The market for mHealth services will reach $26 billion globally by 2017, according to a report from industry analyst firm Research2Guidance.
According to the report, the market for mobile health tools is growing in three phases: an initial trial phase; a commercialization phase; and an integration phase. Currently, the industry is in the commercialization phase, and the integration phase could begin as soon as 2015, when mHealth apps will be integrated into the daily routines of healthcare provider’s the report said.
Research2Guidance said there are 97,000 mHealth applications in major app stores, with 42 percent of them adhering to the paid business model. Five years from now, the mHealth market will be a mass market with a reach of more than 3.4 billion smartphones and tablets with access to mobile applications. By that time, 50 percent of these users will have downloaded mHealth applications, the report predicted.
This growth projection is based on the assumption that private buyers will continue to be the primary spenders in the next five years, the report said, adding that the integration of mHealth applications into traditional healthcare systems will become more and more common (integrated phase) during that time.