The mobile health, or mHealth, app market is playing an integral part in transforming the progressing health care IT environment. mHealth continues to see substantial growth, and is expected to continue expansion as business models and significant value offerings continue to evolve in tandem with the fast paced world of mobile technologies. However, as seen in 2011 with the release of Food and Drug Administration (FDA) mHealth guidelines, there are various restrictions and obstacles to hassle-free market entry.
New analysis from Frost & Sullivan’s (healthcareIT.frost.com) Analysis of the U.S. Broadband mHealth Applications Market research finds that the mHealth market earned revenues of $230 million in 2010 and estimates this to reach $392 million in 2015.
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“From 2008 to 2010 mHealth consistently outpaced forecast growth and revenue,” said Frost & Sullivan Senior Industry Analyst Zachary Bujnoch. “mHealth apps will continue on a steep growth curve as increasingly sophisticated mobile technologies and relationship-management tools disrupt the market.”
Near-term market growth will occur as more new users purchase mobile apps and current users continue to purchase and use more mHealth apps. Based on this, it follows that app purchase revenue will grow.
”Today, we are seeing the tip of the iceberg in the U.S. mHealth market’s potential,” said Bujnoch. “Despite the hype, mobile apps are the single-biggest digital channel since the ‘90s and the Web.”
However, taking advantage of the enormous opportunism presented by mHealth is no easy task. The market is besieged by many significant challenges such as those concerning regulatory issues or consumer engagement.
“Consumer awareness is mixed, with privacy and security concerns ever present in the mHealth market,” said Bujnoch. “Also, while still overall a good thing, increases in FDA regulation and oversight may dampen innovation.”
mHealth opportunities are not to be taken lightly. To ensure success, significant efforts need to be taken to bring the proper expertise and knowledge to companies participating in this market.
”Partnerships and acquisitions are rampant and necessary for this market to continue to grow,” said Bujnoch. “The breadth of knowledge and expertise needed for success is typically too wide even for the largest of companies—making such collaborations necessary.”
Analysis of the U.S. Broadband mHealth Applications Market is part of the Healthcare & Life Sciences IT Growth Partnership Services program, which also includes research in the following markets: Home Healthcare and Disease Management for Remote Patient Monitoring, Overall Telehealth, Telehealth in the Pharmaceutical Industry, Electronic Medical Records, and Cardiac Monitoring Services. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Analysis of the U.S. Broadband mHealth Applications Market / N9B6-48