KEY TAKEAWAY: For 2017 the mHealth market is forecast to be valued at around 25.39 billion U.S. dollars. The number ofmHealth apps downloaded worldwide was expected to reach a high in 2016, with an estimated 3.2 billion downloads, almost double the number of downloads in 2013.
I have to admit, I was skeptical of mHealth, but I believe it’s set to explode in the coming years because:
1ne: mHealth has the potential to dramatically reduce the costs of healthcare operations , while improving the quality of healthcare. SNS Research estimates that by the end of 2017, mHealth could represent up to $370 Billion in annual health care cost savings worldwide.
2wo: While the use of mHealth devices and apps is already widespread in clinical trials, pharma companies are now setting their sights on connected drug delivery platforms that will automatically detect and log patients’ medication use to improve adherence.
3hree: The global mHealth market is expected to reach USD 111.8 billion by 2025 , growing at a CAGR of 44.2%, according to a new report by Grand View Research, Inc.
4our: An Apple research team developed a noninvasive glucose reader with technology that could potentially be incorporated into a wristwatch. In addition, they are working on a watch feature that could record EKG’s.
5ive: mHealth manufacturers are finally realizing that consumers don’t want too many features on their mHealth devices and are focused on customer needs.
6ix: Our health care system is shifting more responsibility to patients because of higher costs. mHealth devices can greatly help in this area.
While the market is set to explode there is still some work that has to be done. First, mHealth vendors have to convince HCP’s that the data they collect is accurate and helps with patient outcomes. Second, the market has to “shake out” poor mHealth vendors that develop poor apps and devices.
To ignore the mHealth market would be stupidity. Now is the time to both experiment with mHealth and present findings at various medical and pharma conferences. mHealth is a train that can’t be stopped.