The global mHealth market is predicted to grow from $6.21 billion in revenue in 2013 to $23.49 billion by 2018 at a compound annual growth rate (CAGR) of 30.5 percent over that five-year period, according to a new report from market research firm MarketsandMarkets.
The report attributes the high growth rate to the adoption of digital wireless and mobile communications, as well as increased patient mobility and the rise in healthcare standards due to integration of wireless technology. Major healthcare equipment in the mobile healthcare market--including cardiac monitors, hemodynamic monitors, respiratory monitors, wearable fitness and wellness, and independent aging--is covered in the report.
"The prominent trend in this market is the use of Bluetooth, NFC and ZigBee to leverage connectivity anywhere," the report's authors write. "Use of multiple sensors to make multi-parameter sensing medical monitors at low costs is another important trend in this market."
The mobile fitness and wellness market is expected to grow at a CAGR of 36.7 percent from 2013 to 2018. In addition, the two market segments which contribute the major chunk of the revenues in the overall market are cardiac monitors and independent aging. The mobile cardiac monitor market is estimated to grow at a CAGR of 22.1 percent from 2013 to 2018, while the mobile independent aging products market is expected to grow at a CAGR of 25.1 percent over that same five-year period.
"Incorporating wireless technology into portable healthcare equipments has augmented healthcare standards and helped in averting many dire health situations," according to an announcement on the report. "It has also increased patient mobility, both at the hospital and at home."
In March, a report by mobile research firm research2guidance predicted that the mobile healthcare services market will begin the commercialization phase and reach $26 billion worldwide by 2017 as smartphone apps enable the mHealth industry to monetize these services. Forty-two percent of the estimated 97,000 mHealth applications currently available in app stores adhere to the paid business model. Given that more traditional healthcare providers are joining the mobile apps market, the report forecasted that business models will broaden to include healthcare services, sensor, advertising, and drug sales revenues.