The global market for mobile health technology is expected to rise from $1.2 billion in 2011 to $11.8 billion by 2018, increasing at a compound annual growth rate of 39%, according to a report by market research firm GlobalData, MobiHealthNews reports (Dolan, MobiHealthNews, 8/6).
GlobalData looked at the current offerings in the global mobile health market and found that:
- 80% of the market is made up of mobile health software and services;
- 12% of the market is made up of hardware; and
- 8% of the market is made up of network and connectivity offerings (Kutscher, Modern Healthcare, 8/6).
In addition, the report found that:
- 70% of available mobile health applications are aimed at consumers; and
- 30% of available mobile health apps are aimed at health care providers.
The report also broke down the mobile health market by region and found that in 2011:
- The U.S. had the largest mobile health market by revenue at $660 million;
- Europe's mobile health market was worth $420 million; and
- The mobile health market for the Asia Pacific region was worth $120 million (MobiHealthNews, 8/6).