Global mHealth Services Market: Snapshot
The global mHealth services market is anticipated to rise at a significant rate owing to its technology driven services. It delivers healthcare related services to end users through mobile phones. Rise in chronic diseases have led to increased demand for low cost and good quality of healthcare services accessibility. This situation is further worsened by declining healthcare service provider ratio to target audience. This acts as a major boost for the global mHealth services market. The situation gives rise to advancement and proliferation of high speed networks around the world. This has paved way for mHealth services thus, fueling the market.
mHealth services involves various participants from supply chain such as smartphone manufacturers, device manufacturers, healthcare service providers, application developers, network service providers, and other participants. The regulatory bodies are playing active role in implementing strict regulatory requirements so as to drive awareness among people is supplementing the market growth. Increasing penetration of social welfare activists and governments are also becoming major factors for the rise of global mHealth services market.
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The global mHealth services market is anticipated to rise at a robust CAGR of 23.9% during the forecast period of 2014 to 2020. The global market is expected to attain a valuation of US$ 23.3 bn by the end of 2020. The global mHealth services market is expecting a revenue surge of 271.5% during the forecast period.
Global mHealth Services Market to Rise Due to Increasing Demand from Individual End Users
The global mHealth services market is segmented into application, services type, and end users. Among these, the application segment is further sub segmented into medication information, general healthcare and fitness, remote monitoring, collaboration and consultancy, healthcare management, and health data and record access. Among these, collaborating and consulting services and remote monitoring services are expected to rise predominantly owing to increasing base of patients suffering from chronic diseases that requires regular or continuous health condition monitoring.
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The service segment of global mHealth is segmented into solutions for patients and healthcare system strengthening. The solutions for patients is further bifurcated into information and reference, treatment service, diagnostic service, monitoring service, prevention service, and wellness. Whereas, the healthcare system strengthening is segmented into healthcare surveillance, healthcare practitioner support, and emergency response.
The global mHealth services market is segmented according to end user into individuals, healthcare workers, physicians, and private/public healthcare institutions. Among these, individual users accounted for the largest shares in the global market in 2013. This rise in demand was mainly due to inadequate healthcare infrastructure in various developing countries and increasing demand for personal health management in these regions.