Medical
Mobile healthcare, an industry game changer Merging technology advances with low price is no longer farfetched with mobile and wireless gadgets. Such solutions are a welcome respite for patients and users worldwide amidst the rising costs of healthcare, says Angelica Buan in this article on mobile healthcare or mHealth.
American firm Mobisante’s MobiUS SP1 is the world's first smartphone ultrasound device
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SEPTEMBER 2014
Healing the high costs Driven by adoption of vital signs monitoring and in vitro diagnostic (IVD) devices, the mobile healthcare (mHealth) market will grow eight-fold from US$5.1 billion in 2013 to US$41.8 billion in 2023, according to Lux Research. This is backed by UK-based information provider Visiongain’s research on mHealth and it says it will be valued at US$6.7 billion before the onset of 2015. Furthermore, Lux also says venture funding for mHealth devices has risen sharply since 2007, reaching US$480 million in 2013, driven by the launch of the iPhone and growing popularity of the smartphone. The above is music to patients’ ears, since healthcare costs are increasing each year. In a new study by PricewaterhouseCoopers (PwC)’s Health Research Institute (HRI), medical and healthcare-related spending will climb 6.8% in 2015. Apart from adjustments in professional rates, disease management, and drug prescriptions, integration of technology to meet government regulations on diagnosis accuracy and efficient delivery will raise overall costs of healthcare. Influx of gadgets The influx of mobile and wireless gadget-enabled healthcare devices, thus, favours end-users who seek affordability, ease of use, yet quality healthcare. The mHealth tools also include wearables such as smartwatches, smartphones, and tablets. Visiongain says that connected devices and machine-to-machine technology, as well as mobile network advancements and emergence of low-cost smartphones will accelerate mHealth market growth. This projection is already encouraging mobile operators, software developers, data management providers and healthcare practitioners worldwide to anticipate the increased demand for remote monitoring and diagnosis of, and communication with patients. Growth of clinical devices Clinical mHealth devices will soar past consumer-focused counterparts after a slow start due to regulatory approval barriers and slower integration into physicians’ workflows, says Lux. For instance, clinical vital signs monitoring devices will grow from US$372 million in 2013 to US$16 billion in 2023, a CAGR of 46%, while consumer applications will grow from US$2.5 billion to US$7 billion, an 11% CAGR. “Consumer devices have seen a lot of hype but clinical devices will surpass their consumer counterparts in revenues by 2020, helped by valueadded software services and generally larger revenue streams,” said Nick Kurkjy, Lux Research consultant and lead author of the report titled mHealth Showdown Consumer and Clinical Devices’ Battle for Market Dominance. “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,” he added. Lux projects that the vital signs and IVD sectors combined will total a US$32.9 billion market by 2023.