Mobile Health Market Driven by Smartphone, Tablet Adoption
By the end of 2017, the total mHealth market revenue will have grown by 61 percent compound annual growth rate to reach a multi-billion dollar level.Smartphone user penetration will be the main driver for the mobile health (mHealth) uptake, with mHealth applications tailored specifically for smartphones or tablets and will be native rather than Web-based applications, according a report from Research2guidance. The report projects that five years from now, the mHealth market will be a mass market with a reach of billions of smartphone and tablet users. By that time, 50 percent of these users will have downloaded mHealth applications. By the end of 2017, the total mHealth market revenue will have grown by 61 percent compound annual growth rate (CAGR) to reach a multi-billion dollar level. The main sources of revenue will not come from application download revenue itself, but from mHealth services and hardware sales, as applications will serve as platforms to sell other health services and hardware. "This growth projection is based on the assumption that private buyers will continue to be the primary spenders in the next five years, but that the integration of mHealth applications into traditional health care systems will become more and more common during that time," the report noted.
The market for mHealth applications is developing along three different phases. Currently mHealth players have managed to exit the initial trial phase and have entered the commercialization phase of the market.