Led by the monitoring services sector, the global market for mobile health (mHealth) technology is expected to surge from $1.95 billion U.S. (1.76 billion euros) in 2012 to $49.1 billion U.S. (44.31 billion euros) by 2020, according to a report from market research firm Grand View Research.
Thanks to an increase in per-capita healthcare expenditures and considerable increase in demand over the next six years, the global mHealth market is slated to grow at a compound annual growth rate (CAGR) of 47.6% from 2014 to 2020, Grand View Research said. The patient monitoring services market remains the dominant mHealth segment; it generated $1.23 billion U.S. (1.11 billion euros) in revenue in 2012 and is projected to grow at a 49.7% CAGR from 2014 to 2020.
Chronic disease management technology contributed the most to the monitoring services market, with higher demand from the developed markets of North America and Europe, the company said. Postacute care services contributed 19.5% of overall monitoring services in 2012.
Diagnosis services are more prevalent in developing markets, Grand View Research said, and it expects that increasing adoption of these services will considerably augment healthcare access in these regions.
By region, North America dominated the global market, producing 35.5% of total mHealth revenue in 2012. The fastest growth is expected from the Asia-Pacific market, however, with an estimated CAGR of 49.1% from 2014 to 2020, the company said.
