The global mHealth services market will reach an estimated value of $23.39 billion by 2020, growing at a CAGR of 23.9% between 2014 and the end of the forecast period, according Transparency Market Research.

In its latest report, the research firm argues that the expansion benefits primarily from a combination of rising awareness about the benefits of mHealth services and the ubiquity of 3G and 4G communication networks. The convenience of mHealth to both doctors and patients has come to the fore in recent years, thanks to growing preference for homecare, as rehabilitation in the comforts in their own homes is preferred by a majority of patients. Homecare also eliminates the hospitalization bills and frees up hospital resources for other patients.

While telehealth was limited to calls between the patient and the doctor in the past, modern mobile technologies and fast networks have made it possible for the two parties to hold video calls, making the interaction “more intimate.”

The dominant application segment of the global mHealth market is that of remote monitoring, collaboration and consultancy. This segment is expected to grow at a stunning CAGR in excess of 28% in the forecast period, considerably higher than the overall market’s CAGR. The growing geriatric population all over the world is aiding the growth of the segment, since elderly people are more likely to fall prey to chronic diseases that require long-term monitoring, and — as mentioned earlier — also to prefer homecare over hospitalization.