Description
The global mobile health ( mHealth ) market is projected to reach USD 62.84 billion by 2021 , growing at a CAGR of 39.35 % during the forecast period from 2016 to 2021 . In spite of the immense technological advances in the field of medical sciences , a majority of the worldnations are facing major challenges when it comes to proper services in healthcare . Be it the USA , China or the developing nations in the African and Latin American regions , each country is facing its own set of challenges in providing proper healthcare to its population . Various issues , such as increased healthcare expenditure , rising incidences of chronic diseases , and the expenses associated with the treatment of the same , are still a major cause of concern to the global populations . Governments and organizations are desperate to adopt measures that will ensure the reduction of healthcare expenditure .
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Global Mobile Health Market-Market Dynamics Mobile access has witnessed exponential penetration rates globally . The prospect of mobile healthcare is more evident than ever in the current circumstances . Mobile health is expected to ensure the management of healthcare at various levels with the minimal use of resources . This way , unnecessary healthcare expenditures are avoided . The global mobile health market is certainly on the rise and many organizations are on the verge of exploiting the immense potential of this market .
Drivers The market is driven by major factors such as : Need to reduce healthcare expenditure Rising incidence of chronic diseases Increase in aging population Widespread mobile smartphone penetration globally Prospect of personal healthcare management Technological advances in the form of 3G & 4G networks Need for cost-efficient healthcare delivery Increased awareness levels among the population about the need for proper healthcare management
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Restraints Regardless of the immense potential the mobile health market , it has its own set of challenges , such as : Stringent regulatory framework Lack of skilled personnel Lack of proper infrastructure Data privacy concerns The global mobile health ( mHealth ) market can be segmented on the basis of monitoring device type
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