The global mHealth Services Market is anticipated to rise at a significant rate owing to its technology driven services. It delivers healthcare related services to end users through mobile phones. Rise in chronic diseases have led to increased demand for low cost and good quality of healthcare services accessibility. This situation is further worsened by declining healthcare service provider ratio to target audience. This acts as a major boost for the global mHealth services market. The situation gives rise to advancement and proliferation of high speed networks around the world. This has paved way for mHealth services thus, fueling the market.
mHealth services involves various participants from supply chain such as smartphone manufacturers, device manufacturers, healthcare service providers, application developers, network service providers, and other participants. The regulatory bodies are playing active role in implementing strict regulatory requirements so as to drive awareness among people is supplementing the market growth. Increasing penetration of social welfare activists and governments are also becoming major factors for the rise of global mHealth services market.
The global mHealth services market is anticipated to rise at a robust CAGR of 23.9% during the forecast period of 2014 to 2020. The global market is expected to attain a valuation of US$ 23.3 bn by the end of 2020. The global mHealth services market is expecting a revenue surge of 271.5% during the forecast period.
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The global mHealth services market is spread across various regions such as Asia pacific, Europe, North America, Latin America, and Middle East & Africa. Among these, the market in Europe and North America is witnessing quick adoption with increasing penetration of market. This rise in revenue share is mainly due to well-developed healthcare system and infrastructure.
Asia pacific is expected to rise as the fastest growing region owing to high concentration of potential customers in emerging economies such as Japan and China. The growth in this region is further backed up mHealth services solutions delivering in hard to reach areas thus, encouraging social development.