Adoption of Vital Signs Monitoring and In Vitro Diagnostic (IVD) devices will drive the growth of mHealth market from $5.1 billion in 2013 to $41.8 billion in 2023, according to Lux Research.
At the moment, consumer-focused mHealth devices are dominating the landscape, but the situation will change in the future with clinical mHealth devices getting the upper hand. The clinical vital signs monitoring devices alone will grow from $372 million in 2013 to $16 billion in 2023, representing a CAGR of 46%. At the same time, consumer applications will grow from $2.5 billion to $7 billion, for a CAGR of 11%.
The clinical vital signs monitoring devices market will grow from $372 million in 2013 to $16 billion in 2023, representing a CAGR of 46%.“Consumer devices have seen a lot of hype but clinical devices will surpass their consumer counterparts in revenues by 2020, helped by value-added software services and generally larger revenue streams,” said Nick Kurkjy, Lux Research Associate. “Clinical markets will be able to pay much more for comparable services, especially if a device is able to reduce patient recovery times or readmission rates, which can lead to outsized cost savings for the health care provider.”
The research firm predicts that IVD and vital signs monitoring will make up 75% of the mHealth device market, reaching $32.9 in revenues by 2023.
Finally, Lux had a thing to add about vertical integrations, which according to them, are already underway, with large players from both electronics and medical device industries already acquiring companies. For example, we’ve seen Covidien acquiring Zephyr Technologies and Intel’s acquisition of Basis.