Revenues from the digital health market in the US topped $1.7 billion last year, according to a new report from Parks Associates. The research firm believes that the market will generate revenues of more than $5.7 billion in 2015. The growth will be fueled by chronic care management services, aging in place applications and wellness and fitness apps, Parks believes.
“The digital health industry has many subsectors, and near-term growth will be uneven across these segments,” Harry Wang, director of Parks Associates’ health research team stated in a company release. “Adoption of chronic-care monitoring will grow slowly, and medication management and senior fall-detection programs will expand at above-average rates. The real engines of growth will be mobile care solutions and tracking applications.”
Last April Parks Associates released a report that found the wireless home health market was about $304 million in 2009. The report predicted that the market would top $4.4 billion by 2013.
There are a number of different ways to slice the market — remote monitoring, consumer health, digital health — or by technology, specifically WiFi vs. cellular. Last year we noted that various estimates for mobile health related revenues could top anywhere from $1.9 billion to $6 billion depending on how the market was defined.