By the end of the decade, the worldwide mobile health market is expected to grow to $49 billion, according to a new study by Grand View Research. The firm pegged the value of the global mHealth market at $1.95 billion in 2012, with projected growth from 2014 to 2020 at a staggering compound annual growth rate of 47.6 percent.
"Per capita health care expenditures have been increasing, which makes medical services unaffordable for a large percentage of the population. As a result, demand for mobile health is expected to increase considerably over the next six years," according to the report. "In addition to smartphone proliferation, uptake of 3G and 4G networks is expected to increase demand for telemedicine services. Aging population and growing incidences of diseases linked to changing lifestyles have intensified the need for affordable and accessible health care."
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