mHealth Market Revenue Projected to Grow to $49 Billion by 2020
Thanks largely to mobile monitoring services, the global mHealth (mobile health) market is expected to reach $49 billion in revenue by 2020, according to a new study from Grand View Research.
Monitoring services are expected to remain the “dominant and fastest-growing” mobile health market segment, the report said. The global market was valued at $1.95 billion in 2012 and is expected to grow at a CAGR of 47.6% from 2014 to 2020.
Chronic disease management, particularly from North American and European markets, is the largest contributor to the monitoring services market, accounting for 19.5% of the overall monitoring services revenue in 2012. North America dominated the global market, accounting for 33.5% of total revenue in 2012.
Because of mobile device penetration and increasing healthcare expenditures, demand continues to grow for the mHealth market. With access to smartphones, tablets and 3G and 4G high-speed networks, providers can deliver telemedicine to patients who may have difficulty traveling to a healthcare organization, such as those in remote locations or with chronic conditions.
The 3rd Annual HIMSS Analytics Mobile Survey found that the number of organizations offering patients and consumers mobile apps increased 13% last year. Two major mobile carriers, Verizon and Sprint, have launched new mobile healthcare services in the past year.
The mHealth report also notes that for mHealth industry stakeholders to drive profitability in the market, they must quell mobile healthcare technology users’ concerns regarding data security and information privacy.