Press release
Worldwide mHealth Services Market: Rising Penetration of High Speed Internet to Give Market Significant Boost
Despite the prevailing consolidation, over the coming years competition in the mHealth services market is expected to intensify. The top three players in the market, vis-à-vis, Diversinet Corp, Apple Inc., and Koninklijke Philips N.V. held nearly 34% of the overall market. As the market grows, established and new players alike will adopt more prolific strategies for growth. Besides this, the rise in incidence of non-communicable diseases and growing aged population will ensure strong growth for the market in the forthcoming years.
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According to TMR, the global mHealth services market stood at US$5.79bn in 2013. Rising at a CAGR of 23.9% between 2013 and 2020, the market is forecast to reach US$23.39 bn by the end of 2020. Among the various application segments, the market was led by the general healthcare and fitness segment, which held 43.7% of the overall market in 2013. Regionally, accounting for a share of 51.2%, North America emerged dominant in the global mHealth services market in the same year.
Proliferation of Smart Phones Holds Lucrative Prospects for Market
Growth witnessed in the global mHealth services market is mainly influenced by factors such as the rising penetration of high speed internet, technological developments, and the proliferation of information technology enabled services (ITES), besides several other macro and micro economic factors. For instance the increasing penetration of smartphones and the 3G and 4G services have made mHealth services more accessible worldwide, thus fuelling its marketing opportunities extensively.
Besides this, analysts have identified the rising incidence of chronic ailments to be a chief driver of the global mHealth services market. “As chronic ailments require continuous monitoring and long term medication, solutions provided by mHealth services are considered more convenient and cost-efficient,” said a lead TMR analyst. Additionally, in the last three to four years, the application areas of mHealth services have increased rapidly and it currently comprise monitoring services as well.
Stringent Environmental Norms Could Curb Growth
On the downside, enterprises operating in the market will face challenge from stringent environmental norms in countries such as the U.S. Besides this, the market players will also challenges with regards to measuring the effectiveness of mHealth solutions. It is due to this reason that the use of mHealth solutions is limited to the developed markets of the U.S. and U.K., despite the presence of high level unmet medical needs in developing nations. Nevertheless, the market will continue gaining from the growing aging population and technological advancements over the course of the forecast period.
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