mHealth, a technology-driven service, is expected to alter the way various health services are delivered across the globe. mHealth includes swift delivery of healthcare services to end users by the means of smartphones. The global mHealth services market is predicted to register a revenue surge of around 271.5% during the period between 2014 and 2020.
The global mHealth services market is expected to expand at a 23.90% CAGR during the period between 2014 and 2020 owing to the rising areas of mHealth applications, increasing incidence of chronic diseases, and the increasing demand for home care services. The global mHealth services market stood at US$5.8 bn in 2013 and is predicted to reach US$23.4 bn by 2020.
The global mHealth services market is segmented on the basis of end use, application, type of service, and geography. The increasing penetration of smartphones and 3G and 4G networks is predicted to make mHealth services easily accessible to a large consumer base in the years to come. The growing aging population is also expected to propel the global mHealth services market in the next few years. However, factors such as stringent government regulations and challenges in measuring the outcome of mHealth services are predicted to restrict the growth of the global mHealth services market in the next five years.
Individuals to Register Maximum Demand for mHealth Services
By end use, the global mHealth services market is classified into public/private institutions, individuals, and physicians and healthcare workers. In 2013, the individuals segment dominated the global mHealth services market owing to the rising demand for personal health care management services. The growing aging population is also predicted to add to the customer base of mHealth services.
Remote Monitoring, Collaboration, and Consultancy to Dominate Global mHealth Services Market
General healthcare and fitness, medication information, healthcare management, remote monitoring, and health data and record access are some of the applications of mHealth services. Currently, the remote monitoring, collaboration, and consultancy segment leads the global mHealth services market due to the rising base of patients suffering from chronic diseases.
Based on geography, the global mHealth services market is divided into Europe, Asia pacific, North America, and Rest of the World. In 2013, in terms of revenue, the global mHealth services market was dominated by North America, followed by Europe. Going forward, Asia Pacific is predicted to contribute significantly towards the growth of the global mHealth services market. Some of the leading companies in the global mHealth services market are AT&T Inc., Symantec Corporation, Alcatel-Lucent Corporation, Koninklijke Philips N.V., and Vodafone Group plc.
The increasing ubiquity of 3G and 4G networks is predicted to benefit the global mHealth services market in the near future. The convenience of mHealth solutions to patients and doctors has led to the growing use of mHealth services across the globe. Further, the increasing preference for home care medical services has helped leading players introduce new mHealth services across the globe. The emergence of next-generation communication technologies is predicted to assist the mHealth services market in the coming years.