Dive Brief:
- Grand View Research estimates the worldwide mobile health market will reach $49B in 2020, with a compound annual growth rate of 48% from 2013 to 2020.
- The aging population, along with rising chronic diseases like cancer, heart disease and diabetes are driving the market as well as new connected medical devices.
- Despite the estimated predicted growth, data security along with affordability and availability may curb it.
Dive Insight:
The research group also predicted that the Asia Pacific market will lead the charge in growth due to its lack of healthcare providers with a burgeoning rural population. However, North America will still hold a significant market share due to an increase in smartphone adoption, according to the report. Mobile operators made up 49% of the overall mobile health market in 2012, thanks to revenue from monitoring services for independent aging (mPERS).