mHealth Services - The Increased Usage of Rising Use of Electronic Devices For Healthcare Management

The presence of some of the world’s leading technology giants and a rising number of service providers have rendered the global mHealth services market highly competitive and dynamic, observes Transparency Market Research in a recent report. A vast rise in growth opportunities across emerging economies in regions such as Asia Pacific and Middle East and Africa has garnered the attention of leading vendors, compelling them to enter these markets through strategic collaborations and mergers and acquisitions.

Some of the leading companies in the market are SoftServe, Alcatel-Lucent, AirStrip Technologies, Apple, Cerner, AT&T, Symantec, and Vodafone.

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In terms of application, the segment of remote monitoring, collaboration, and consultancy is likely to emerge the most lucrative, clocking in a remarkable CAGR of 28.0% over the forecast period. From a geographical standpoint, the mHealth market in North America is envisioned to account for the dominant share of the global revenue over the report’s forecast period, thanks to sustained demand from the U.S. wherein encouraging insurance policies and a well-developed healthcare infrastructure are driving the demand. The market in Asia Pacific is expected to register a stronger growth pace over the forecast period owing to the rising demand from emerging economies such as India and China.

The primary drivers of the global mHealth services market include a swift growth in the healthcare market, the increased usage of rising use of electronic devices for healthcare management, and the growing use of high-speed internet and information technology by a larger population of the world. Factors such as growth of the aging population of the world, a continuous rise in prevalence of chronic diseases, and the easy availability and widespread use of cutting-edge mobile devices would keep the market going in the future.

The market is expected to benefit from the wide-scale adoption of cutting-edge technological devices even in the remotest regions of the world and a steady rise in demand for remote health monitoring globally. The economic nature of mHealth services also significantly contributes to the impending growth of this market during the forecast period.

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However, factors such as uncertain FDA regulations about mobile healthcare management and prescriptions and generic issues such as the medical help at the stake of personal data, chances of data loss, and a lack of awareness amongst population in the developing countries may hinder its growth. Moreover, concerns pertaining to the loss of critical patient data in the process of transferring it into compact form to fit smaller display screens of portable mobile devices could be a huge challenge for the healthcare domain where observing the minutest details before prescribing anything is of utmost importance.

Vast advancements have been seen on this front in terms of the development of excellent compression algorithms and development of mobile screens with high definition display technologies. However, devices that can abstract the most actionable pieces of data amid covering the minutest details are too expensive to be afforded for a large share of the global population.

Transparency Market Research (TMR) is a next-generation 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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This release was published on openPR.