Thursday, September 1, 2011

Report: global mHealth apps market to reach $4.1 billion by 2014

The global mobile health applications market is expected to reach $4.1 billion by 2014 compared to $1.7 billion in 2010, according to a report published by research company Technavio.

The company's analysts said they expect the market to grow by an impressive compound annual growth rate (CAGR) of 24% percent until 2014.

The report indicates that the key drivers for growth are the increase in general diseases and population of patients.  It adds that the main source of revenue in this field will comes from smartphones used by the healthcare professionals.

Technavio estimates that the United States has the largest market share and is expected to grow at a faster rate in the future. The authors said that in the coming years, due to increasing focus on patients in developing nations, mobile Health software providers and telecom companies may penetrate further in countries such as China and India.

The analysts noted that the U.S. Food and Drug Administration (FDA) intends to come up with proper rules for the approval of mobile health applications. This will, in turn, increase the productivity and the accuracy of these apps in the future.

At the same time, the analysts warned that there have not been proper or effective FDA rules and regulations yet. "FDA regulations seem to be more confusing than helpful to many vendors in the mHealth industry," Technavio wrote. "With the advent of numerous new Mobile Health applications being introduced in the market by various players, the FDA is finding it difficult to come up with any specific parameters for the Mobile Health applications".

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