The smartphone boom has spurred VC funding for mHealth devices that use mobile apps 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, 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. For example, last year, sales of clinical vital signs monitoring devices generated $372 million in revenue. By 2023, they’ll generate $16 billion — a compound annual growth rate (CAGR) of 46%. By comparison, consumer mHealth devices will grow from $2.5 billion to $7 billion, an 11% CAGR, Lux said. “Clinical markets will be able to pay much more for comparable services, especially if a device is able to reduce patient recovery times or readmission rates, which can lead to outsized cost savings for the health care provider,” Nick Kurkjy, Lux Research associate and the report’s lead author, stated in a news release. The report, titled “mHealth Showdown: Consumer and Clinical Devices’ Battle for Market Dominance,” notes that in-vitro diagnostic and vital signs devices will make up 75% of the mHealth device market by 2023. “We project that these two will combine to make a $32.9 billion market by 2023,” the report stated. The smartphone boom has also spurred increased venture capital funding for mHeatlh device companies, the report stated. Venture capital funding for mHealth devices has risen sharply since 2007, reaching $480 million in 2013, driven by the launch of the iPhone and the growing popularity of smartphones.This article, Mobile health device market to grow 8X to $42B, was originally published at Computerworld.com. Lucas Mearian covers consumer data storage, consumerization of IT, mobile device management, renewable energy, telematics/car tech and entertainment tech for Computerworld. Follow Lucas on Twitter at @lucasmearian or subscribe to Lucas’s RSS feed . His e-mail address is lmearian@computerworld.com.See more by Lucas Mearian on Computerworld.com. Related content news analysis Apple earnings: About that iPhone 'slump' in China Based on information from Thursday's earnings report, it seems that data pointing to an iPhone slump in China were over-baked. By Jonny Evans May 03, 2024 9 mins iMac iPhone Apple news Microsoft begins to phase out ‘classic’ Teams Microsoft is encouraging Teams customers to move to the new, faster version of the collaboration app; the older version will be switched off next year. By Matthew Finnegan May 03, 2024 3 mins Microsoft Teams Collaboration Software Productivity Software news analysis Apple confirms it will open up the iPad in Europe this fall The latest efforts to comply with Europe’s Digital Markets Act mean developers can offer to side load apps to both iPhones and iPads in the EU. Apple has also taken steps to improve what it offers to smaller and non-commercial developers in the By Jonny Evans May 02, 2024 6 mins iPad Apple Mobile Apps news Udacity offers laid-off US workers free access to its courses for 30 days Sign-ups will be available over the next 30 days By Lucas Mearian May 02, 2024 4 mins Technology Industry IT Jobs IT Skills Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe