Health app market could reach nearly $12 billion: report

The market for mobile health applications is continuing to grow and is expected to reach $11.8 billion by 2018, according to GlobalData, a market research firm.

The rapid adoption of smartphones and tablets has boosted the demand for healthcare-related mobile technology, and patients and physicians have adopted apps that cover everything from nutrition to diagnostic imaging. About 70% of available apps are consumer-focused while the rest are geared toward medical professionals, according to a GlobalData news release.

The business intelligence provider's report noted that the mobile health market—worth $1.2 billion in 2011—is projected to grow at a compound annual growth rate of 39%.

The U.S. is the largest market for mobile health technology at $660 million followed by Europe at $420 million and Asia at $120 million.

Software and services represent 80% of the global market with hardware comprising 12% and network and connectivity, 8%.