The mHealth solutions industry is on the cusp of huge growth in the next few years, with a predicted 33.4 percent growth rate through 2020, which would put the market's value at $59.15 billion, according to a new MarketsandMarkets report.
Primary growth drivers will include an increase in the adoption of mobile devices, use of such tools for chronic disease management to stem healthcare costs, advanced deployments of 3G and 4G networks and an emphasis on patient-focused care.
The report focused on upcoming adoption of both mHealth apps, connected devices and services. Currently, healthcare and fitness apps dominate the software market, claiming 33.7 percent market share as of 2014, according to the report.
Remote patient monitoring (RPM) is leading the services segment with 63.7 percent market share, but fitness and wellness is catching up with a growth rate of 48.1 percent, primarily due to consumer awareness of maintaining a healthy lifestyle.
More than half of hospitals and health systems responding to a recently published Spyglass Consulting Group survey are deploying RPM to achieve operational efficiencies, improve risk management and boost care quality and control costs. The technology has been advocated as a method for improving efficiency and outcomes while lowering costs, specifically in regards to reducing hospital readmissions.
Yet RPM obstacles exist as providers are struggling to define healthcare strategies across the continuum of care. Market challenges, according to an announcement on the report, include data insecurity and potential theft, as well as increasing regulations.