Wednesday, March 31, 2010

US mHealth market to reach $4.6 billion by 2014

The US mobile health (mHealth) market will reach some $4.6 billion by 2014, according to a report on the state of the U.S. mHealth published by CSMG, the strategy division of TMNG Global.

The report titled "mHealth: Taking the Pulse" claims that while the market is expected to grow it will be fragmented across many solutions and device types.

The mHealth market is currently estimated at some $1.5 billion and is expected to grow over the next five years at a 25 percent CAGR (compound annual growth rate). CSMG analysts noted that if several health care reforms will be instituted, such as pay-for-performance, adoption could accelerate even further.

"mHealth is well positioned to address the needs and evolution of the US health care delivery because it provides cost-efficient care delivery and increases access to quality health care," said Rich Nespola, Chairman and CEO of TMNG Global. "The proliferation of embedded wireless connected devices and Smartphone growth creates significant transformational opportunities to deliver cost-effective and viable mobile health care options."

CSMG outlined several leading mHealth technology opportunities including monitoring, personal emergency response services (PERS), telemedicine, mobile medical equipment, mobile health information, RFID tracking and health/fitness software.

The report outlined four key drivers that will influence the pace and direction of mHealth evolution:
  • Mobile/connected device technology innovation drives near-to-mid-term growth. 
  • The appeal of mHealth will overcome short-term barriers on consumer  concerns about the quality of mHealth solutions.
  • Health care-specific technology developments such as adoption of electronic medical record (EMR) will remove barriers to mHealth adoption.
  • Broader health care industry reform will be required to reach the full market potential.

No comments:

Post a Comment