Double-digit growth expected for mHealth app market
Given the boom in mobile health (mHealth) apps, Research and Markets has added that category to its "Global Trends & Forecast to 2018" report.
The report concentrates on both apps used with connected medical devices and those classified as healthcare applications.
As the report states, "The global mHealth apps market is estimated to be valued at $6.6 billion in 2013 and is expected to reach $20.7 billion by 2018 at a healthy CAGR [compound annual growth rate] of 25.5 percent."
Medical device apps dominate the revenue market with around 80 percent in 2013, according to the report.
In discussing healthcare applications, authors of the report segment this market into health and medical apps. "The market is dominated by health apps with more than 85 percent volume contribution to the healthcare application market. Health apps are segmented into exercise, weight loss, women's health, sleep and meditation, medication reminder and other apps, while the medical apps market is segmented into medical reference, and other applications like apps for mental health, dermatological treatment, and emergency response."
As for the potential revenue benefits of this market, the report states: "Despite the higher download volume of healthcare applications, revenue contribution of apps is not significant since the majority of applications are free and paid apps cost between $1 and $2 each."
Not surprisingly, North America contributes the maximum to both the devices and healthcare applications market, with an estimated value of $2.9 billion in 2013.
The report also attributes the growth of the mHealth market to an "increasing awareness of chronic diseases, growing adoption of smartphones, high penetration of 3G and 4G networks, advanced mobile connectivity, and a promise of better healthcare cost-efficiency."
To read the entire report, go to https://www.researchandmarkets.com/research/tmjpb8/mobile_health