Mobile health device market to grow 8X to $42B

Driven by adoption of vital-signs monitoring and in-vitro diagnostic (IVD) devices, the mobile health (mHealth) market will grow eight-fold from $5.1 billion in 2013 to $41.8 billion in 2023, according to a new report.

The report, from Lux Research, titled "mHealth Showdown: Consumer and Clinical Devices' Battle for Market Dominance," notes that after a slow start due to regulatory constraints and integration with physician workflows, clinical mHealth devices will overtake and far outpace their consumer counterparts, which include mHealth bracelets that measure physcial activity and some vital signs.

The report also notes that in-vitro diagnostic and vital signs devices will make up 75% of the mHealth device market by 2023. The smartphone boom has also spurred increased venture capital funding for mHeatlh device companies, the report stated.