mHealth Services Market Driven at 23.9% CAGR by Demand for Homecare : Transparency Market Research

Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research's new market study "mHealth Services Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020" is an in-depth analysis of the global mHealth market, aided by detailed analysis of key regional markets and expert projections regarding the course of the market for the forecast period. Displaying an explosive 23.9% CAGR from 2014 to 2020, the global mHealth market is expected to be highly promising in the coming years. If the figures hold true, the mHealth market will be valued at US$23.39 billion by 2020, increasing from US$5.79 billion in 2013.Excessive penetration of smartphones globally, the availability of high-speed telecommunication networks, and increasing awareness about the advantages of mHealth services are key factors leading the market to an escalating growth trajectory.Additionally, increasing prevalence of chronic diseases and need for affordable healthcare services for the masses is boosting demand for mHealth services. Inadequate presence of conventional brick and mortar healthcare centers to fulfill the healthcare needs of the population worldwide is driving demand for mHealth services.

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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.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.

The global mHealth 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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Source:Transparency Market Research