According to a new market research report by Grand View Research Inc, the global mHealth (Mobile Health) market is expected to cross USD 49 billion (USD 49,119.2 million) by the year 2020. The most domineering – and currently the fastest growing – segment in the mHealth industry will be monitoring services, with market revenue of USD 1227.5 million in 2012. Monitoring services segment has been forecasted to grow an estimated CAGR of 49.7% from 2014 to 2020.
Due to the increase in per capita healthcare expenditures, medical services are unaffordable for a large percentage of the population. As a result, mHealth is expected to rapidly rise over the next six years. Smartphone penetration, steady and reliable internet connectivity, and uptake of 3G and 4G networks is also expected to fuel the increasing demand for telemedicine services.
Other factors such as aging population and growing incidences of diseases linked to changing lifestyles have intensified the need for affordable and accessible healthcare. Concerns among users, regarding the safety and privacy of information, along with the need for secure infrastructure, are the key challenges for market participants. [@HealthITplus]
The report “mHealth Market Analysis And Segment Forecasts To 2020,” is available now to Grand View Research customers and can also be purchased directly at http://www.grandviewresearch.com/industry-analysis/mhealth-market
Further Key findings from the study suggest:
- The global market was valued at USD 1,950 million in 2012, and is expected to grow at a CAGR of 47.6% from 2014 to 2020.
- Chronic disease management was the largest contributor to the monitoring services market, with higher demand from developed markets of North America and Europe. The market for post acute care services accounted for 19.5% of the overall monitoring services revenue in 2012. Diagnosis services are more prevalent in developing markets, and growing adoption of these services is expected to considerably augment access to healthcare in these regions.
- Mobile operators accounted for 48% of the overall market in 2012, with majority of their revenue originating from monitoring services such as independent aging solutions. The market for healthcare providers is expected to grow slower than the global average, at an estimated CAGR of 45.1% from 2014 to 2020. Quelling credible concerns among users, along with availability of regulatory support is crucial for driving profitability of industry stakeholders.
- North America dominated the global market, accounting for 33.5% of total revenue in 2012. Highest demand originated from monitoring services, with growing incidences of chronic diseases necessitating the need for mobile health solutions among others. High per capita healthcare expenditure in developed markets is expected to be the key driver for regional growth. Driven by the need for accessible healthcare, the Asia Pacific market is expected to the fastest growing regional market, at an estimated CAGR of 49.1% from 2014 to 2020.
Direct link for sample request of this report – http://www.grandviewresearch.com/request/223
- The market comprises of many stakeholders including mobile operators, device vendors, healthcare providers as well as content players. Companies operating in the market differ on the basis of their offering, and play a key role in overall mHealth adoption. Strategic collaborations and partnerships with healthcare providers, and resolving standardization and interoperability issues are essential for mass acceptance. Industry participants include AT&T, Apple Inc., Google Inc., Allscripts Healthcare Solutions, SoftServe Inc., and Vodafone Group and several others.
For the purpose of this study, Grand View Research has segmented the global mHealth market on the basis of services, participants and region:
- mHealth Services Outlook (Revenue, USD Million, 2012 – 2020)
• Monitoring Services
• Independent Aging Solutions
• Chronic Disease Management
• Post Acute Care Services
• Diagnosis Services
• Healthcare Systems Strengthening Services
- mHealth Participants Outlook (Revenue, USD Million, 2012 – 2020)
• Mobile Operators
• Device Vendors
• Content Players
• Healthcare Providers
- mHealth Regional Outlook (Revenue, USD Million, 2012 – 2020)
• North America
• Asia Pacific
This story originally appeared on Digital Journal
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