MarketsandMarkets has predicted the global mHealth solutions market to hit $59.15 billion by 2020, representing a compound annual growth rate of 33.4 percent.
The report cites the growing use of smartphones, tablets, connected medical devices, mHealth applications in healthcare management, 3G and 4G networks and patient-centric healthcare delivery as factors that will drive the market, MarketsandMarkets stated.
MarketsandMarkets also attributed the overall market growth restraints to data theft, regulatory obstacles, lack of standards for app selection and resistance from traditional healthcare companies.
The report predicts the fitness and wellness service segment to achieve a CAGR of 48.1 percent through 2020, the fastest growth during the forecast period among other segments.
Tier-one market players profiled in the report include Medtronic, Apple, Sanofi, AirStrip Technologies, AliveCor, Nike, Johnson & Johnson, Jawbone, Omron Corp., Withings, BioTelemetry, AgaMatrix, iHealth Lab, AT&T, Qualcomm, Cerner, Diversinet and Cisco.