MHealth Services Market to Expand with Significant CAGR by 2020

The global mHealth Services Market depicts the presence of a highly competitive and dynamic vendor landscape, says Transparency Market Research on the basis of a newly published report. Many companies are getting established in emerging economies situated in regions such as Asia Pacific and Middle East and Africa. The intense competition has made most players take part in mergers and acquisitions in the form of prime strategies to induce growth in their organizations. Enhancing product/service portfolios, bringing about geographical expansion, and providing better mHealth services processes, also are other important schemes implemented by most organizations operating in the global mHealth services market.

With the entry of new players on a regular basis, the level of competition is expected to dramatically increase during the forthcoming years. Vodafone Group Plc., AT&T Inc., Apple Inc., Alcatel-lucent, Airstrip technologies Inc., Cerner Corporation, SoftServe Inc, Diversinet Corp. (IMS Health), Symantec Corporation, and Koninklijke Philips N.V., are key players operating in the global mHealth services market.

According to market experts, this market is expected to gain revenue worth US$23.3 bn by 2020. Such a phenomenal growth is projected to occur at a stellar CAGR of 23.9% during the forecast period from 2014 to 2020.

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The primary growth driver of the global mHealth services market involves a swift rise in the use of mobile phones and associated services. A rise in the use of electronic devices for healthcare management as well as in various industrial sectors for carrying out different activities also are key factors driving the global mHealth services market.

A growing use of high speed internet and other technologies that offer smooth and streamlined connectivity, also has propelled the market to achieve extensive growth. This is mainly due to the large role played by quality of connectivity and networking platforms in context of upkeeping mobile health. Easy availability of quality mobile phones that can support cutting edge technologies is expected to make the mHealth services market continue growing with a steady pace in future. Many players are gradually setting the groundwork for enabling better mobile communications in remote regions, thus proving beneficial for the market’s growth.

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Lack of awareness about the importance of mHealth service among the user-base is substantially restraining the global mHealth services market in remote and underdeveloped regions. A shortage of relevant source material in the same regions to develop and provide mHealth services is also greatly hindering the market’s growth. Moreover, high costs of setting up mobile health-based technologies presents difficulties for new businesses having less capital to establish themselves properly. Such high costs often translate to expensive devices. Consequently, businesses having less disposable income cannot afford the devices. Nevertheless, some organizations are expected to introduce cost effective solutions, which may reduce effects of restraints affecting the global mHealth services market in the near future.