Reports: Mobile health market to surpass $28B in 2018; teleradiology gaining steam

By Dave Muoio
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A pair of recently published market research reports have outlined upward trends among mobile health technologies.

“Driven by the thriving ecosystem, SNS Telecom & IT estimates that the mHealth market will account for more than $28 billion in 2018 alone,” the market research service wrote in its latest report. “Despite barriers relating to regulation, patient acceptance and privacy concerns, SNS Telecom & IT estimates further growth at a [compound annual growth rate (CAGR)] of approximately 30 percent over the next three years.”

This growth is largely due to advances in key technologies, which include the miniaturization of sensors and the development of 5G platforms, according to the report. These advancements alongside the increasing number of health and fitness wearables being shipped — the report anticipates more than 105 million in 2018 — have led more providers, pharmaceuticals, and other stakeholders to invest in analytics technology or digital health companies.

Outside of these players, beneficiaries of the growth highlighted by the report include, but aren’t limited to, connected medical and wearable device original equipment manufacturers, app developers, and analytics specialists, as well as some more unexpected entities such as ride-hailing providers.

Another recent report, from Transparency Market Research, anticipates that the teleradiology services market will enjoy a 19 percent compound annual growth rate from this year until 2026, with the boost coming from an increase in adoption and demand for the services. This industry was valued at approximately $4.6 billion in 2017, according to the firm.

This market will be led by the US and North America, although high annual growth is also expected in markets like China and India where US physicians are in high demand. Radiology services delivered after hours also comprise a substantial share of the market.

The report predicted that neurology would lead the other radiology specialties in terms of teleradiology services. Meanwhile, computed tomography is set to be the dominant modality for teleradiology worldwide.

“In terms of end-user, the global teleradiology services market has been segmented into hospitals, diagnostic imaging centers, ambulatory surgical centers, clinics, and others,” the firm wrote in a release. “The diagnostic imaging centers segment accounted for the major share in 2017, accounting for 30 percent in terms of revenue. This is because diagnostic imaging centers offer a one stop shop for all imaging requirements, making it a preferred choice for patients. This is expected to boost the segment from 2018 to 2026.”