The global mHealth market size is expected to reach $49.12 billion by 2020, growing at a CAGR of 47.6% from 2013 to 2020, according to a new report by Grand View Research. Monitoring services alone are expected to grow at an estimated CAGR of 49.7% from 2014 to 2020.

Among the factors driving this growth are aging population and rising incidences of chronic diseases; and with the introduction of new connected medical devices, healthcare providers can offer medical services at reduced costs.

Grand View Research segregates the mHealth market on the basis of services and participants: services include healthcare systems strengthening, diagnosis services, monitoring services, and other services, while participants include content players, healthcare providers, device vendors and mobile operators.

At an estimated CAGR of 49.1% from 2014 to 2020, the Asia Pacific market is expected to grow the fastest.Further, monitoring services include chronic disease management, independent aging solutions, and post acute care services; diagnosis services enable healthcare professionals to connect with patients for offering diagnosis of ailments as well as health related issues. Regulatory support is expected to drive the use of aforementioned services demand which further includes interoperability and standardization.

Mobile operators accounted for 48% of the overall market in 2012, with majority of their revenue originating from monitoring services such as independent aging solutions. This group of companies offers varied solutions along with connectivity services such as health call centers, content-based wellness information, and mobile telemedicine. Device vendors are engaged in as well, offering tools for transmitting captured information over mobile networks.

At an estimated CAGR of 49.1% from 2014 to 2020, the Asia Pacific market is expected to grow the fastest. Low penetration of medical practitioners and the growing rural population in Asia Pacific region are expected to open avenues for revenue generation. Furthermore, North America is expected to hold a considerable share in global market over the forecast period on account of increasing health projects and high smartphones penetration.

Key players include AT&T, Vodafone, Apple, Allscripts Healthcare Solutions, Qualcomm, Samsung and mQure.