Mobile health market projected to skyrocket

The global mobile health (mHealth) market generated $10.5 billion U.S. (9.3 billion euros) in revenues in 2014 and is expected to grow at a 33.5% compound annual growth rate (CAGR) between 2015 and 2020, according to a report from research firm Big Market Research.

Growth is being driven primarily by the increasing prevalence of lifestyle-related diseases, government initiatives, and the rising adoption of smartphones, according to the company. Of the mHealth sectors (diagnosis services, monitoring services, prevention, treatment, and wellness and healthcare system strengthening services), monitoring services currently holds the dominant share of the global mHealth market and is expected to produce the highest CAGR between 2015 and 2020, Big Market Research said.

On the basis of mHealth applications (cardiovascular diseases, diabetes, respiratory diseases, neurological diseases, and others), the cardiovascular diseases segment has the leading share of the market. However, Big Market Research projects that the diabetes application segment will yield the highest CAGR between 2015 and 2020. Geographically, North America currently has the largest share of the mHealth market, while the Asia-Pacific sector is growing the fastest, the company said.

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