The global mHealth apps market size is projected to reach USD 57.57 billion by 2026. Driven by the increasing number of novel product launches, the market will witness an impressive growth rate in the coming years. According to a report published by Fortune Business Insights, titled “mHealth Apps Market Size, Share & Industry Analysis, By App Type (Disease & Treatment Management, Wellness Management, Others), By Application (Monitoring Services, Fitness Solutions, Diagnostic Services, Treatment Services, Others), By Operating System (Google Play Store, Apple App Store, Others) and Regional Forecast, 2019-2026,” the market was worth USD 11.17 billion in 2018 and will exhibit a CAGR of 21.1% during the forecast period, 2019-2026.
An Overview of the Impact of COVID-19 on this Market:
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mHealth app is a mobile-based application that studies and examines data that is gathered through sensor-integrated devices. These devices are normally mounted or connected to the human body. They are capable of tracking pulses and heart beats. mHealth apps can help keep track of body conditions such as respiratory tracts, blood pressure levels, and heart rates. As mHealth apps are capable of notifying of unstable conditions and help avoid severe diseases, thereby saving costs associated with further treatment costs. The use of advanced concepts such as AI and data learning helps track conditions. The increasing applications will have a positive impact on the growth of the market in the coming years.
Increasing Number of Product Launches Will Constitute an Increase in Market Size
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of product launches have had the highest impact on market growth. In August 2019, the Department of Veterans Affairs announced the launch of a novel mHealth app. The product was introduced with the aim of helping veterans and providing them with affordable services. This product will encourage other companies as well as public and private organizations alike. Driven by the increasing demand, the market is set to witness significant growth rate in the coming years.
Europe Holds a Dominant Market Share; Increasing Smartphone Penetration to Aid Growth
The market is segmented on the basis of regional demographics into North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. Among these regions, Europe held a dominant market share in 2018, accounting to the increasing smartphone penetration in several countries across this region. Contribution from government as well as private organizations will contribute to the growth of the market in this region. Besides Europe, North America will witness considerable growth rate in the coming years, driven by the presence of several large scale companies. As of 2018, the market in North America was worth USD 3.35 billion and this value is likely to increase further in the coming years.
