Smart Insights Report: mHealth revenue to pass the EUR 100bn bar by 2020
The recent Smart Insights Report “mHealth: Game Changer for Healthcare,” analyses in detail the dynamics and the specificities of the mobile health business. mHealth refers to the use of mobile communications technology and devices to provide healthcare solutions, whether this is for prevention, diagnosis, treatment or medical follow-up. As these solutions are used both for medical practice and non-medical practice, mHealth benefits multiple players involved in the value chain. Patients can manage their health more actively; healthcare professionals can provide more accurate diagnosis and personalised treatment and medication. As a result, the healthcare ecosystem is bound to become more efficient and reduce costs.
According to the Smart Insights Report “mHealth: Game Changer for Healthcare,” mHealth devices shipments are expected to keep growing in the next years at a 46% CAGR (Compounded Annual Growth Rate) between 2015 and 2020, leading to 718.5 million units to be shipped in 2020. The Smart Insights Report segments the mHealth market in three categories according to the devices main functionality:
• Health Promotion Devices,
• Remote Diagnostic & Assisted Living Devices,
• Decision Support Devices and provides detailed analysis along these segments and their sub-segments.
The Smart Insights Report “mHealth: Game Changer for Healthcare,” also forecasts revenues for each market segment of the mHealth market for the period between 2015 and 2020. Total revenues are expected to grow at a CAGR of 36% during the forecast period to achieve EUR 104 billion in 2020. “Health Promotion Devices”, which includes mainly solutions used to improve wellness and fitness, contributes with the largest slice of shipments, as well as revenues.
Thierry Spanjaard, CEO of Smart Insights declares: “mHealth is already disrupting the way healthcare is delivered and the secure transactions industry will play a central role in this change over the next few years. The secure transactions industry has successfully demonstrated its ability to bring confidence and ensure privacy thanks to security techniques.”
Silvana Pintão, industry analyst for Smart Insights and author of the report adds: “mHealth is already a reality with multiple pilots underway. But to achieve widespread adoption, stakeholders will need to start cooperating and developing interoperable solutions.”
mHealth solutions include numerous technological solutions, focusing mainly on the measurement of vital signs and health parameters that directly or indirectly motivate individuals to adapt a healthier life style. An essential part of the added value of mHealth can be found in the analysis of these data. Big data offers the opportunity to access and analyse vast amounts of unstructured data and search for patterns and causal relationships. Healthcare professionals, researchers and lab companies will benefit from these data to advance health care research. Maximising the potential of health data will lead to increased productivity, and cost cuts in the healthcare sector.
This Smart Insights Report, titled “mHealth: Game Changer for Healthcare,” explores in detail the business models of the various mHealth vendors, and establishes a segmentation of this nascent market. The research has been conducted combining Smart Insights longstanding experience in the secure transactions industry with interviews with key players in the mHealth and secure transactions industry, as well as stakeholders from mobile network operators, standards organisations, technology developers and systems integrators specialising in this area.