The global mobile health (mHealth) market is expected to grow at a CAGR of more than 28.7% during the forecast period of 2018-23, according to the Orbis Research report, Global Mobile Health.
"The mHealth market is in the development stage" the report noted. It "is projected to provide significant revenues in the future, with increasing awareness among people and favorable regulatory regulations specific to the quality and feasibility of the mobile-based medical devices," Orbis Research added.
The use of mobile devices has been growing rapidly across all industries over the last decade, driven by the development of devices such as tablets, smartphones and wearables.
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As such, mobile devices have been utilized by healthcare providers increasingly. As Orbis Research noted, around 80% of physicians use smartphones, a trend which has transformed clinical practices and led to the rapid growth of medical apps. The report additionally found that there are around 40,000 mHealth apps currently in use around the world and this number is expected to grow over the coming years.
The popularity of mHealth apps was recently demonstrated with the launch of the Apple Watch Series 4 which features several health-tracking features, including an inbuilt ECG sensor for monitoring heart rate. The first weekend demand for the new upgraded watch was higher than expected, causing Apple analyst Ming-Chi Kuo to up his 2018 shipment forecast from 18 million to 19.5 million units.