Grand View Research: Global mHealth market to exceed $20 billion by 2020

SAN FRANCISCO — Grand View Research projects that the global mHealth market will reach well in excess of $20 billion from a base of $2 billion in 2012, as part of a recent market research study. Between 2014 and 2020, the firm estimates a CAGR of 47.6%. 

In 2012, monitoring services represented the largest segment, accounting for about 63% of the overall market share. Monitoring services include independent aging solutions, chronic disease management and post acute care services, as well as devices such as body trackers that are employed to monitor vital signs.

In addition to monitoring services, key mHealth services analyzed and reported in the study include diagnostic services and healthcare systems strengthening. Other services primarily comprise wellness and prevention, and are focused on elderly care, drug abuse prevention, healthy living, smoking de-addiction and child care. 

These mHealth services will be most prevalent in large urban centers. Growing urbanization and purchasing power has resulted in proliferation of smartphones and related devices, along with 3G and 4G networks, which is expected to be a significant driving force for the industry on a global scale, Grand View Research reported. 3G and 4G LTE networks enable services such as high-speed data transfer and video calling, which helps in rapid delivery of telemedicine services. 

And rising incidences of chronic diseases such as cancer, heart ailments and diabetes is also a key contributor to growing demand, the firm added. Changing lifestyle and increasing aging population has resulted in growing prevalence of diseases, and mobile applications help patients control and manage them efficiently. 

However, security concerns and the need to maintain a secure infrastructure to ensure data safety and privacy may negatively impact the market over the next six years, Grand View Research cautioned.