The rapidly growing mHealth Market is currently exploding, from a mere $6.9 Billion last year to over $23 Billion in 2017. That’s over 200% growth in less than 3 years, and WHSI will capitalize through it’s brand new cutting edge WHAM technology suite.
GSMA estimates that in 2017 the countries with the largest mHealth markets will be the United States and China. They predict the market shared by these two counties will account for more than one-third of the worldwide market.
Remote monitoring devices represent a fast-growing part of the mHealth sector. According to a report jointly author by GSMA and PricewaterhouseCoopers (PwC), they predict that monitoring services will dominate the worldwide mHealth market. They predict that by 2017 monitoring services will reach about 15 billion (US dollars). The next two largest market subsectors are diagnosis and treatment.
The market for mobile health applications and associated devices will grow at a compound annual growth rate of 61% to reach $26 billion in revenue by 2017, according to a new report from Research and Markets. Most of that revenue will come not from software downloads, but from mobile health device sales and services, the report says.
The report divides the development of the mHealth market into three phases. Having gone through the initial trial phase, the market has now entered the commercialization stage. This is characterized by “a massive increase of offered solutions, the creation of new business models and the concentration on private, health-interested people, patients and corporations as major target groups,” said the report. WHSI has been designing, developing, and delivering it’s mobile health devices to consumers in the US Market since 2009.
The report hypothesizes that in the next phase of the market, “health insurers will become the main payer, especially for the more advanced mHealth solutions (2d generation mHealth applications).”John Moore, founder and CEO of Chilmark Research, which has also studied the mobile health market, told InformationWeek Healthcare that the transition to new reimbursement methods might reshape physicians’ attitudes about mobile health. “We’re moving to a capitated care model where providers are taking financial risk, and with that we’re seeing a number of provider organizations begin to monitor patients outside of the exam room.