Which Are the Key Factors Driving the Global mhealth Market? |
Posted: April 26, 2022 |
The market is expanding with the increasing penetration of smartphones and the emergence of flexible Internet connectivity solutions in developing countries. The global mHealth market is expected to grow at an impressive 12% CAGR, well above US$177 billion by the end of the forecast period 2022-2032, with the growth primarily driven by the deep penetration of internet and smart technologies across multiple geographies. has been held responsible for. In addition, there is a focus on improving access to healthcare. From 2015 to 2021, the market flourished at a CAGR of 9%, reaching US$51 billion by the end of the said historical period. The scope of mHealth has expanded in light of the COVID-19 pandemic, as patients relied extensively on telehealth and online medical consultation facilities in response to restrictions on visiting clinics, hospitals or dispensaries. Key Factor Driving Global mHealth Market "Increased penetration of smartphones and other wireless technology will drive revenue growth" The increasing smartphone penetration rate across the globe is one of the key factors driving the growth of the mHealth market. Many people have more than one smartphone, cell phone or tablet. According to the Center of Technology Innovation in Brooklyn, the estimated number of cellular connections in 2017 was more than 9.7 billion. For example, the Center for Technology Innovation said that China and India represent the regions with the most mobile devices. The increasing use of smartphones will enable people to access multiple healthcare related services through wireless multimedia, thus boosting the adoption of mHealth services. Hence, the above factor will kickstart the market growth strongly. "From growing rate of aging population to market growth along with increasing patient/user demand for mHealth services" The increasing demand for mHealth services across the globe, owing to its user-friendly features and efficiency in handling emergency is one of the primary factors supporting the expansion of the market. An increasing number of mHealth applications like chronic disease management, remote monitoring are some of the features that help in eliminating the overall health expenditure. In addition, people over the age of 65 are more prone to chronic diseases. Therefore, the increasing rate of aging population in different regions of the world is another growth promoting factor. For example, the U.S. 40 million people in the U.S., i.e. about 12.9% of the population are above 65 years of age and the rate is projected to increase with the forecast period. Hence, the above mentioned reasons will significantly support the growth of the mobile health market during the forecast period.
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