New Report Discounts Previous mHealth Projections: Now Projected Even Higher
March 10, 2014
Previous reports calling for mHealth’s market growth in the coming years to be steady and strong are being called into question today on the heels of a new report which says growth won’t be nearly that modest.
Instead of steady and strong, we’re looking at fast and furious.
As healthcare providers seek to maximize their patient outreach while minimizing costs, many view mobile healthcare as the solution to improve healthcare cost-efficiency.
Mobile network operators also view mHealth as a lucrative opportunity for the monetization of their mobile connectivity services. Given that most operators have established themselves as reputable consumer brands, they are also eying on opportunities to offer services beyond simple connectivity. Many operators already offer branded or co-branded end-to-end mHealth solutions to their customer bases.
Driven by the thriving ecosystem, the latest research estimates that the mHealth market will account for nearly $9 Billion in 2014 alone.
Despite barriers relating to regulation, patient acceptance and privacy concerns, the researchers estimate further growth at a CAGR of nearly 40% over the next 6 years.
Other key findings cited in the report summary include:
- The widespread availability of high speed connectivity has opened up considerable opportunities for advanced mHealth applications such as remote video consultation
- Besides video applications, mobile network operators are also eyeing on other latency & bandwidth sensitive mHealth applications to capitalize on their recent LTE infrastructure upgrades. For example London’s Air Ambulance uses EE’s LTE network for navigational support
- mHealth offers a multitude to opportunities to the pharmaceutical industry ranging from R&D activities to securing the supply chain and, in the battle against counterfeit drugs
- mHealth has the potential to dramatically reduce the costs of healthcare operations, while improving the quality of healthcare. The research estimates that by the end of 2014, mHealth could represent up to $250 Billion in annual healthcare cost savings worldwide