In its latest mHealth report, BCC Research reveals that the global mHealth market is projected to grow to nearly $21.5 billion by 2018, with a five-year compound annual growth rate (CAGR) of 54.9%. Europe is the fastest moving segment in this market with a tremendous CAGR of 61.6%.
Over the next decade innovations within the mHealth market will be driven by evolution of smartphone technologies, improvements in wireless coverage, and remote treatment and monitoring of prevalent chronic diseases. While North America is currently the largest global market, by 2018 Europe is expected to grow to be the largest market.
“MHealth 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,” said BCC healthcare analyst Dr. C. L. Barton. “In addition, mHealth technologies can provide companies with a competitive advantage in the increasingly competitive pharmaceutical environment.”