A recent report from Global Data pegged the global mHealth market as having a $500 million value in 2010 that will top $8 billion by 2018. The research firm argues that the rise of mobile health has been partially encouraged by the global financial crisis, which led to a focus on finding cost efficiencies in the system in addition to improved outcomes and quality of care.
Global Data also writes that mobile health offerings “have been shown to improve patient and physician convenience, enable remote monitoring, and improve care-coordination among medical professionals, patients and public health systems.” The firm also points to a notable increase in mHealth related product development and market consolidation.
Global Data’s $8 billion figure falls short when compared to other recently published mHealth market opportunity estimates: According to PricewaterhouseCoopers, the worldwide mHealth market will grow to a revenue opportunity worth $23 billion by 2017. PwC’s report was funded by the GSM Association and published during the first quarter of this year. According to the PwC report, the European market alone will have an almost $7 billion market opportunity by 2017 — a full year before Global Data’s $8 billion worldwide prediction.
More details in Global Data’s full press release below:
PRESS RELEASE: LONDON, UK (GlobalData), 16 April 2012 – The mobile health (mHealth) market is set to take off due to the impetus provided by public and private stakeholders across the healthcare spectrum to modernize and streamline this overburdened sector, according to a new report by business intelligence expert GlobalData.
The new report* shows that the rapid emergence of mHealth technology will revolutionize future healthcare delivery and management by saving lives and reducing the economic burden imposed by growing chronic conditions such as diabetes, obesity and hypertension.
Governments across the world are now implementing public health pilots that use mHealth to promote connected care delivery and management across their network of healthcare sites. Providers see mHealth as a means of improving their productivity, while consumers are keen to adopt these technologies in order to integrate medical treatments with their lifestyle unobtrusively.
Mobile technology has been adapted to enhance healthcare delivery and management throughout the last decade, during which period mobile technology has become essential in all aspects of day-to-day life. The digitalization of medical information for exchange through a connected healthcare infrastructure demonstrates the key changes taking place to attempt to modernize the medical market space.
The emergence of mobile technology in the healthcare arena has also been propelled by the global financial crisis, which resulted in a renewed focus on improving cost efficiency, the improvement of clinical outcomes, and the quality of care provided to patients at home.
mHealth technologies have the potential to address these key shortcomings in healthcare delivery, while imposing a lower economic burden. They have been shown to improve patient and physician convenience, enable remote monitoring, and improve care-coordination among medical professionals, patients and public health systems. This has proven to be particularly effective in the remote monitoring and management of chronic illnesses, reducing health expenditure while encouraging consumer-centric medical care.
A notable increase in mHealth related product development, market consolidation and the emergence of health-related businesses demonstrates the impact mHealth is having on vendors in the healthcare spectrum. In particular, companies from the telecom and Information Technology (IT) sectors are expected to benefit.
Given these trends, the mHealth market is expected to significantly revolutionize healthcare delivery and management in the future, growing in value from an estimated $0.5 billion in 2010 to over $8 billion by 2018.
-NOTES TO EDITORS-
*Mobile Health Devices and Applications – Global Market Briefing to 2018
GlobalData’s new report, “Mobile Health Devices and Applications – Global Market Briefing to 2018” provides key data, information and analysis on the global mobile health devices and applications market. It gives the market landscape, competitive landscape and market trends information for the mobile health devices and applications market, and provides comprehensive information on the key trends affecting the market, as well as key analytical content. The report also reviews the competitive landscape and technology offerings.
This report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GlobalData’s team of industry experts.
GlobalData is a leading global business intelligence provider offering advanced analytics to help clients make better, more informed decisions every day. Our research and analysis is based on the expert knowledge of over 700 qualified business analysts and 25,000 interviews conducted with industry insiders every year, enabling us to offer the most relevant, reliable and actionable strategic business intelligence available for a wide range of industries.