Expect rapid growth for telehealth, mHealth markets
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Growing applications and availability led the firm to predict that the industry will grow from a 2011 valuation of $13.2 billion to $32.5 billion by 2018.
According to GlobalData, the key factors driving the industry include the need to increase the reach of quality medical care to remote locations, reduce healthcare expenditure and enable the optimal usage of limited provider resources. The accelerated growth of robust telecommunication technologies, the increased adoption of related healthcare IT solutions and the readiness of companies and governments to invest also are contributing to the market’s double-digit growth.
Currently, the U.S. dominates the industry, holding a 51 percent share in 2011, but the Asia-Pacific region is estimated to exhibit the most impressive growth. In 2011, Asia-Pacific contributed $2 billion to the global telehealth and telemedicine market and this is expected to almost quadruple by the end of 2018, to just under $8 billion.
mHealth solutions are experiencing a surge in popularity along with mobile devices, according to GlobalData. The firm's report states that the global mHealth market was worth $1.2 billion in 2011, but will jump in value to reach $11.8 billion by 2018, representing a compound annual growth rate of 39 percent.
mHealth, the use of mobile applications and devices to monitor a patient’s health remotely, is the fastest growing segment within the telehealth and telemedicine market. GlobalData attributes the substantial predicted growth to the widespread use of mobile phones that allow faster, easier and broader access to healthcare services. Smartphone apps that cover the whole spectrum of healthcare from fitness and nutrition to diagnostic imaging are key to this segment. The majority (70 percent) of available healthcare apps are consumer-focused, with the other 30 percent designed for medical professionals.
The large majority of the mHealth market is taken up by software and services, accounting for 80 percent of the total. The two other sections of the industry are hardware (12 percent) and network and connectivity (8 percent).
The U.S. is the main market for mHealth solutions and made a contribution of $660 million to the global market in 2011. Europe and the Asia-Pacific region contributed $420 million and $120 million, respectively.
Beth Walsh,
Editor
Editor Beth earned a bachelor’s degree in journalism and master’s in health communication. She has worked in hospital, academic and publishing settings over the past 20 years. Beth joined TriMed in 2005, as editor of CMIO and Clinical Innovation + Technology. When not covering all things related to health IT, she spends time with her husband and three children.