Mobile Health Market To Exceed $41 Billion By 2023

By Katie Wike, contributing writer

The mobile health device market is poised to reach $41.8 billion dollars by 2023, approximately eight times its current value.

A report from Lux Research finds the mobile health device market will reach $41.8 billion dollars by 2023; eight times what the market was worth just last year.

“Although the consumer side has dominated since 2010, particularly with apps and wearables that help users track their health and fitness, the clinical side is catching up,” reports MedCity News. “It’s not so surprising when you consider that clinical devices would be more expensive than consumer tools because they need to go through the rigors of testing and have higher operational costs. They’ll also have higher profit margins.”

According to iHealth Beat, other key findings of the research include:

• acquisitions among large companies in the electronics and medical devices industries are expected to increase
• the vital signs and in vitro diagnostic device mobile health sectors will make up 75 percent of the mobile health market and are projected to reach $32.9 billion by 2023
• venture funding for mobile health devices reached $480 million in 2013, driven largely by the popularity of smartphones

A similar report from Grand View Research said earlier this year that the market could reach $49 billion by the year 2020. Health IT Outcomes reported at the time that the results of the Grand View report showed a growth rate of 49.7 percent between 2014 and 2020.