Research agency Berg Insight has predicted that the global market size of mHealth would reach 20 billion Euros in next five years. According to a new study released by the research firm, revenues for remote patient monitoring (RPM) solutions reached €_6.2 billion in 2015, including revenues from medical monitoring devices, mHealth connectivity solutions, care delivery platforms and mHealth care programs.
RPM revenues are expected to grow at a CAGR of 32.1 percent between 2015 and 2020, reaching € 25.0 billion at the end of the forecast period. Savings attributable to payers and care providers will by far exceed this amount as connected care solutions can allow better health outcomes to be achieved more cost efficiently. The new care models enabled by these technologies are furthermore often consistent with patients’ preferences of living more healthy, active and independent lives.
“The healthcare industry is advancing towards an age where connected healthcare solutions will be part of standard care practices. These are very exciting times for everyone involved in the industry. mHealth solutions are approaching mainstream market acceptance and we are now very close to the tipping point”, said Lars Kurkinen, Senior Analyst at Berg Insight.
He describes how several market forces now are coming together which will make mHealth care programs available for tens of millions of people in the next few years.
“Changes in the payment landscape is without doubt the most important factor. This finally allows the incentives for payers, providers, patients and physicians to be aligned, which is absolutely crucial for the adoption of any new healthcare product”, continues Mr Kurkinen.
Another major trend is the consumerization of medical-grade mHealth devices and apps. In the last few months of 2015, hundreds of thousands of consumers have connected medical monitoring devices via their smartphones to cloud platforms. This marks a substantial shift that will open up new opportunities in the remote patient monitoring market in the coming years.
“Payers and healthcare providers will have opportunities to take advantage of this trend, as consumers that already have started to use connected medical devices more easily can be onboarded onto new mHealth care programs”, concludes Mr Kurkinen.