Driven by the increasing adoption of smartphones and rising incidences of chronic diseases, the global mHealth market will reach $10.2 billion by 2018 from the 2012 level of $1.3 billion, a compounded annual growth rate of 41.5 percent from 2012 to 2018, a new report from Albany, N.Y.-based Transparency Market Research finds.
The firm, in a Jan. 8 announcement, said the most impactful trend witnessed in the global mHealth market is the growth in remote patient monitoring. In 2012, the monitoring services segment had the largest share of the mHealth market (63 percent), a trend that Transparency Market Research sees continuing.
"The monitoring services segment will also be the fastest growing during the forecast period, owing to their usability in acute conditions such as coronary artery disease, hypertension, and congestive heart failure," the report states. "The contribution of monitoring services to the overall mHealth revenues will be greater in countries with higher income levels."
In addition, increasing demand for independent aging solutions and post-acute care services also are aiding the mHealth market growth, according to the report.
North America commands the largest share of mHealth market revenue, followed by Europe and the Asia Pacific region. According to the report, India is emerging as one of the mHealth hotspots in the latter region with a varied range of mHealth solution launches.
Although the mHealth market been seen increasing influence from emerging economies, the highest per capita expenditure on mHealth applications will continue to be from developed regions such as the U.S. and Canada, due to an increasing percentage of chronic diseases and higher disposable income, the report concludes.
Transparency Market Research's 2018 global mHealth market projection of $10.2 billion is lower than an estimate made last year from market intelligence firm GlobalData, which predicted that the global market will reach $11.8 billion by 2018, with a compound annual growth rate of 39 percent.
To learn more:
- read the announcement