This Medical Technology Industry is Projected to Hit $26 Billion in the Next Four Years
August 28, 2013
Over the past 20 years, cell phones have evolved from bulky, lunchbox-sized systems into invaluable communication devices. Since most modern Apple and Android devices contain integrated GPS systems, cameras, Bluetooth, wireless connectivity, accelerometers and more, they can be used to gather and transmit a wide variety of patient biometrics. According to some industry analysts, the global mobile health market is slated to hit $26 billion in the next four years.
According to one survey, over half of smartphone owners use their device to research health-related information. In response to this, the mobile app market has exploded over the last few years. In total, programmers have created almost 100,000 mobile apps for personal fitness and health. The top 10 mobile health apps generate an estimated four million free downloads every day. In addition, these apps are estimated to generate approximately 300,000 paid purchased every day.
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But the majority of health-related mobile technologies make no attempt to compete directly with traditional medical devices. There are exceptions, like the AliveCor heart monitor and the iBGStar blood glucose meter, which have been cleared by FDA. Products like that, however, have yet to become mainstream. "You need to use these technologies in mainstream medical practice in order to gather the experience -- the insight and the data -- that is necessary to establish the product and to establish clinical value," said AliveCor interim CEO in an interview with MobiHealthNews.
Meanwhile, the consumer mobile health segment is on track to go mainstream. In the next four years, analysts predict that half of all smartphone users will have downloaded mobile apps for personal health and fitness. As of now, weight loss apps reign supreme with an estimated 50 million downloads. In second place, exercise-related apps command 26.5 million downloads. Other mobile health apps with millions of downloads include women's health, sleep / meditation, pregnancy and tools / instruments. Other health-related apps are estimated to account for 18 million downloads in total.
While mobile health apps are used by people of all ages, the average age of a mobile health app user is 35. Out of these users, approximately 54% are male and 85% use social media. While Android may command the largest number of users, iPhone owners make up 33% of the total mobile health market.
In many cases, mobile health app users are already participate in the traditional healthcare system. In total, 76% of mobile health app users are estimated to take a prescription medication. In addition, approximately one-third of mobile health app users are caregivers for a dependent.
While the mobile health market shows strong popularity with patients, physicians are also utilizing these new technologies. In total, four-fifths of physicians use medical apps for their smartphones. An estimated 93% of physicians believe that mobile healthcare apps can be successfully used to improve a patient's health. In some cases, physicians (40%) believe that mobile health technologies can be used to reduce the number of times a patient visits a doctor's office. On top of this, 93% of physicians believe that having a mobile health app for Emergency Health is valuable.
For now, however, only 25% of physicians use mobile health technologies for patient care. While many physicians are willing to embrace mobile technologies, adoption rates are still lagging behind demand. For the right entrepreneur, the mobile health market could be a goldmine. Time will tell, however, to what extent the field is capable of disrupting the traditional healthcare industry.
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