Global mHealth Market To Become A Multi-Billion Dollar Industry By 2020

The mHealth market is in its embryonic stage and is projected to produce substantial profits with amassed awareness level and encouraging regulatory guidelines particular to the quality and practicality of mobile-based medical devices. The global mHealth market is projected to touch US$ 49.12 billion by 2020 rising at a CAGR of 47.6% from 2013 to 2020. Monitoring services is expected to grow at an estimated CAGR of 49.7% from 2014 to 2020. Infiltration of mobile phones in healthcare has fashioned a long-term effect on the global health industry.

Mobile health (mHealth) uses mobile information and communication expertise for refining healthcare. It aids in confronting main challenges confronted by the healthcare industry such as supervisory changes, growing request for quality healthcare, constant remote monitoring at home, cumulative inaccuracy rate, and assimilation with current IT systems.

Emergent geriatric population accompanied by increasing occurrences of chronic diseases such as heart ailments, cancer, and diabetes is predicted to propel the market demand for mHealth. Healthcare workers find it easy to provide medical services at reduced costs owing to the launch of new generation connected medical devices. Mounting necessity to uphold a sheltered set-up for data safety and security is projected to detain mobile health market growth. Because of the growing healthcare outlays, affordability and obtainability of healthcare services is estimated to be a challenge to the global mHealth industry.

The global mhealth market is evolving at a significant rate, as a result of growing healthcare cost, amassed demand for patient centric healthcare model, and snowballing occurrence of chronic and lifestyle linked ailments. Furthermore, the increasing call for mhealth technologies, growing use of mobile platforms, tablets and smartphones, swelling deployment of connected medical devices and mhealth applications are also driving the progress of the world-wide mhealth market.

Aspects, such as absence of data security and privacy, and inadequate memory, computational, and energy restrictions are constraining the growth of the universal market. The growing number of alliances and partnerships, mounting number of product introductions and endorsements, and budding demand for cloud technology in healthcare are the significant inclinations witnessed in the global mhealth market.

Motivated by the necessity for reachable healthcare, the Asia Pacific market is anticipated to the firmest growing regional market, at an expected CAGR of 49.1% from 2014 to 2020. Stumpy dispersion of medical experts and rising rural population in Asia Pacific region are projected to open roads for income generation. In addition, North America is likely to hold a significant share in global market over the coming years as a result of growing health projects and high smartphones use.

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