Global mHealth Services Market Driven at 23.9% CAGR by Demand for Homecare from Forecast 2014 to 2020: Transparency Market Research

Albany, NY, July 21, 2015 (GLOBE NEWSWIRE) -- The global mHealth services market is detailed in a new market research publication from U.S.-based Transparency Market Research. The market is estimated to be rising at a flourishing 23.9% CAGR between 2014 and 2020, translating to a rise in valuation from US$5.79 billion in 2013 to US$23.39 billion by 2020.

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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 segments of the market by all these criteria are submitted to thorough examination and historical and projected values are given for each segment. The performance of each segment in each regional segment of the global mHealth market is also detailed. This helps provide a comprehensive snapshot of the global mHealth services market.

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The global mHealth market 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. This, according to TMR analysts, is one of the most prominent drivers of the mHealth services market.

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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.

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mHealth services also include monitoring and diagnostic services that would not have been possible without modern smartphone technology. Thus, the unending rise of the smartphone market has broadened the horizons of the global mHealth services market.

Accordingly, 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.

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Due to the prevalence of high-end communication technologies and easy incorporation of the same in existing healthcare infrastructure, the North America market for mHealth services emerged as the leader in the global market in 2013. Europe followed North America, but continuous advancement of the healthcare sector in Asia Pacific countries is expected to elevate the share of this regional market in the global market.

The report also includes a detailed analysis of major companies operating in the global mHealth services market, such as AT&T Inc., Koninklijke Philips N.V., Symantec Corporation, Vodafone Group plc, and Alcatel-Lucent Corporation.

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The Global mHealth Services Market is divided as follows:

Global mHealth Services Market, By Application

  • General healthcare and fitness
  • Medication information
  • Remote monitoring, collaboration and consultancy
  • Healthcare management
  • Health data and record access

Global mHealth Services Market, By Services Type

Solutions for patients

  • Wellness
  • Prevention service
  • Monitoring service
  • Diagnostic service
  • Treatment service
  • Information and reference

Healthcare system strengthening

  • Emergency response
  • Health care practitioner support
  • Healthcare surveillance

Global mHealth Services Market, By End User

  • Public/Private healthcare institutions
  • Physicians
  • Healthcare workers
  • Individuals

Global mHealth Services Market, By Geography

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World

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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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Source:Transparency Market Research