The rising popularity of mHealth applications among a considerable chunk of the global populace coupled with an increase in the adoption of mobile health technologies will prove to be growth accelerators for the mHealth market. The growing funding for mHealth startups by numerous investor firms will invite exponential growth. A shift in the trend from traditional practices of healthcare to patient-focused and preventive approach will bring tremendous growth opportunities for the mHealth market.
Increasing awareness regarding mobile technology among numerous people around the world and the expanding prevalence of chronic diseases such as cancer, diabetes, heart diseases, and others will set the stage for the growth of the mHealth market. The growing acceptance of mHealth devices for keeping a track of health-related information that decreases hospitalization, emergencies, imaging tests, procedures, etc. will prove to be fruitful for the growth of the mHealth market.
Furthermore, the growing prominence of mobile devices is increasing exponentially over the years. Based on various research articles, around 4.3 Bn people around the world are active internet users. These statistics highlight the growing popularity of mobile phones among the global populace, eventually propelling the growth opportunities.
Many companies are entering the mHealth industry with latest innovations. Startups are coming up with novel technologies. Well-established players acquire these startups and try to decrease the competition levels. Research and development activities also form an important part of the overall growth trajectory of the mHealth market. The players invest in these activities for developing new formulations and strategies that help increase the revenues of the players, ultimately contributing to the growth of the mHealth market.
Mergers, acquisitions, joint ventures, and partnerships form an important part of the mHealth market growth trajectory. These activities are crucial for the players to increase their influence across the mHealth market. The activities eventually help increase the growth rate of the mHealth market.
Transparency Market Research (TMR) has conducted all-round analysis on numerous growth factors associated with the mHealth market. Various factors such as regional dimensions, competitive insights, key trends, COVID-19 impact, and others have been included in the report. All these points have been systematically placed in the report to let the stakeholders and CXOs understand the overall scenario of the mHealth market. According to the study by Transparency Market Research (TMR), the global market for mHealth is expected to expand at a CAGR of 22.1% during the forecast period of 2021-2031.
Some benefits are expected to decide the growth trajectory of the mHealth market. Here are some vital benefits.
Enhanced Medication Adherence
Once a patient is discharged from the hospital, it is nor practically possible for the healthcare professional to monitor whether is he taking medications on time. Negligence in medication adherence can have grave effects on health. For avoiding these circumstances, mHealth apps come to the rescue. Some mHealth applications provide the patients with features such as refill reminders, automated medication, etc. Thus, this aspect will add phenomenal growth opportunities.
Seamless Telehealth Consultations
Telehealth consultations have become an important aspect of the healthcare industry, especially during the COVID-19 pandemic. Numerous people are using telehealth consultations to maintain social distancing and stay away from the threat of COVID-19. This factor has generated substantial response for online mHealth applications that provide teleconsultation. Hence, these aspects will generate considerable growth for the mHealth industry.
Paperless Documentation
From the environmental perspective, papers should not be unnecessarily consumed and wasted because a lot of resources such as trees and water are involved in the production process. With the advent of mHealth applications, the need for paper prescriptions in the healthcare industry has decreased, which adds to the growth of the mHealth industry along with environmental benefit.
Source: Transparency Market Research