There will be an eight-fold growth in the mobile healthcare market between now and 2023, thanks to the adoption of vital signs monitoring and in-vitro diagnostic devices, according to a new Lux Research report.
The mHealth market will spike from a $4.1 billion valuation last year to $41.8 billion within nine years, with clinical vital sign monitoring tools driving most of that growth. The device market, which was $372 million in 2013, will hit $16 billion by 2023, representing a 46 percent annual growth rate.
"Consumer devices have seen a lot of hype, but clinical devices will surpass their consumer counterparts in revenues by 2020, helped by value-added software services and generally larger revenue streams," Nick Kurkjy, Lux Research associate and lead author of the report, said in an announcement.
Consumer applications, while on a steady growth path as well, won't be as robust, according to the report. The app market, which was $2.5 billion in 2013, will enjoy an 11 percent growth rate and hit $7 billion in the same timeframe.
"Clinical markets will be able to pay much more for comparable services, especially if a device is able to reduce patient recovery times or readmission rates, which can lead to outsized cost savings for the healthcare provider," Kurkjy said.
The tremendous market growth expectations are on par with an earlier industry report. In May, FierceMobileHealthcare reported that Transparency Market Research expected the mHealth monitoring and diagnostic device segment to be a $8.03 billion market, representing an annual growth rate of 43.3 percent from 2014 through 2019. The market was valued at just $650 million in 2012, according to TMR, which also noted that "increasing penetration of smartphones" is spurring growth.
And as of the end of 2013, there were 3 million patients using connected home medical monitoring devices, according to a Berg Insight report. According to the report, 19 million patients worldwide will use connected home medical monitoring devices by 2018.
Meanwhile, a BCC Research report predicts that the global mHealth market, overall, is expected to hit $21.5 billion in four years, with an annual growth rate of 54.9 percent.
For more information:
- read the announcement