According to a recent market study by Transparency Market Research, the market for mHealth services reached about $5.7 billion in 2013 and is estimated to expand to $23.3 billion by 2020. The 23.9% CAGR can be attributed to increasing global smartphone penetration as well as the growing incidence of chronic diseases, which are in turn increasing the demand for remote monitoring technologies.
“One remarkable characteristic of mHealth services that is fueling the market extensively is the cost-effectiveness of these services. Patients can have an assessment or a session according to their convenience without needing to leave their home or office and without paying too much,” according to Transparency Market Research. “On the whole, the global market for mHealth looks thriving and is expected to bring about significant changes in the way medical and healthcare services are delivered across the world.”