mHealth Market Trends

Growth Drivers

• Rapid Digitalization across Various Organizations around the World – Nearly 65% of the world’s Gross Domestic Product (GDP) is predicted to be digitized by 2022, and digitally transformed organizations are projected to contribute to more than half of the global gross domestic product (GDP) by 2023, accounting for nearly USD 54 trillion.
• Rising Adoption of Smart Phones – According to estimates, the number of smartphone users worldwide was approximately 6 billion in 2021, which is projected to reach 7.5 billion by the end of 2027.
• Increasing Penetration of Internet – According to the World Bank data, the proportion of the population using the Internet was around 49% in 2018, which increased to 60% in 2020.
• Rising Adoption of Telemedicine Practices – According to data from the Centers for Disease Control and Prevention, in March 2020, telehealth visits increased by about 154% compared to March 2019.
• Growth of Geriatric Population Level – Globally, the population aged 60 years and above is projected to reach around 1.4 billion in numbers by the end of 2030, up from 1 billion in 2020, according to the World Health Organization (WHO) data.

Challenges

• Concerns related to Privacy and Data Security
• mHealth has Weak Reimbursement Coverage
• Lack of Awareness about Technology among Old Age Population