On Tuesday, new industry estimates from Transparency Market Research indicate that the global mHealth market is on pace to reach $10.2 billion by 2018. That’s up dramatically from $1.3 billion in 2012.
The projections are included in a new report titled “mHealth Market- Global Industry Analysis, Market Size, Share, Growth, Trends and Forecast, 2012 – 2018.”
As mHealthWatch has covered in recent months, the monitoring services segment in today’s mHealth industry is growing rapidly. It’s this segment, after all, that contributed as much as 63% of the global mHealth market revenue last year.
Despite a recent wave of significant international mHealth initiatives, North America still commands the largest share of mHealth market revenue followed by Europe and the Asia Pacific region.
The Transparency Market Research report indicates that the continued use of smartphone applications is expected to revolutionize the mHealth market in 2013 and beyond by improving healthcare delivery and dissemination of medical information.
“The most impactful trend witnessed in the mHealth market is the growth in remote patient monitoring,” the firm’s announcement reads. “Remote monitoring of patients can help reduce costs significantly by reducing the amount of time the patient spends in hospitals and also by lowering the frequency of follow-up visits to the physician.”
Not surprisingly, the always escalating demand for independent aging solutions and post-acute care services is vastly aiding the mHealth market growth today.
To review these and other findings in the full report, click here.