Albany, NY -- (SBWIRE) -- 05/21/2014 -- According to a new market report published by Transparency Market Research "mHealth Market- Global Industry Analysis, Market Size, Share, Growth, Trends and Forecast, 2012 - 2018," the global mHealth market is expected to reach USD 10.2 billion by 2018 from USD 1.3 billion in 2012 at a CAGR of 41.5% from 2012 to 2018.
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The monitoring services segment is in a commanding position having contributed about 63% of the global mHealth market revenue in 2012.
The global mHealth market is primarily driven by factors such as the increasing adoption of smart phones and rising incidences of chronic diseases. The development in Smartphone applications has created new and interactive ways of communication between patients and healthcare providers. Use of Smartphone applications is expected to revolutionize the mHealth market by improving healthcare delivery and dissemination of medical information.
The most impactful trend witnessed in the mHealth market is the growth in remote patient monitoring.
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Remote monitoring of patients can help reduce costs significantly by reducing the amount of time the patient spends in hospitals and also by lowering the frequency of follow-up visits to the physician. In addition, quick service and ease of use functionalities, and rising healthcare expenditure are supporting faster adoption of mHealth applications. Moreover, increasing demand for independent aging solutions and post-acute care services are also aiding the mHealth market growth.
The report analyzes the global mHealth market with cross sectional analysis of its various services and the players involved in the ecosystem. Based on the services, the market is segmented into - monitoring services, diagnostic services, healthcare system strengthening services and other services. The mHealth market ecosystem is analyzed in respect with major value system participants such as mobile operators, device vendors, content players and healthcare providers.
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The monitoring services segment holds the largest share of about 63% of the global mHealth market followed by diagnostic services and healthcare systems strengthening. The monitoring services segment will also be the fastest growing during the forecast period, owing to their usability in acute conditions such as coronary artery disease, hypertension, and congestive heart failure. The contribution of monitoring services to the overall mHealth revenues will be greater in countries with higher income levels.
Within the mHealth participants' landscape, mobile operators hold a majority of the market share with 50% followed by device vendors, content developers and healthcare providers. Mobile operators are gaining a majority of the mHealth revenues from monitoring services, whereas diagnosis and treatment solutions will also be attractive opportunities for operators in the near future.
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North America commands the largest share of mHealth market revenue followed by Europe and the Asia Pacific region. The current mHealth deployments in the Asia Pacific region are primarily focused on improving the efficiency of the healthcare workforce and systems. India is emerging as one of the mHealth hotspots in the region with a varied range of mHealth solution launches. Though the mHealth market has witnessed increasing influence of emerging economies, highest per capita expenditure on mHealth applications will continue to be from developed regions such as the U.S. and Canada, owing to an increasing percentage of chronic diseases and higher disposable income.
The mHealth market consists of a mix of players from different categories namely mobile operators, content developers, device vendors and healthcare providers. AT&T, AllScripts Healthcare Solutions, AirStrip Technologies, Qualcomm, Vodafone, Soft Serve, HealthSaaS and mQure are a few active key players across different categories mentioned above.