DUBLIN--(BUSINESS WIRE)--The "Mobile Health (mHealth) App market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The mobile health app market is projected to grow at a CAGR of 27.54% to reach US$20.556 billion by 2026, from US$3.744 billion in 2019.
Cloud-based solutions are gaining prominence as the data is stored on the internet for easy access while removing the need for storing the data on local servers. New mobile applications integrate data related to the patient with geo-location information stored on the cloud. The mobile apps facilitate better and easy health management through simple applications like exercise trackers, diet, and calorie-counting among others.
Functional advantages of mHealth app adoption to drive the market growth.
Mobile health apps assist medical professionals with the management and documentation of complete records to improve productivity, communicate findings, and allow access to information.
The benefit of mobile health apps and solutions is the improvement in health outcomes, reduction of error rates while reducing the overall healthcare costs. Mobile solutions can smoothen out the treatment process and can automate the management system. These positive parameters attached to the usage of mHealth apps are growing the market demand.
For healthcare studies, Google released a mHealth app in December 2010 that allows researchers and clinicians to collect data from individuals using Android phones. The Google Health Studies app was released alongside the announcement of the platform's inaugural study: a collaboration between Harvard Medical School and Boston Children's Hospital to collect data on respiratory diseases such as influenza and COVID-19.
Increasing smartphone and internet penetration to augment the market size.
Additionally, mobile devices are gaining in popularity among all generations, and they will continue to play an important role in users' daily lives. In both developed and emerging economies, the number of individuals owning mobile devices and accessing the internet via mobile phones has skyrocketed, boosting market value.
For instance, according to the latest United Kingdom Office for National Statistics data issued in August 2019, 87 percent of all adults used the internet every day in 2019, with another 4% using it at least weekly. While daily usage has increased by 2 percentage points since 2018, it has increased by 32 percentage points in the past decade.
Increasing investments and expansions to provide opportunities in the market.
The mobile health apps market is also being positively impacted due to its cost-effectiveness during medical practices and raising awareness of chronic disease management.
A lot of companies have been investing in the market. For instance, both Amazon and Walgreens have extended their telehealth services to provide an alternative to going to the hospital or seeing a doctor. On its Walgreens Find Care platform in March 2021, Walgreens announced 11 new and four extended linked health agreements with care providers, providing the pharmacy chain's consumers online access to more than 45 services.
Amazon has expanded its year-old Amazon Care platform to include 21 additional states in addition to its Seattle headquarters. In addition to employing healthcare professionals, the startup has been promoting its mHealth software to other businesses.
Data breach concerns may restrain the market growth.
However, data breach concerns may restrict the growth of the market. As reported by US National Center for Biotechnology Information, from 2005 to 2019, a total of 249.09 million people were impacted by healthcare data breaches. In the previous five years solely, 157.40 million people have been impacted.
In 2019, there were 13 data breaches disclosed from 86 nations. In the year 2019, 505 healthcare data breaches resulted in the exposure, theft, or unauthorized disclosure of 41.2 million healthcare information.
The American Telemedicine Association is establishing a resource to help people find and use mobile health apps. The ATA, in October 2020, has announced a collaboration with the Organization for the Review of Care and Health Apps (ORCHA), a digital health assessor located in the United Kingdom that has already worked with the National Health Service and governmental organizations in Europe, the Middle East, Asia, and Australia.
The alliance intends to create an online platform for healthcare professionals, payers, and others to assess mHealth applications against more than 300 ORCHA-developed standards for app dependability, safety, and efficacy.
Geographically, North America dominates the global mobile health app and solutions market due to increasing healthcare awareness of chronic disease management.
Asia Pacific region is expected to show a high growth rate over the next five years on account of growth being observed in China and India. Other key factors contributing to the growth of the mobile health app and solutions market in Asia Pacific emerging countries are a large pool of patients and an increase in government funding.
- Johnson and Johnson
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