Clinical mHealth Devices to Surpass Consumer-Facing Devices by 2023

Currently valued at $5.1 billion, the mHealth device market is projected to reach $41.8 billion by 2023, according to a Lux Research news release.

Researchers project clinical mHealth devices, such as clinical vital signs monitoring devices and in vitro diagnostic devices, will grow at a compound annual growth rate of 46 percent and reach $16 billion by 2023, growing more quickly than consumer-facing devices, which will grow at an 11 percent CAGR and reach $7 billion by 2023.

Clinical devices are starting to move past regulatory approval blocks, and physicians are integrating them into their workflow, aiding the market growth, according to the report.

"Consumer devices have seen a lot of hype, but clinical devices will surpass their consumer counterparts in revenues by 2020, helped by value-added software services and generally larger revenue streams," said Nick Kurkjy, Lux Research Associate and lead author of the report, in the news release.

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