Monitoring services is expected to remain the most dominant and fastest growing mobile health market segment, according to a new study by Grand View Research, Inc. The study found monitoring services market revenue reached of $1,227.5 million in 2012 with an estimated CAGR of 49.% from 2014 to 2020. Chronic disease management was also cited as the largest contributor to the monitoring services market, with higher demand from developed markets of North America and Europe.
Other key findings from the study include:
- 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.
- 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.
The report “mHealth Market Analysis And Segment Forecasts To 2020,” is available now at http://www.grandviewresearch.com/industry-analysis/mhealth-market
Featured image credit: Tunstall Telehealthcare via cc
