Mobile, Wireless Health Markets on the Rise
Dallas-based research firm RnR Market Research has released two new reports that project continued growth for the mHealth and wireless healthcare markets.
The firm’s report, “mHealth Apps & Solutions Market By Connected Devices, Health Apps, Medical Apps – Global Trends and Forecast to 2018,” projects that the global mHealth market is currently valued at $6.5 billion and will have a compounded annual growth rate of 25.5% over the next five years.
The report breaks down the market into two categories: connected medical device and healthcare applications. Connected medical device applications, which include those for cardiac monitoring, diabetes management, respiratory and other monitors, make up 80% of the mHealth market. The report categorizes the healthcare applications into health apps, such as those for exercise or weight loss, and medical apps, such as those for medical reference, dermatological treatment or emergency response.
The firm projects sizable growth for the entire mHealth market because of increasing awareness of chronic diseases, growing adoption of smartphones, high penetration of 3G and 4G network technologies, advanced mobile connectivity and a promise of better healthcare cost-efficiency as a result of the use of such technologies. Stringent FDA regulations and data insecurities for mHealth technologies, however, could hinder such market growth.
RnR Market Research’s other new report, “Wireless Health Market – Global Trends, Opportunities, Competitive Landscape Forecasts (2013-2018),” projects that the wireless healthcare market will have a compounded annual growth of 20.2% over the next five years. Such wireless technologies include Wi-Fi, WiMAX, Bluetooth, RFID, ZigBee, wearable, handheld, smart phones, Tablet PCs, implantable, and other technologies. Wireless network technologies represent the largest segment of this market and are projected to be the largest contributor of the forecasted growth.
The report also attributed the increasing applications for patient monitoring and diagnostics that are designed to reduce the costs of healthcare, and government funding to the expected market growth.
“Wireless health has the potential to take healthcare delivery to the next level by eliminating the need for physical interaction between doctors and patients,” according to the research. “The increasing willingness of medical communities and patients to connect to real-time network communication systems owing to an immense demand for optimized care is expected to be a major growth factor.”
Unresolved issues related to data security, privacy, standards, reimbursement and unproven clinical benefits however, could hinder such growth.