE, Md., Nov. 16, 2022 /PRNewswire/ -- Revenues in the global mHealth apps market are forecast to grow at 14.3% CAGR between 2022 and 2032. The market generated revenues worth US$ 36.7 Billion in 2021 and registered growth at 11.9% CAGR between 2017 and 2021. Demand in the market is expected to rise as prevalence of chronic disorders such as diabetes, cancer, and other surges.
As these diseases require constant monitoring of the patients, the need for mobile applications, especially for people in home-care services is expected to surge. Further, penetration of smartphone across the globe has burgeoned. Nowadays, consumers are relying extensively on mobile applications to track their fitness.
Hence, key companies are deploying mHealth apps that are compatible with smartphones and now with smartwatches. Use of fitness apps to track blood pressure, oxygen, and other parameters is increasing, especially among millennials. Hence, key players are extensively investing in research & development activities to capitalize on the growing demand.
For instance, in 2020, the American Telemedicine Association partnered with a leading U.K. based digital health evaluator to launch payers, providers, and resources looking for guidance on quality-based mHealth apps across Europe, Middle East, and Australia.
As per the study, demand for mHealth apps is predicted to burgeon by 3.8X over the forecast period (2022-2032) and reach a valuation of nearly US$ 155.9 Bn by the end of 2032. Another factor propelling the growth is rising awareness and consciousness regarding the fitness to reduce the risk of lifestyle disorders.
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On the back of this, the demand for diet & nutrition related apps is expected to grow at 13.7% CAGR over the assessment period. This is expected to create lucrative growth prospects for the key players in the market, pushing the demand.
The U.S. is expected to account for more than 1/3rd of total revenues in the global mHealth apps market.
China is expected to witness impressive growth at 19% CAGR in the global mHealth apps market.
Sales of mHealth apps in Canada are projected to increase at 18.1% CAGR over the upcoming decade.
Germany is expected to spearhead the growth in Europe mHealth apps market, with demand increasing at 16.1% CAGR between 2022 and 2032.
In 2021, the medical apps segment accounted for nearly 97% of revenue in the global mHealth apps market.
The fitness apps category is expected to register 13.4% CAGR during the assessment period.
Growth Drivers:
Prevalence of chronic disorders that required frequent or constant monitoring is predicted to improve the adoption of mHealth apps.
Increasing focus on developing cost-effective healthcare delivery apps and patient-centric delivery care will drive the demand.
Restraints:
Increased risk of cyber- and data-theft through mHealth apps is expected to be the key factor limiting the growth in the market.
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With growing reliance on mobile applications for healthcare, the presence of mHealth apps providers is burgeoning at a rapid pace. This has led to increased competition and deployment of technologically advanced mHealth apps. Leading players in the market are also relying on mergers and strategic collaborations to expand their product portfolio and maintain their dominant position in the industry.
For instance,
In February 2021, Approov, leading creator of advanced API threat protection for mobile applications, announced a webinar that presents new data from research into API-focused mobile attacks and sponsorship for the research.
In 2020, Google announced the launch of an mHealth app for healthcare studies, allowing researchers and providers to collect data from participants using Android phones.
Key Companies Profiled by Fact.MR
Abbott laboratories
Johnson and Johnson
Others
More Valuable Insights on mHealth apps Market
In the latest study, Fact.MR reveals key factors expected to boost the growth in global mHealth apps market during the forecast period (2022-2032). The survey also provides an in-depth analysis of opportunities and drivers projected to propel sales of mHealth apps through detailed segmentation as follows:
Product:
Women's Health Apps
Personal Health Record Apps
Remote Monitoring Apps
Disease Management Apps
Other Medical Apps
Regions:
North America
Latin America
Europe
Oceania
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Key Questions Covered in the mHealth Apps Market Report
What will be the demand outlook for the mHealth apps market during the forecast period?
Which are the challenges faced in the mHealth apps market?
Which region will lead the growth in the global mHealth apps market during 2022-2032?
What is the projected market valuation of the mHealth apps market in 2032?
Which are the factors driving the mHealth apps during 2022-2032?
Which category will generate maximum revenue in the global mHealth apps market?
Explore Fact.MR's Coverage on the Healthcare Domain
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About Fact.MR
Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories. We are committed to deliver insights that help businesses gain deeper understanding of their target markets. We understand that making sense of the vast labyrinth of data can be overwhelming for businesses. That's why focus on offering insights that can actually make a difference to bottom-lines.
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