Increasing exposure to smartphones along with 3G and 4G networks will further boost the adoption of mobile devices in most sectors especially in health care systems, according to a report from Allied Market Research.
The global mobile health (mHealth) market is estimated to reach $58.8 billion by the end of 2020 at a compound annual growth rate (CAGR) of 32.3 percent between 2013 and 2020.
The report, which covers the period 2013 to 2020, predicted the blood glucose meters device market would lead in the mHealth devices market followed by cardiac monitoring devices.
Growth in monitoring services market will be primarily driven by the increasing need of solutions that aid chronic disease management, and independent aging population.
North America leads the regional market landscape of the global mHealth market followed by Europe and Asia Pacific. However, by 2020, Europe and Asia Pacific will take away the lead from North America with each occupying more than 28 percent of the market, according to the forecast.
"Major factors that mobile health market players use to differentiate their product and services are portability, automation, ease of use and customization and have proved to be an optimal solution for monitoring and diagnosis of chronic conditions," the report noted. "Thus, mobile access is expected to become ubiquitous part of health care system over next few years worldwide just like health care access."
However, in spite of technological advancement in medical devices and rise in per capita income, the higher cost of health care systems poses challenges such as affordability and complexity worldwide.
The market study also takes into account various economic factors significant in determining the market trends, buying decisions and future course of the market.
Company profiles of top worldwide market players included in this report covers their business strategies and a financial overview, and includes companies like Omron HealthCare, LifeWatch, Boston Scientific, AT&T and Johnson & Johnson.
AT&T recently moved into the wearable medical device market with the launch of EverThere, a small wearable device that can detect falls and quickly identify location, then automatically connect to a 24/7 call center for response and support using the AT&T wireless network.
Health information services provider WebMD Health is among the many businesses working on the information services side of the industry.
This week the company announced it is expanding the beta program for its Patient Instructions feature, which enables physicians who use Medscape Mobile to securely send education and instructions on conditions, procedures and drugs to their patients who use the WebMD app for iPhone, or access WebMD on a PC or other mobile device.