The global market value for mHealth, the use of mobile software and devices for health care purposes, is set to explode over the next half-decade, according to data analytics and research firm Global Data, which serves multiple industries.

The firm estimates the global mHealth was worth $1.2 billion in 2011, and projects a compound annual growth rate of 39 percent will bring the market value to $11.8 billion by 2018. The compound annual growth rate is the year-over-year growth rate of an investment over a specified period of time, according to the Investopedia Web site.

Mobile health applications cover such services as patient consultations and monitoring, access to electronic health records and medical images, and patient education over smartphones, laptops, home-based kiosks and other mobile platforms. Eighty percent of the market covers software and services, with hardware accounting for 12 percent and connectivity for eight percent, according to GlobalData. Seventy percent of health care apps are for consumers with the other 30 percent targeting clinicians.

During 2011, the United States’ mHealth market was $660 million, with $420 million coming from Europe and $120 million from the Asia/Pacific region, according to the firm.

More information is available in a new report, “Telehealth and Telemedicine--Global Opportunity Assessment, Competitive Landscape and Market Forecasts to 2018.” The cost is $3,995 for a single user license, $7,990 for a site license and $11,985 for a global license.

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