mHealth Market to Reach Market Valuation of USD 176.69 billion by 2031

WESTFORD, MASSACHUSETTS, UNITED STATES, August 20, 2024 /EINPresswire.com/ -- Global mHealth market size was valued at USD 55.20 billion in 2022 and is poised to grow from USD 62.82 billion in 2023 to USD 176.69 billion by 2031, growing at a CAGR of 13.8% in the forecast period (2024-2031).

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mHealth market is seeing noteworthy growth in the recent past, transforming the healthcare market and reshaping quality care for patients. The emergence of mobile health applications, telehealth solutions, wearable devices is today a vital part of healthcare services. Moreover, increasing demand for remote medical solutions, growing awareness among consumers for quality health and overall wellness, and heavy use of mobile phones is impacting the growth of mHealth market in different ways.

Rising Use of Artificial Intelligence in Diagnostics is Trending in Market
One of the major trends seen in mHealth industry is the use of artificial intelligence in diagnosis. AI, when integrated with mHealth aids in analyzing healthcare data, understanding images, timely decision-making, and helping medical experts in a better way. They are essentially gaining higher demand in medical imaging. For instance, health applications help radiologists and other specialists in the detection of tumors, anomalies, and abnormalities and better efficiency and accuracy. Medical workers can access diagnostic data in real-time, when these applications are equipped with the right technologies, enhancing diagnosis speed and therapy planning.

The following are the key mHealth Trends that will shape the growth of the market in the next 5 years

Blend of AR and VR in Mental Health to Grow over 4-5 years

Besides the integration of AI and ML, the adoption of advanced sensors and wearables will also notably impact the mHealth market in the coming five years. They offer patients non-invasive and constant monitoring. Moreover, future mHealth will also focus on behavioral and mental health with the introduction of AR and VR for mental health involvement. It also comprises AI-enabled applications of chatbots to deliver customized mental health assistance, offer required resources, and mood tracking for better management of anxiety and stress.

Smart Alarms and Use of Big Data are the Upcoming Trends in mHealth

The next big thing in mHealth will be the use of smart alarms. This feature will be highly useful for patients with insomnia or normal individuals. The technology will also help in tracking sleep and share data to patients to help them get improved sleep cycles. Also, big data in such applications will also change healthcare. Since big data applications generate massive data, these applications can offer unstructured and structured data, helping in better clinical decisions for better health modernizations. Moreover, these applications can also enhance quality care for patients and help save more money. Big data-enabled applications can manage huge data quantities with efficiency.

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Mobile Applications to be Equipped Standard Treatment Protocols over Next 10 years

Industry professionals are confident that in the next 10 years, smartphone applications will strongly be equipped with standard treatment rules for the common and majority conditions and diseases and greater use in preventive care. Their adoption will also bring advantages like increased patient engagement, better quality care, and low costs. In the short time, mHealth will allow more personalization in healthcare, while offering clinicians a strong base for scientifically proof-enabled decision-making.

Latest Headlines and Headlights

In September 2023: Kent and Medway ICB and my mhealth to further increase their prosperous 3-year alliance with an aim to support prolonged condition disease management. The diseases that will be efficiently managed include asthma, COPD, heart diseases, while offering the best support to the diabetic patients.

In July 2024: AliveCor, a prominent AI-based cardiology provider announced that AMA has offered novel Category III (CPT) Current Procedural Terminology codes that are relevant to the Kardia™ 12L ECG Device of the company. This device obtained FDA approval in June 2024.

In September 2023: iHealth Labs, Inc. continued its engagement to improve healthcare technologies by announcing its new office at 8950 Cal Center Drive in Sacramento to lodge its intensely developing Unified Care program.

In February 2024: Validic Inc., lately announced the incorporation of Smart Meter cellular solutions. This incorporation helps clinicians and patients to access and share remote monitor programs of Validic. Smart Meter offers options to use cellular-powered monitoring devices to a growing number of consumers in the nation.

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Initiatives by Market Players and Growing Adoption of Better Health-Tracking Applications to Boost Better Quality Care

mHealth will confidently gain momentum in the coming years with growing use of combination of technologies, advances reshaping the market, marketing strategies by the leading players like new product developments, and acquisitions. From the introduction of novel and modernized wearable devices for tracking patient’s health to the growth of telehealth services, companies are engaged in leveraging the massive mHealth’s potential. In the coming years, the market is set to show more adoption of improved solutions that will work towards better assistance to medical practitioners and enhanced patient outcomes.

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