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.

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