mHealth device market will skyrocket by 2023
by Lauren Dubinsky, Senior Reporter | July 02, 2014
The mobile health (mHealth) market will grow from $5.1 billion in 2013 to $41.8 billion in 2023 due to the adoption of vital signs monitoring and in vitro diagnostic (IVD) devices, according to a recent Lux Research report.
"A lot of the general mHealth space has kind of spun out of the idea that there needs to be decentralization of health care where we need to get away from installed equipment in centralized hospitals," Nick Kurkjy, lead author of the report, told DOTmed News.
The focus now is more on preventive medicine rather than reactive or treating patients after they already have a condition. The mHealth devices can monitor a patient at home, which enables the clinician to intervene if needed.
The devices also lead to lower costs. "If you're able to do an IVD test in the field or at your house rather than having to go to your doctor or the hospital, that reduces the cost to the overall health care system," said Kurkjy.
Right now, the consumer-focused mHealth devices are leading the market because the clinical devices have more regulatory hurdles and challenges with integrating into physicians' workflows. However, the clinical devices will soon be the leader in the market, according to the report.
The clinical vital signs monitoring mHealth device market was valued at $372 million in 2013 and will hit $16 billion in 2023. Meanwhile, the consumer mHealth applications will only grow from $2.5 billion to $7 billion.
Kurkjy said the reason is because there is more value in the clinical mHealth device market. He added that the consumer mHealth devices such as activity and fitness trackers are hyped-up right now, but that they don't really provide any significant value at the moment.
"For the clinical space the value is obvious because these are technologies that are already in the clinical environment and are already providing a lot of value," he said. "Making something mobile and wearable for vital signs devices and even more mobile for the IVD space so you can take it to a patient – that just provides that extra bit of value."
The vital signs monitoring and IVD devices will make up 75 percent of the mHealth device market by 2023 – they estimate that those two markets combined will be worth $32.9 billion. "Those two areas are where there is the most need for mobility where these isn't some already," said Kurkjy.
For vital signs monitoring, it's all about patient satisfaction and capturing data. If a patient has a wireless patient monitor attached to their wrist instead of wires attaching them to the cart, then they'll be more comfortable.
Kurkjy said that for the IVD devices, there has been a big push recently to move away from centralized laboratories towards doctor offices and CVS minute clinics to get diagnostic tests. Furthermore, the tests will even be done in the patients' homes.
Large players in the electronics and medical device industries are starting to acquire mHealth companies. Covidien recently purchased Zephyr Technology Corporation and Intel Corporation acquired Basis Science.
The big players are starting take notice of the market's potential, said Kurkjy.
"You're seeing larger players from multiple related markets realizing that mHealth is really starting to become a real opportunity," he added. "It's just starting and it's going to be an exciting time."
"A lot of the general mHealth space has kind of spun out of the idea that there needs to be decentralization of health care where we need to get away from installed equipment in centralized hospitals," Nick Kurkjy, lead author of the report, told DOTmed News.
The focus now is more on preventive medicine rather than reactive or treating patients after they already have a condition. The mHealth devices can monitor a patient at home, which enables the clinician to intervene if needed.
The devices also lead to lower costs. "If you're able to do an IVD test in the field or at your house rather than having to go to your doctor or the hospital, that reduces the cost to the overall health care system," said Kurkjy.
Right now, the consumer-focused mHealth devices are leading the market because the clinical devices have more regulatory hurdles and challenges with integrating into physicians' workflows. However, the clinical devices will soon be the leader in the market, according to the report.
The clinical vital signs monitoring mHealth device market was valued at $372 million in 2013 and will hit $16 billion in 2023. Meanwhile, the consumer mHealth applications will only grow from $2.5 billion to $7 billion.
Kurkjy said the reason is because there is more value in the clinical mHealth device market. He added that the consumer mHealth devices such as activity and fitness trackers are hyped-up right now, but that they don't really provide any significant value at the moment.
"For the clinical space the value is obvious because these are technologies that are already in the clinical environment and are already providing a lot of value," he said. "Making something mobile and wearable for vital signs devices and even more mobile for the IVD space so you can take it to a patient – that just provides that extra bit of value."
The vital signs monitoring and IVD devices will make up 75 percent of the mHealth device market by 2023 – they estimate that those two markets combined will be worth $32.9 billion. "Those two areas are where there is the most need for mobility where these isn't some already," said Kurkjy.
For vital signs monitoring, it's all about patient satisfaction and capturing data. If a patient has a wireless patient monitor attached to their wrist instead of wires attaching them to the cart, then they'll be more comfortable.
Kurkjy said that for the IVD devices, there has been a big push recently to move away from centralized laboratories towards doctor offices and CVS minute clinics to get diagnostic tests. Furthermore, the tests will even be done in the patients' homes.
Large players in the electronics and medical device industries are starting to acquire mHealth companies. Covidien recently purchased Zephyr Technology Corporation and Intel Corporation acquired Basis Science.
The big players are starting take notice of the market's potential, said Kurkjy.
"You're seeing larger players from multiple related markets realizing that mHealth is really starting to become a real opportunity," he added. "It's just starting and it's going to be an exciting time."
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