According to a new research report from London-based Global Data, the global mobile health market was worth $1.2 billion in 2011 and will increase in value to $11.8 billion by 2018. The research firm stated this past April that the mobile health market was worth about $500,000 in 2010 and -- curiously -- would be worth only $8 billion by 2018 when it released its report this past spring. Citing the new figures, Global Data characterizes the market's compound annual growth rate (CAGR) as "impressive" at 39 percent.
Global Data also points to MobiHealthNews own health apps research when it notes that 70 percent of available health apps are intended for use by consumers, while the remaining 30 percent are apps built for professional healthcare providers.
Global Data also states that mobile health solutions that allow patient consultation and monitoring are "surging in popularity" thanks in part to the widespread adoption of smartphones and tablets. The firm, however, did not include any adoption metrics to back up the claim.
According to the firm, the majority of the market is made up of software and services, which account for 80 percent of the total current market, while hardware makes up 12 percent, and the remaining 8 percent is made up of network and connectivity offerings. In 2011 the US was the biggest market by revenue at $660 million, while Europe contributed $420 million and the Asia Pacific region generated $120 million.