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] Continue reading