A new report from Markets and Markets says that between 2013-2018 the mobile health market will increase from $6.21 billion to $23.49 billion, a compound annual growth rate of 30.5%.
The projected gain is due to the boost in digital wireless and mobile communication devices staked out by industry giants such as Medtronic, Roche Diagnostics and GE Healthcare. Along with the increase in global use and sales of the devices themselves, the growth of the semiconductor market – the components used to build the devices – will trend upward as well.
Two major chronic health problems mentioned in the report are heart disease and diabetes, which account for $272 billion and $245 billion (2010 data) in healthcare costs in the U.S., respectively. The burgeoning mobile health market will be directed toward persistent diseases like these, which account for 75% of national healthcare spending.
Though the devices are pricey, their use may ease the overall financial and productivity burdens associated with chronic conditions.
Editor’s update: For the consumer health market the Scanadu Scout, a tricorder that measures vital signs (temperature, blood pressure, respiration rate, etc) by simply holding the device to someone’s temple, is creating a new trend: Medical tests can now be completed at home, bypassing the time and cost associated with visiting a physician or a testing laboratory. The company also has plans to release another product called ScanaFlow, an at-home urine analysis device that measures protein, glucose levels and even pregnancy.[H/T Sacramento Bee]