Global mHealth Services Market to Register 23.90% CAGR during 2014-2020, Driven by Rising Geriatric Population
Transparency Market Research has published a new report, titled “mHealth Services Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020”. According to this report, the global mHealth services market will progress at a notable 23.90% CAGR during the forecast period from 2014 to 2020. In 2013, the global mHealth services market was worth more than US$5.7 bn and by 2020, the market is expected to be worth over US$23.3 bn.
The global mHealth market is driven by the growing penetration of smartphones and 3G and 4G networks. This has made mHealth services accessible to a large consumer base and expanded the prospective target group. In addition to this, the increasing application areas of mHealth will also fuel the global market for mHealth services. Furthermore, the rising incidence of chronic conditions will also boost the demand for remote monitoring services. Nevertheless, the market’s growth will be challenged by the issue of measuring the outcome and effectiveness of mHealth solutions. Moreover, the strict regulatory norms in the U.S. will also suppress the global mHealth market.
On the basis of application, the global mHealth services market is segmented into health data and record access, healthcare management, remote monitoring, collaboration, and consultancy, medical information, and general healthcare and fitness. The segment of remote monitoring, collaboration, and consultancy is projected to expand at a remarkable 28.0% CAGR during the forecasting horizon. This segment benefits from the rising geriatric population around the world and increasing preference for home healthcare. Homecare eliminates expensive hospitalization bills for patients and also frees up resources in hospitals.
According to service type, the global mHealth services market is divided into healthcare system strengthening (information and reference, treatment service, diagnostic service, monitoring service, prevention service, and wellness) and solutions for patients (healthcare surveillance, healthcare practitioner support, and emergency response). By end use, the global mHealth services market is classified into individuals, healthcare workers, physicians, and public/private healthcare institutions. In the past, limited availability of mHealth technology restricted the interactions between a patient and a doctor. However, with the advent of 3G and 4G technologies, it has now become possible to hold video calls with multiple parties simultaneously, greatly aiding the process of mHealth.
Region-wise, the global mHealth services market is divided into Asia Pacific, Europe, North America, and Rest of the World (RoW). In 2013, North America led the global mHealth services market due to the presence of high-end communication technologies and easy incorporation of these technologies into the existing healthcare infrastructure. In 2013, Europe was the second largest regional market for mHealth services in the world. Asia Pacific, due to the continuous advancement of its healthcare sector, is expected to gain a significant share in the global mHealth services market.
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The rising aging population presents a significant growth opportunity for companies operating in the market. The aging population prefers mHealth services as they provides them with ways to monitor their health and chronic conditions and also offer information and support facilitating well-being. Strong players are increasingly entering the global mHealth market. Some of the key players operating in the global mHealth services market are Apple, AT&T, AirStrip Technologies, Alcatel-Lucent, Cerner, SoftServe, Symantec, and Vodafone.
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