Over the next five years, remote patient monitoring will result in cost savings of up to $36 billion worldwide, according to an announcement on the mHealth market from Juniper Research.
The report paints an "optimistic forecast scenario" of cumulative cost savings that the research firm believes will be achieved through cardiac and chronic disease remote patient monitoring, resulting in less time in hospital and fewer outpatient visits.
"This is a significant opportunity, as healthcare in the developed world moves towards the concept of 'accountable care', where funding is linked directly to the health of the patient or individual rather than being based upon the cost of treatment," the announcement reads. "Even though remote patient monitoring, particularly for chronic diseases, is still at a very early stage in the development cycle, it fits well with new healthcare practices and the goal of keeping patients out of hospital."
Among the other findings of the report:
- Western Europe will be the most promising new market for cardiac outpatient monitoring after the U.S. as partnerships emerge for its provision in the region
- Demonstrating cost-savings to those funding the healthcare sector is likely to be the most effective way of advancing mHealth
- Robust growth in the adjacent mobile-fitness industry, driven by a motivated user-base and coherent product offering from several players, is forecast
In addition, the report finds that the combination of the smartphone, mHealth attachments and companion apps is creating an entirely new route for providing mHealth services. Smartphone-based mHealth is expected to grow more rapidly than mHealth services delivered through bespoke devices.
"mHealth hardware linking directly to a companion app on the smartphone has become an exciting new area of mHealth," report author Anthony Cox says in a written statement, noting that it is also drawing attention to what mHealth can bring to the table.
Despite a positive forecast for the mHealth industry, the report argues that mHealth players' business models are "hampered by a lack of clarity on how they will be reimbursed for the services they provide."
Last month, a report from GSMA predicted that over the next four years the European Union could realize cost savings of almost 100 billion euros and add 93 billion euros in gross domestic product by embracing mobile health solutions. The report found that mHealth can limit the healthcare and economic burden by making chronic care more effective and healthcare resources more efficient. According to the report, mHealth in Europe could reduce care costs for chronic conditions by 30 to 35 percent through improved treatment compliance and remote patient monitoring