A new research forecast has predicted that mobile health will reach that size by the end of 2018.
A research report announcement from Markets and Markets has revealed a new prediction that has placed the current size of the worldwide mhealth market at $6.6 billion, which will blossom to $20.7 billion by the close of 2018.
This will represent a compound annual growth rate (CAGR) of 25.5 percent.
This Markets and Markets report has also suggested that the primary driving forces behind the growth of the mhealth market will be the rising awareness of chronic diseases, the higher penetration of 3G and 4G networks, the increasing adoption of smartphones (and, to a lesser extent, tablets), more advanced smartphone connectivity, and the potential for improved cost efficiency of healthcare.
The consulting firm also said that the largest amount of mhealth growth will be seen in diabetes management.
According to the mhealth report, “The highest growth will be witnessed by the diabetes management devices market during the forecast period, majorly due to the increasing global burden of diabetic population.”
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Similarly, the report indicated that mhealth apps will experience the most growth in the areas of weight loss, sleep and meditation, throughout the period of the forecast. It was also found that even though the download volume is expected to rise considerably throughout that time, the revenue contribution of most of the apps will not rise tremendously, as the majority of those applications are free, and among those that are paid, they typically cost between $1and $2 each. It stated that “The healthcare apps market is dominated by exercise apps with just less than one-fifth of the share.”
At the moment, the largest share of the mhealth market worldwide belongs to North America. Its current value is estimated to be $2.9 billion. At the same time, Asia and Europe are predicted to experience potential growth because of the considerable adoption of smartphone and tablet based technologies, in combination with initiatives from governments. This year the largest contributors among emerging regions will include India, China, Africa, on top of the considerable growth that will be experienced in the United Kingdom, Japan, and Australia.