The market for mobile health applications is expected to grow at a rate of 25% annually over the next five years, according to a report by Kalorama Information, Health Data Management reports.
The report notes that the market for mobile medical apps was valued at about $150 million in 2011.
To develop the growth projections in the report, Kalorama analyzed the business models of popular mobile medical apps and accounted for factors like federal initiatives, security threats and pricing.
Although medical apps account for only 1% to 2% of the overall market for mobile apps, the medical app segment of the market is growing faster than the overall app market, according to the report. The report predicts that the overall app market will grow by 23% annually over the next five years (Goedert, Health Data Management, 6/12).
The report's authors noted that the higher projected growth rate for medical apps could be fueled by higher prices rather than higher volume. They noted that medical apps tend to cost more -- but have fewer downloads -- than non-medical apps (Byers, CMIO, 6/12).