Portland, OR -- (ReleaseWire) -- 04/22/2014 -- The study observed that the global Mhealth market was valued at $6.7 billion in 2012 and is estimated to reach $8.3 billion by the end of 2013. With growing per capita healthcare expenditure both in developed and advanced developing countries, the mobile healthcare market is further projected to reach $58.8 billion by 2020, at a CAGR of 32.3% from 2013 to 2020.
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Increasing number of active subscribers and growing coverage of mobile networks is primarily driving the demand for smart and connected devices which in turn steering the growth of Mobile Healthcare Market. On top of that, increasing incidence lifestyle driven diseases namely diabetes and obesity is also enabling the mobile healthcare devices market growth. In spite of technological advancement in medical devices and rise in per capita income, the higher cost of healthcare systems poses challenges such as affordability and complexity worldwide. In developed markets per capita expenditure on healthcare is increasing at a faster rate than increase in income level and inflation rate due to rise in chronic diseases. Yet there has been no corresponding increase in quality of healthcare services rendered in many countries and thus can be treated as opportunity for Mobile Health Market. On the other hand, developing countries are still struggling to provide adequate healthcare solutions to their citizens.
On contrary, ubiquitous access of smart mobile devices globally has enabled diagnostic and monitoring devices to render seamless healthcare services. Thus, this market is expected to grow at a significant pace in the next seven years. This projection is backed by the fact such as due to technological advancement integration of wireless technology with the portable healthcare devices is feasible, increasing incidences of lifestyle diseases, cost and convenience factors, government initiatives, affordability of smartphones.
However, weak reimbursement policies, lower adoption due to lack of accuracy and technology infancy and uncertainty in the government regulations is expected to hinder the growth rate. Moreover, untapped markets in developing economies provide a lot of growth opportunities for this market due to increase in adoption of mhealth services to control the spread of communicable as well as non-communicable diseases. Such challenges can be very well taken by adoption of mhealth devices and services as they work irrespective of location and skilled professionals. The only mandatory requirement is the mobile access and a smartphone.
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Table Of Contents
2. EXECUTIVE SUMMARY
3. MARKET OVERVIEW
4. GLOBAL MARKET BY EQUIPMENTS , 2012-2020, $ MILLIONS
5. GLOBAL MARKET BY APPLICATIONS , 2012-2020, $ MILLIONS
6. GLOBAL MARKET BY GEOGRAPHY , 2012-2020, $ MILLIONS
7. COMPANY PROFILES
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