MHealth Market size is expected to reach USD 49.12 billion by 2020

The global mHealth market size is expected to reach USD 49.12 billion by 2020, growing at a CAGR of 47.6% from 2013 to 2020, according to a new report by Grand View Research, Inc. Monitoring services is expected to grow at an estimated CAGR of 49.7% from 2014 to 2020.

Growing aging population along with rising incidences of chronic diseases such as cancer, heart ailments, and diabetes is anticipated to drive market demand. Introduction of new generation connected medical devices; healthcare providers find it easy to offer medical services at reduced costs.

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Further key findings from the study suggest:

• Growing need to maintain a secure infrastructure for data safety and security is anticipated to restrain mobile health market growth. On account of the increasing healthcare expenditures, affordability and availability of healthcare services is expected to pose a challenge to the mHealth industry.
• The mHealth market can be segregated on the basis of services and participants. Services include healthcare systems strengthening, diagnosis services, monitoring services, and other services. Participants include content players, healthcare providers, device vendors and mobile operators.
• Monitoring services include chronic disease management, independent aging solutions, and post acute care services. Diagnosis services particularly, enable healthcare professionals to connect with patients for offering diagnosis of ailments as well as health related issues. Regulatory support is expected to drive the use of aforementioned services demand which further includes interoperability and standardization.
• 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. Mobile operators offer varied solutions along with connectivity services which include health call centers, content-based wellness information, and mobile telemedicine. Device vendors are engaged in offering tools for transmitting captured information over mobile networks.
• 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. Low penetration of medical practitioners and growing rural population in Asia Pacific region are expected to open avenues for revenue generation. Furthermore, North America is expected to hold a considerable share in global market over the forecast period on account of increasing health projects and high smartphones penetration.
• Leading players emphasize on investment on research & development and strengthening competitiveness with the introduction of innovative solutions. Key players include AT&T, Vodafone, Apple, Allscripts Healthcare Solutions, Qualcomm Inc., and Samsung Electronics Corporation and mQure.