The mobile health market is set to generate revenues of nearly $21.5 billion in 2018, according to new data from BCC Research.
The projection implies revenues will grow at a compound annual rate of 54.9% between now and the end of the forecast period.
The market-research company says Europe will be the fastest-growing market, with revenues increasing at a compound annual rate of 61.6% between now and 2018.
Various innovations in the mobile health area will drive market growth, says BCC Research, including the evolution of smartphone technologies, improvements in wireless coverage and remote treatment and monitoring of prevalent chronic diseases.
Although North America is currently the biggest global market, Europe is expected to have overtaken it by 2018.
“Mobile health solutions can help to rapidly improve healthcare access in developing countries and maintain quality healthcare services in the face of increased patient burden in the developed countries,” CL Barton, a healthcare analyst with BCC Research.
“In addition, mobile health technologies can provide companies with a competitive advantage in the increasingly competitive pharmaceutical environment,” added Barton.