Juniper Research has announced that its latest report on the mHealth (mobile health) market forecasts cumulative cost savings from remote patient monitoring of up to US$36 billion globally over the next five years.
The release states that this is a significant opportunity, as healthcare in the developed world moves towards the concept of “accountable care”, where funding is linked directly to the health of the patient or individual rather than being based upon the cost of treatment.
Even though remote patient monitoring, particularly for chronic diseases, is still at a very early stage in the development cycle, it fits well with new healthcare practices and the goal of keeping patients out of hospital, finds the report.
New mHealth models emerging
Meanwhile the combination of the smartphone, mHealth attachments and companion apps is creating an entirely new route for providing mHealth services. Smartphone-based mHealth is expected to grow more rapidly than mHealth services delivered through bespoke devices, finds the report.
“mHealth hardware linking directly to a companion app on the smartphone has become an exciting new area of mHealth,” said Anthony Cox, author of the report, noting that it is also drawing attention to what mHealth can bring to the table.
Further findings from the report include:
- Western Europe will be the most promising new market for cardiac outpatient monitoring after the USA as partnerships emerge for its provision in the region
- Demonstrating cost-savings to those funding the healthcare sector is likely to be the most effective way of advancing mHealth
- Juniper Research forecasts robust growth in the adjacent mobile-fitness industry, driven by a motivated user-base and coherent product offering from several players
In spite of positive signs in several areas of the mHealth industry, the report also finds that mHealth players’ business models are hampered by a lack of clarity on how they will be reimbursed for the services they provide.