Proving the Business Case for the Internet of Things

Global mhealth market set to top $33bn this year

Steve Rogerson
August 11, 2015
 
The global mobile health market will reach $33.7bn by the end of 2015, according to healthcare market researcher Kalorama Information with help from Apple and Google.
 
The MarketResearch subsidiary defines mhealth as the evaluation and delivery of healthcare using mobile and wireless devices. With the use of wireless telephones in healthcare, patients, nurses, physicians, emergency department and hospital administration all stand to benefit.
 
"The mhealth segment involves a complex and wide range of services, devices, software products, regulatory webs, market participants and end users," said Bruce Carlson, publisher of Kalorama Information. "This complex framework requires the coordination of several parties and compatibility of several systems to provide a seamless network of health delivery."
 
Mobile health systems are emerging in response to the increasing healthcare needs of an aging population, new wireless technologies, better video and monitoring technologies, decreasing healthcare resources, an emphasis on reducing hospital days, and growing confidence in cost-effectiveness.
 
Increases in spending have been seen in countries with growing economies such as Brazil and China. Some regional markets have experienced a slowing in the economic growth, but growth in healthcare spending is expected to continue due to increases in national coverage and health reform policies in countries such as China.
 
The report says that physicians, medical students, nurses and other healthcare workers often use a variety of information sources each day. The use of mobile devices and applications (mobile device software) has proven itself to be an efficient way for professionals to stay connected as the industry grows and changes. Smartphone apps can be developed for numerous processes including education, health management, data management, health information and other workflow processes.
 
Not only is the medical community using smartphones and their applications for basic work, but also reporting use of smartphones in place of some of the work that would have previously been done on a desktop or laptop computer. The growing use of mobile medical devices and applications for smartphones has prompted the Food & Drug Administration in the USA to provide more oversight in this segment.
 
Additionally, consumers are adopting mobile devices at an extraordinary pace and the use of medical apps in this market is growing due to an overall increase in medical device confidence and a growing base of patients battling chronic diseases.
 
The report evaluates the professional healthcare market for mobile devices. To evaluate the mobile software market, Kalorama gathered data from Apple and Google to determine the number of downloads, cost, drop-out rate and other factors to generate a market for mobile health software.
 
To assess the mobile service market, Kalorama evaluated health-related mobile tasks as an average for all users. Based on the number of users, the percentage estimates for health-related tasks, and the cost of annual services, a general estimate for market value was determined.
 
• A separate report by Mordor Intelligence estimates that the global telemedicine market will be worth $34.3bn by the end of 2020 with North America being the largest market globally accounting for more than 40 per cent. The global market for therapeutic vaccines is expected to grow at a CAGR of 18.6 per cent from 2015 to 2020.