The accelerating adoption of vital-signs monitoring and in vitro diagnostic devices will cause the mHealth market to grow eight-fold from 2013 to 2023, according to a new report from Lux Research
The accelerating adoption of vital-signs monitoring and in vitro diagnostic (IVD) devices will help to expand the mobile health (mHealth) market, causing it to grow eight-fold from $5.1 billion in 2013 to $41.8 billion in 2023, according to a new report from the Boston-based Lux Research Inc.
According to the report, “Clinical mHealth devices will soar past consumer-focused counter-focused counterparts after a slow start due to regulatory approval barriers and slower integration into physicians’ workflows. For instance,” the July 1 press release on the report notes, “clinical vital signs monitoring devices will grow from $372 million in 2013 to $16 billion in 2023, a compound annual growth rate of 46 percent, while consumer applications will grow from $2.5 billion to $7 billion an 11 percent CAGR.”
The release quotes Nick Kurkjy, a Lux Research associate and lead author of the report, as saying, “Consumer devices have seen a lot of hype but clinical devices will surpass their consumer counterparts in revenues by 2020, helped by value-added software services and generally larger revenue streams.”
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