The global mHealth services market is estimated to grow at a CAGR of 23.9% between 2014 and 2020, to reach an estimated value of US$23.39 billion by 2020, according to new market research publication from U.S.-based Transparency Market Research. The report, titled ‘mHealth Services (Prevention, Monitoring, Diagnostic, Treatment, Information and reference, Wellness, and Healthcare strengthening services) Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020’, segments the global mHealth market according to application, type of service, and type of end user.
The global mHealth market expansion benefits primarily from a combination of rising awareness about the benefits of mHealth services and rising ubiquity of 3G and 4G communication networks. The convenience of mHealth services to both doctors and patients has come to the fore in recent years, thanks to growing preference for homecare, as rehabilitation in the comforts in their own homes is preferred by a majority of patients. Homecare also eliminates the hospitalization bills for patients and frees up hospital resources for other, perhaps more urgent uses.
Growing Demand for Homecare
The growing demand for homecare is complemented by the emergence of next-gen communication technologies, which have made the rise of mHealth services possible. While ‘mHealth’ was limited to calls between the patient and the doctor in the past, the emergence of 3G and 4G communication technologies has made it possible for the two parties to hold video calls, making the interaction more intimate.
Dominant Global mHealth Market Segments
The dominant application segment of the global mHealth market is that of remote monitoring, collaboration, and consultancy. This segment is expected to grow at a stunning CAGR in excess of 28% in the forecast period, considerably higher than the overall market’s CAGR. This segment is also aided by the growing geriatric population all over the world, since elderly people are more likely to fall prey to chronic diseases that require long-term monitoring, and also to prefer homecare over hospitalization.
